All Forum Posts by: Christian Ortega

Hello,

I am a Realtor with some clients looking to sell their property in Tacoma, WA. I'm looking to connect with some Realtors in the area and refer these my clients of mine out to an agent there

Looking forward to connect! 

Hello

I am looking for a Mobile Home Lender who offers loans for people with ITINs to purchase a mobile home/trailer

I’ll deeply appreciate any and all recommendations. Thank you very much in advance.

Hello,

Would anyone have an agent they can recommend who sells property in Costa Rica, I am based out in San Diego and have a client looking to sell her property in Costa Rica. 

Thank you 

Welcome @Parker Seale 

I'm also San Diego born and raised! I started off house-hacking and now have three properties here in the San Diego area, two LTR and one STR! Real estate has definitely been life changing, I'm excited for your real estate journey that awaits you! Any questions or resources needed, let me know and I'll be happy to help!

Have you heard of PeerSpace? This aligns with your idea of renting out the space for a couple of hours to artists, photographers and more. You can browse other San Diego spaces on the platform to get an idea and inspo! There are many ways you can go about to have the high rise generate some income for you! 

Hello John, 

First and foremost, thank you for your service. 

The bigger question here is what your wife's and your goals are. From there it'll be a matter of going with the option that best suits those goals. 

Keeping your property here in La Mesa would definitely be a longer-term play based on appreciation (which San Diego exceeds in) and while it may not cash flow currently, do know that rents here increase significantly so with time you will be cash flowing and your equity growing.

If greater cashflow is the goal, then opting for the multi-family route would make more sense, as you'll be cash flowing from the start given that the numbers make sense on the multi-family purchase. 

We can go much more in depth and thoroughly explore all your options as I you have quite a couple of them which is an amazing spot to be in! 

PM me and I'll be happy to help 

@Connor Augustine Hey, so I did the cash out refi on my primary house where I live, used the funds to from the cash out to purchase this STR (all cash). So, the STR has no loan on it, it's completely own free and clear. From there I completely rehabbed the property (raising the value/equity) and will be doing another cash out or a HELOC (whichever is favorable at the time) on the STR to purchase another property. The plays are being made on the equity of the properties, since they are being bought in full. Thus, there's no seasoning period of income needed on the property. The monthly cash flow comes into play when my banks/lender determines my DTI. The buy and hold process is the same as for LTRs!

So, I reside in San Diego, what I did was to leverage my primary residence via a Cash Out Refi to purchase a distressed property here in San Diego. By doing this, I was able to have lower monthly payments since I got the property below market value due to all the work it needed. After the rehab I listed the property on Airbnb where the profits from having as a STR far exceed the monthly payment!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $560,000
Cash invested: $45,000
Sale price: $560,000

Through my network, I located a distressed property (off market) that was prime for a Short-Term Rental. So, from the equity on my primary home, I did a cash out refi, and used those funds to purchase said distressed property. From there I underwent a 2 month long full remodel on the property and listed it on Airbnb

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

I have two long term rentals in San Diego, a SFH and a Duplex, so I wanted to venture into STRs for a higher return

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

I found this property off market through my network, and I negotiated it directly with the owner

How did you finance this deal?

I used a Cash Out Refi

How did you add value to the deal?

I did a full remodel on the property, so I added value through forced equity, not only this I got this property below market value, so I instantly had equity

What was the outcome?

I now have 350k in equity in the new property along with it producing a high return

Lessons learned? Challenges?

Lessons learned pertained to learning how to set up a short term rental, as for challenges were again pertaining on managing a short term rental

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

I represented myself in this transaction, as for lenders I used Cross Country

Hello,

I am seeking to connect with an experienced contractor in the San Diego area. I have a client, who is looking to purchase vacant lots in the Imperial Beach area to build. 

Any suggestions for contractors experienced in building from stick up are greatly appreciated!

Thank you