Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Adam King

Adam King has started 5 posts and replied 42 times.

Post: Flipping homes in San Diego!

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

Hi everyone. My name is Adam King, and I am an avid real estate investor and life long San Diegan!

I have done a multitude of flips throughout my life here in San Diego. From studio condos, to beach front homes, and everything in between.

For anyone looking to learn about flipping homes in San Diego, or in general, I am here to answer any questions that you may have.

I look forward to connecting with everyone!

Post: New to real estate entrepreneur lookigm forward to connect with people in San Diego

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

Hi @Francisco Del Rio,

My name is Adam King. I am a lifelong San Deigan. I am a local realtor/investor. I am well versed in pretty much every facet of Real Estate: house hack, LTR/MTR/STR, multifamily, and fix and flips primarily.

Aside from that I am also (somewhat) a serial entrepreneur, having started and sold multiple business' over the last 15 years.

I also meet with 20+ professionals every week, through referral groups, meetups, and just 1 on 1 sessions trying to get to know people and make connections.

I would love to chat with you if you are looking to meet people and get more information about real estate in San Diego!

Post: Retaining Wall / Landscape Contractor or Civil Engineer (North San Diego County)

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

I recommend @Ryan Hall, he is the GC I use for every job, and he has exceeded my expectations every time. If you would like me to make the connection, reach out to me and I would be happy to do so.

Post: New Investor Getting Started

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

Hi @Ryan Kinoshita,

I personally recommend Chase business for a few reasons: Really easy to work with, really good sign on incentives for both their accounts and business credit cards, and there are branches all of over the country making it easy to handle your business from anywhere.

Post: 7-unit rental complex

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

Hi @Ila Darafshandar,

@Dan H. has some great insights here, but I will add what I can!

It seems as though your friend is ~700/month behind on rents per unit. The most you are allowed to raise rents on a year over year basis is 10% or 5%+CPI which ever is lower. This past year it is 8.6% as Dan said. If the rents are already nearing market rates, will she be able to go up that much? 

Is she paying a property manager? if so she should be self managing and saving herself the 6-10% on rents.  Depending on her contract she may have to wait out the term.

Is she currently covering utilities? If so, shifting that to the tenants at the time of lease renewal is another great way to decrease her overall debt service.

Other good ways to increase revenue in the mean time:

- Raising washer/dryer prices. this may only equate to $4-$5 per unit per week, but its better than nothing

- If there are any unassigned parking spaces, meaning not attached to any lease, make them paid only any offer them to tenants at a new fee. Again this may only bee in the hundreds every month, but it's better than nothing.

From the outside, it looks as though she will have to nickel and dime her way into being cash flow positive. As Dan said though, there are many tax benefits. I am not a CPA, but I can tell you how I would do it if self managing. I would keep track of of all the losses, and work with a CPA. Depending on her income level, she may be able to write off a portion against her income. At the very least she will be able to carry forward the losses for a very long time, helping her get into cash flow positive status much faster.

Post: Getting Started in Wholesaling - Looking to Connect!

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

Hi @Irving Robles Gamino,

My name is Adam King. I am a local San Diego agent, and I love doing business with wholesalers, I have a few buyers that are always ready to go, but I am also an investor and love making deals work!

I try to attend 1-2 meetings a week, and there are a few wholesaler specific meetups that you should try to attend. You can find these in the forums, and on the social media site meetup.

I know that you are just starting out, but I would love to be among the first buyers on your list!

Post: Mills Act ramifications

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

Hi @Robert B Azimi,

A home that has been registered through The Mills Act, can be rented out the same as any other property, and it can even increase rental revenue as there are people who really like the thought of living in a historic house. There are a few things to consider when attempting to Mills Act a property.

- To utilize the Mills Act requires a few things: An application (not free), inspections, and most importantly a contract with the city in which you promise to rehab and maintain the historic nature of the property.

- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)

It will all come down to making your numbers work. The property tax savings are going to be in the ball park of 40-60%, but to be safe you should double your expected repairs budget when calculating the NOI.

If you have any other questions, or want a more in-depth response, I would love to help!

Post: Found a Flip, scared about permitting

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

Hi @Patricio Acosta. That is awesome that you found a great flip in Coronado! My partner and I have a flip that we will be starting in mid march as well!

Code enforcement in Coronado is stricter than the rest of the city, and it does fall under the coastal commission jurisdiction.

Depending on the parameters of the flip you can safely factor for an increase in your timeline for permitting of about 30 days. 

I personally use a company called swift permits. They cost slightly more than the normal permitting process, but I usually have permits in hand in a week or less.

My GC is has some experience on Coronado, if you would like I can connect you, so you can get his opinion as well.

Post: Recs for Bonus Room/Sun Room Builders/Designers in San Diego, CA

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

Hi @Cindy Chan,

I work very closely with @Ryan Hall, his work and communication is phenomenal. I highly recommend you reach out to him, he is fast, professional, and does amazing work.

If you would like me to make that connection, reach out to me.

Post: Hello, BiggerPockets! House Hacking Help Needed!

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

Hi @Bruce B. Lee

My name is Adam King. I am a lifelong San Diegan, and I have house hacked every home I have ever lived in. 

There are 2 key components to house hacking in San Diego. Capacity and Tolerance. 

1) Capacity: how many people can you comfortably fit in the property, is there room to add more, or add more value to the tenants to increase rent.

2) Tolerance: How many people are you comfortable living with, if there are vacancies are you able to handle that.

House hacking is an amazing path to homeownership, and a nice low barrier to entry into self managing your properties.