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All Forum Posts by: Adam King

Adam King has started 5 posts and replied 42 times.

Post: Is trying to BRRRR in So Cal where I live possible than doing out-of-state investing?

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Allen Ramirez,

My name is Adam King, I have a decent amount of experience with out of state BRRR, and have also had a lot of success with my investments here in San Diego as well.

You may want to consider a mixed approach when it comes to investing here. 

A good example of this would be using an FHA 203k loan to buy a rehab needed home. This will usually be a home that needs more work than many homeowners are comfortable with, but not enough spread for a traditional flipper. I am not a mortgage professional, but the FHA 203k loan has options to let you continue to rent while the work is being done to the new home, and even the possibility of deferring the mortgage for up to 1 year.

The best plan would be to find a property that qualifies, and then do a serious value add in the form of ADU, JADU, and garage conversion.

There are some costs/considerations involved there, but long term that is likely going to be the best path if you wanted to invest in San Diego.

I have done something similar in multiple homes that I have lived in. If you have any questions, lets connect and talk through some options!

Post: Allow me to introduce myself

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20
Quote from @Seth Masters:

@Adam King hey Adam, nice to meet you, that would be awesome to connect. I would like to hear how you're making deals work in San Diego. Let me know the best way we can connect!


 I will send you a connection request and we can chat there!

Post: Allow me to introduce myself

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Seth Masters.

Welcome to the BP community. I am a San Diego native, realtor, and investor. I primarily invest in town, but do have several out of state properties.

I would love to connect and discuss strategy when it comes to investing out of state!

Post: Finding the best deals in the market.

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Andres F. 

My name is Adam King, and I am local realtor and investor. I specialize in helping newer buyers to get great deals while explaining and walking them through the process. 

I am a lifelong San Diegan, and have been investing here since 2006. From professional experience, the best deals are going to be made, not found.

When using traditional mortgage products it can be nearly impossible to win a pre-foreclosure, distressed, or similar properties in this current market. 

I would love to connect and figure out some options and help you make the best deal possible for yourself

Post: New investor in Real Estate looking for FRIENDSHIPS and MENTORS

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Marquis Soto.

My name is Adam King. I am a lifelong San Diego resident, and I have been a real estate investor here since 2006. 

I help people find multifamily, fix-n-flips, and primary residence. My focus is on long term goals and growth. 

I would love to connect and talk through your goals, and see where I can help!

Post: Looking for commercial property

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Alexa Jurak, What is the intended use for the property?

GC and similarly zoned properties aren't too uncommon, depending on your needs.

I would love to connect so I can help you out. 

Post: Senior Living Strategies!

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Keith Mintz.

My name is Adam King, I am also a realtor here in San Diego. Congrats on submitting that offer and perusing Senior living, either for you or your client.

I have been involved in the purchasing process for several senior living facilities, and work closely with a few people who operate RCFE, sober living, and similar types of properties.

From what I have learned, the most important thing to keep in mind when purchasing RCFE properties, is that you are also purchasing a business. The new owners will have need to start the process of becoming administrators as fast as possible.

There are requirements set forth by the state dictated by the amount of beds, 6 beds and under is fairly simple and straightforward. Once you go to 7 beds or more there are much stricter facility requirements, including but not limited to, fire suppression systems, added points of egress, Individual Response System, and much stricter staffing ratios. 

Reach out if you have any other questions, and good luck!

Post: Unit development advises

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hello @Michael Ndjondo makadi

Congratulations on braking ground. Interviewing multiple GC's is the best way to operate, but make sure you are communicating to them that you may want to limit their scope of work as you may intend to SUB out some of the work ourself. 

If you are a person who has a full time job, or runs other companies, it is my professional opinion that you will be better served having the GC handle everything and report to you on your schedule.

Once you decided to run the operation yourself, you are now employed by the development. This means taking days off of work to handle business, dealing with the subs and any deficiencies they may have, spending time dealing with the city, for both permits and inspections.

Having GC doing everything won't entirely eliminate your time cost, but it can mitigate it to an extreme degree.

My take is that if you are confident that you can be as fast as the GC in handling everything and there is no negative impact to your other business then by all means do it. If that is not the case and you will have to take time away from your other business, and potentially delay project completion, it seems best to use the GC for everything.

Post: Seeking Advice on Rental Property Tax Preparation

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20

Hi @Juan Antonio Villagomez, Congratulations on a successful first year in land lording!

With where you are at currently, I would recommend a regular tax prep agent from a company like H&R block. You have not added to much difficulty in terms of tax preparation, but in terms of tax record keeping you definitely have.

I am not a tax professional, but having been a landlord who has tried(and failed) in my own tax situation, I would love to help point you in the right direction.

Being your first year, it is all but a certainty that you have taken a loss. That is where the record keeping is the most important. The goal is to keep track of all of your losses, paper or otherwise. 

Your tax prep agent, should ask you a ton of questions to figure out what is able to be deducted. Since you are likely not able to deduct it against your ordinary income you will be carrying over losses.

They will fill out Schedule E (Form 1040) for overall income, and Form 8582 for all of your carry over losses. They will also help you report and track any capital improvements to the property which helps increase the overall cost basis for your straight-line depreciation.

I hope this was helpful in some way. If you ever have any questions or need advice in San Diego I would love to chat with you!

TLDR: go to H&R block (or something similar)

Post: Flipping homes in San Diego!

Adam King
Posted
  • Real Estate Agent
  • San Diego, Ca
  • Posts 45
  • Votes 20
Quote from @Hector Escobar:

I'd love to learn some more! Let's connect 


 Heck yeah let's connect!