All Forum Posts by: Blake Wood

Thanks @Sara Frank & @Ozzy Sirimsi  

I’m actually from Annapolis and I know Baltimore pretty well.  So that’s the first reason I started looking.  I have friends in Fells Point, Fed Hill, and Canton so that’s where I’ve been mainly looking.  I have not thought I look around the major hospitals.  If decide to dive a little deeper, I’ll be sure to reach out.  

 Wow - really appreciate the thorough response.  I guess the main friction I am up against is that my place right now is way better than any appt I could buy for $500k... seriously, it is the rental deal of a lifetime haha.  Also, I doubt that my landlord would allow a sublease.  All that being said, I know I'm on the wrong website if I just want to keep renting...  

The fixers I am able to source for these guys are all being purchased with cash so the 5% down option would be another obstacle.  Regardless, I hear you and appreciate the feedback from a felllow Californian!

Hello BiggerPockets,

Would love to hear some opinions/feedback on what course to choose as I try to tackle my first rental property.  I am an agent in San Diego and work with some of the top flippers in the area (If you are looking to buy a fixer or have a fixer to sell - give me a call 410-507-9854).  I have saved some cash and have another chunk in the stock market (enough to be comfortable with a $50k down payment).  Currently I am renting at very discounted price for being a few blocks from the ocean.  I know the first step is usually to buy your own house but I love where I live and only pay $750 a month - Don't tell my landlord they could charge $1,400 haha. So with all that being said, here are the options I am considering:

1. Try to house hack.  I have seen a few properties in coastal areas that have house hacking potential.  Like I said, I sell fixer properties to flippers so I definitely come across a few a year that I would love to take on.  That being said, I would need to raise funds and cosign with someone (probably family) to take on the down payment and mortgage since the property is going to be in the $900k-$1.5m range.  Also, even with renters helping to pay the mortgage, I would most likely be increasing my living expense substantially from what I am paying now.  This is my favorite option because if I figure out how to afford it, I know I'll have an appreciating property that is partially being paid for by renters.

2. Buy in a cheaper market.  I have researched a ton of other markets and like a few (Fort Myers Florida, Baltimore Maryland, Nashville Tenn, etc).  I like this since I could afford to make a move today by myself, but I am not sure I want to take on the risk of investing out of state to maybe cash flow a few hundred every month.

3. Hunker down and save cash. If I put my head down and save over the next few years, I could (hopefully) get to a point where I could purchase a multi-family property to BRRRR in San Diego.

Would love to hear opinions, feedback and/or your experience buying your first rental when living in an expensive market.  Thank you!  
  

@Christine Gee - Let's connect!  We source deals in San Diego and offer hard money loans on those deals.  We could be a one stop shop for you.  

@Geo Cruz 

I think @Andy Eakes and @Matt Devincenzo hit the nail on the head. With a hot market like we are seeing now, getting creative and adding density where you can has been the name of the game. However, there are definitely still deals out there that fit the more classic fix and flip model where you just make cosmetic updates. To find those deals, you'll have to leverage your connections to get an off market deal or be patient when offering on properties that are on the MLS. Let's connect on this!

@Ricardo Romero that is great news.  Despite the tough market right now, there are definitely still plenty of deals to find!   

Very helpful - Thanks @Andy Eakes

Thanks for all the input.  I am actually looking to represent investors right now and am just looking to learn the lay of the land from the experienced San Diegans.  We have a private inventory of fixers at NetWorth so I am just looking to learn the benefits and setbacks of all the areas.  Just moved here from Maryland where I was dealing with a good amount of fixers.   

Thanks @Jason Lehn - Obviously very centrally located.  Any other reason this neighborhood is up and coming?  

Guess I was just in the neighborhood since I played the course in Balboa Park the other day.