All Forum Posts by: Andy Eakes

@Joshua J Cawthorn Hey neighbor! I was born and raised in San Diego and have always had a special place in my heart for North Park. I am a history buff so I was always familiar with its past which led to my interest in the area. I have an enormous amount of hope for our neighborhood and hope to contribute to its success in the future!

@Maxwell Ventura Thanks for reaching out and connecting. The deal closed in February 2020. The lot size is roughly 2,500 sq ft., and I have not had it appraised since.

And since then, my focus has shifted. When I looked to buy this home, I wanted to live in it. I was tired of paying rent, wanted to build equity, etc. I got that. Now, my dad and I are partnering up to buy investment properties from single-family to multi-unit.

We love all the areas around Balboa Park (Banker's Hill is a gem). While I'm in the process of getting my license, I'm still very much a newbie trying to understand what a good deal is and how to make money on these properties. So, to answer your question, my plan of attack has been analyzing at least a deal a day (usually more) from the MLS and reading as much as I can. The deals I've analyzed are both single-family and multi-units. I would like to get a duplex and then continue to grow from there and maybe even get into commercial real estate, but I love the architecture and history of my neighborhood's single-family homes as well and want to pick up a few more of those too.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $589,000

I bought a 2 bedroom 1 bathroom single-family California Bungalow in North Park, San Diego, CA. It was built in 1931. This is a historic area of San Diego. My home is two blocks from where Ted Williams grew up, and where San Diego really got its metropolitan start.

What made you interested in investing in this type of deal?

I always wanted to buy property in North Park, San Diego, CA. This small single-family residence came on the market. The seller was motivated and I got a great deal. It was a dream come true.

How did you find this deal and how did you negotiate it?

I found it on the MLS.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

While the interior was move-in-ready, the exterior of the house needed some work, as well as the yard. We patched up some holes on the side of the house, gave it a new color and coat of paint, and cleaned the yard up.

What was the outcome?

I am living in the house right now with my girlfriend, but am in the process of finding my next deal to rent out and create monthly cash flow.

Lessons learned? Challenges?

It was a really good first deal for me. There was only one other nonserious offer we had to compete with. It was a great way to help me understand the buying process as I had never done it before. The whole process was one learning lesson after another for a newbie like me, and really got me interested in real estate. It wasn't until after this deal that I started looking to real estate as a career path.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Karen DeGasperis of DeGasperis & Associates. While she helped me out with my house near downtown San Diego, she specializes in properties in North County. She has tons of experience, responded quickly to all of my texts, emails, or calls, and was a pleasure to work with.