All Forum Posts by: Anthony To

I'm a newbie investor in San Diego and I've been looking at the MLS for the past couple months. Many of the properties I'm seeing say something to the effect of "Home is on a large lot that is permitted/zoned/has potential to build x more units".

I like these properties. However, I don't like the idea of buying a property like this and finding out that I actually cannot build on it. Is there anyway that I can verify with certainty whether or not I can actually build on these lots? I know there is a Development Services Department downtown. Can they help me with this? Do I need to make an appointment there? Thank you in advance.

@James Wachob Thanks for the invitation to Memphis! I accepted your connect. If I'm ever around there I'll get in touch with you.

I'm looking for a lender for a commercial loan in Las Vegas. Roughly 600k loan. Does anyone have any recommendations?

@Sterling Fields No I haven't actually and I haven't really considered this before. This is a great idea. I'll do some research today. Thank you!

@Brandon Luke I'm curious as well

@Steven Gillmer I just spoke to my Chase loan officer today and they said the lowest loan they'll do is 100k. Not sure if that is a hard and fast rule. But I love the idea of the refi.

@Grant Greene Thank you so much for the info. This is by far the clearest explanation of BRRRR that I've seen. That makes a ton of financial sense. My only issue now is that prices in my local market (San Diego) are prohibitively expensive. I cannot make a cash purchase here. Seems like doing rehab from out of state would be incredibly difficult. For an out of state investor, do you think this is still possible?

@G. Brian Davis I actually considered both Nevada and Arizona. It's a good idea. I'm currently doing due diligence on a multiplex in Las Vegas. Properties in NV and AZ are more expensive then the areas I mentioned above, so I'd likely have no issues getting a conventional loan. Just thought I'd ask about finances for the cheaper cities in case I found something cheaper there.

@Brian Lesko Yes, this is my first deal. I agree with you, I initially didn't want to look long distance. I'm from San Diego and the finances here just don't make a lot of sense. A SFR in a C+ neighborhood can easily be over 400k and B neighborhoods are over 500k. Unfortunately, I just couldn't make the numbers work.

@Brian Lesko 20% would be great for me as well. Good point on the PMI, I didn't think of that. I've been looking at Cleveland, Memphis and Indianapolis. Seems like those are pretty popular markets amongst the BP community. 60k might be a bit optimistic but there are lots of properties floating around the marketplace in the 70k-80k range.