All Forum Posts by: Andrew Hall

Property is located in National City and has a 1/1 currently rented. The other 2 units are 2/1 that are fully remodeled. Top unit has a large second story patio and has a 3rd story rooftop patio with views of San Diego and the ocean. Property will be listed in the $750-$800k range. New laminate wood flooring and quartz countertops. 

I have a Coming soon Tri plex in National City on Palm Avenue. Fully Remodeled and has one tenant in place. Other 2 units being touched up. Looking for investors in San Diego area wanting a multi family. Reach out to me for a viewing before it is activated. Would investors prefer a fully rented triplex over having 2 tenants and one vacant for a house hacking opportunity? Feedback appreciated. 

Yeah, I agree with JD. House hack while you can. Sounds like a great situation and I'd ride that out as long as possible to keep your momentum going. Once you get momentum it just keeps on going. I wish you the best of luck with everything and your future Michael!

Hi Demond,

It depends on your area and market. Honestly I'd start off meeting a lot of people in your industry who are in the business. Start joining local REI meetings and try to join a team if possible. Learn what is working in your market and start from there. Trust me on this, I wish I would have reached out a lot sooner and attached myself to a mentor or work for someone before going all in. Learn from others mistakes and WORK TO LEARN in the beginning. A lot of what you see online gives high hopes and makes it seem easy when there are many people out there doing the same thing. Starting out I'd say drive neighborhoods and stick to one area and get to know that area like the back of your hand. Have a presence in the area and pass out business cards to mailmen and ask if there are any vacant homes they might have seen on their routes since they know the areas. Hand them cards and let them know you will give cash for referrals but make sure to come through when they give you a deal. There are many free ways to start out. Direct mail can work, but as I said, it is expensive!!! If you are starting your own business then get a website and learn how to attract people to your site through lead generation. Such as creating a squeeze page etc. Use youtube to research Facebook marketing that way you can specifically target your criteria. Just think, if you are sending out a post card, then that same person is getting 20+ others showing up at their mailbox...

It seems like you are doing well renting out the property. If it works well and you have good tenants why change things? Also, are you renting out the basement which you were house hacking? How much would the rent be if you rented it out as a whole? It might be more profitable to keep it as is if it is working.

@Tony Georgiev

Hey Tony, Unfortunately not yet. I have a deal on the hook right now but haven't closed. Problem is the husband who is on the deed disappeared and left the family. The wife is willing to sign but we can't find the husband. I'm thinking instead of wholesaling to do a owner finance deal on the property and partner up with a friend as a JV. I'm getting my RE license for the knowledge and MLS access. Still learning as much as possible and shifting my focus more to pre foreclosures, lease options, and owner financing to find deals. It's rough here in SD, so I'm expanding out to Bakersfield to find deals as well. 2017 is a going to be a great year and I'm learning a lot. Direct mail has taught me how not to spend my money and I have paid for my education. If you're not making mistakes, your not learning. So I've been making mistakes and learning. Definitely a lot more confident now and I'll keep you posted on any deals. Failure is not an option!!!

@John Robb Hey John, welcome to BP! I am currently in the same situation and wanted to start investing in rental properties out of state. After talking with some lenders I did get a referral to a portfolio lender who will invest if the numbers make sense. If it is a true deal and you will generate a good amount of cash flow on the deal a portfolio lender might be the way to go. Especially if you have 20% down I would try to look into finding properties where the owner will carry the note. I'm currently talking with a homeowner on a seller finance deal and she agreed to the terms. 10% down @ 7% financing. Now it is high on the financing side, but you can acquire properties without having to get financed through a bank. It is a creative way  to get rentals while building your business over the next 2 years. Once you can get traditional financing you can refi the seller finance deals you acquired over the first couple of years. The deals are out there, you just need to find them! Let me know if you have any questions. Good luck with your business and google portfolio lenders and seller finance or owner finance to learn about the strategies.

@Chris T.

The house has been rehabbed recently and the roof is a year old. Neighborhood is on the lower income area of town but not anything like a war zone. It's just North and on the outside of town but has an older tenant. It is in great shape but after looking at google maps I noticed the house next door is vacant and boarded up. I'm sending a postcard to that absentee owner. lol

With CAPEX included given it is newly remodeled it would be around $110. The house is very small 2 bed 1 BA @ 600 sq ft. Appliances are in good condition and the water heater would need to be replaced in a few years.

Comps on the property seem to be even with what the tenant is paying. I had my agent run rental comps and she said that in the area it seems right and any higher would be too much. 

Thanks for the comment. I don't just want to get it to get a deal. I would make a little off the property and my exit strategy would be to refinance after 5 years and keep as a long term rental or market the property as a lease option.

Welcome to BP! I see that you purchased your first property. Congrats! What strategies are you planning on using to get your properties? There is a lot of great info on this site and a lot of people willing to help. Wish you the best in starting out.

@Percy N. I'll check out those sites. Thanks!