Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
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: Brad D.

Brad D. has started 17 posts and replied 79 times.

I'm curious if anyone knows of a turnkey contact for out of state in investors in the Sarasota County area (from Sarasota down to Venice).

Someone doing there, what Eric Fernwood does in Las Vegas, where he helps investors, select the right SFR's, purchase them and then get them rented out.

Post: Unpermitted work getting p

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

You're right. However, we don't live in that country anymore.

It's crazy they are allowing this. People can now do any type of work they want and say it was that way before when they performed it without a permit!

Post: What is the Strategy Here?

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

That is crazy if it was done with a VA loan. Supposedly a lot of that stuff going on this time, the way Nina/Ninja loan craziness ruled pre-Great Recession. It will be interesting to see, if and when things go bad for real estate, if regulators start to dig into the owner occupancy issues.

I had been thinking this was probably a very wealthy person playing the long appreciation game, parking money to also benefit from depreciation and other losses. 

The thing is, there are almost no SFR in PB or La Jolla that come even close to cash flowing. If you own them outright, of course they do, but then you are giving up massive opportunity to invest somewhere else like Phoenix/Las Vegas, etc, where you might possibly have cash flow and appreciation. Or taking that money and putting it into Tbills.

I'm just trying to understand the math of owning SFR in some of these coastal areas. What am I missing?

Post: What is the Strategy Here?

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

https://www.zillow.com/homedetails/1754-Chico-St-San-Diego-C...

They buy this 1/16/24 for $1.6M and immediately put it up for rent at $5.5k.

Post: SD Commercial MF Broker Recommendations?

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

I'm looking to invest in San Diego multifamily when things correct a bit more. Probably in the range of 5-12 units.

I've flipped and and owned/rented out in the past on a smaller scale 1-4 units, but ready to get into it at a higher level now. I'm thinking 5-12 units might be the sweet spot at first for less competition. Too small for the big players, but still with more difficult financing requirements to thin the competition on the lower end. 

I have my own business which keeps me busy, so I'll be looking for Property Management also. Basically I want to construct a team (so suggestions of lenders / prop management is also welcomed). 

I realize San Diego isn't ideal because of rent control, landlord rights, etc and I'll probably look to Phoenix / Las vegas also soon. But I'm planning to get started where I'm at first (feel free to correct if you think the negatives of SD outweigh the difficulties of beginning commercial MF a 5 hour drive away. 

So (and please correct me if you think this is the wrong approach also), I'm thinking it will be the best for me to work with 1 Broker who can really help me avoid any pitfalls going in. Obviously, I'll have to like and trust this person. I'd prefer someone who's been in the business for 20-30 years in, is smart, aggressive but not too pushy and willing to work with someone getting started. Someone who golfs/plays tennis, conservative (at least for CA) is ideal. Basically, I want someone who is trying to make money off me long term, not short term and can have the 'truth filled' conversations that can save me a lot of time, money and disasters.

Thanks for the reply Dan; that's kind of what I was thinking. I never see these houses come on to Redfin, but I do see them later listed as 'sold.'

Congrats on your Escondido deal, and the instant value you created!

Who should I reach out to, to find these off market deals? I would gladly pay a finder's fee, and could close immediately if I came across something I liked. Please feel free to PM me if you don't want to post here. 

Thanks again!

I'm seeing houses like this, sold within the last six months, going for very low prices. There are a lot more, also in the last six months, going for under $650k throughout Clairemont, BayHo, North, East, the mount streets.

I'm assuming these are being bought first day on market or before they hit the market.

My question is, what is happening in these deals? 

Who is the best agent, source, etc that people go to to get in line for these?

https://www.redfin.com/CA/San-...

https://www.redfin.com/CA/San-...

https://www.redfin.com/CA/San-...

https://www.redfin.com/CA/San-...

https://www.redfin.com/CA/San-...

Post: Is the Real Estate market really not going to take a hit?

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

The problem with these threads is that the words people respond with, i.e. their "opinions," don't reflect their real beliefs. What people believe is revealed in what they do. 

I'd like to hear what people are doing. Who here is currently buying properties? Who is currently selling properties. Who is sitting on cash? 

Post: Is college worth it?

Brad D.Posted
  • San Diego, CA
  • Posts 80
  • Votes 63

College is almost never worth the investment, especially when you combine the opportunity cost. You pay a lot of money, go into death and lose 4-5 of your useful years, hard to ever make that up. They used to say someone with a bachelor's made 1 million more over their life..bs stat since they are comparing apples and oranges, i.e. smarter people go to college. Need to compare Apples to apples.

HOWEVER...the problem is now a bachelor's is a requirement for so many professional jobs. 

1. If you are rich, you should go to college and enjoy, you'll be fine.
2. If you are middle class, get a scholarship or go on the cheap (go to community college, then to public uni). Work while going and save money.
3. If you poor or even middle class, the military is a great option. Score well on the ASVAB, chart your military path well and flourish. 
4. The trades are great. Learn while doing, if you flourish, you can start a business, employ fellow tradesman. They can't take your plumber/electrician job to mexico/india and can't bring an illegal or h1b here to do it.

Bottom line. Like every other aspect of our society, our culture sells lifestyles and lifepaths to people regardless of class, when income disparity is great than ever. By following the 'correct path' the middle and working class saddle themselves with lifetime of debt and wonder where things went wrong.


So, no easy answers. Degrees are scams...BUT...you need a degree. Smart people of moderate means used to be able to avoid college and take what were essentially IQ test for jobs, get a good job and flourish, but those are illegal (disparate impact, Griggs vs Duke Power). 

So at some point there needs to be created an affordable, doable life plan for 'normal americans' that allows them to flourish and not turn into debt serfs, but there's not a lot of money in creating that system, so who knows.

But if you just look at this as a ROI issue, devoid of status, etc, the answer gets clearer.

AFFH took the Fair Housing Laws a step further. 


With the Fair Housing Act, you were innocent until proven guilty, and it usually applied to individuals. If you were alleged to be in violation of the laws, you would get sued by the Feds (like Trump and his father did in the 70's: https://www.politico.com/blogs...).

With AFFH, they sought to add teeth to this, and go after cities, specifically nice suburbs, and it was really guilty until proven innocent. So cities would have to present a plan as to how they would 'affirmatively further fair housing' (bring in more low income housing). It was ill defined, and put a chill into suburban communities, as they could lose HUD funding if they didn't 'comply,' although the definition of compliance was ever established.

Most importantly IMO, this should allow some freedom of choice. If city A wants to load up on low income housing because it's the 'right thing to do' and city B does not, for whatever reason, they don't have to. Then I get to decided which city I want to live in.

The best way to build a nice society is to make sure people get to live under the consequences of the beliefs they profess.