All Forum Posts by: Cory Kerr

Hey all,

Has anyone had any experience with the Freddie Mac Integrated Mortgage Insurance IMAGIN pilot program or Fannie Mae EPMI Enterprise-Paid Mortgage Insurance?

What were the underwriting guidelines?

I have a deal with an LTV exception approved by Freddie Mac that the MI companies are refusing to insure due to the loan size and only 6 months reserves even though LPA doesn't require any. I'm wondering if this would be an option for me.

Thanks,

Cory

http://www.freddiemac.com/research/pdf/IMAGIN_Factsheet.pdf

https://www.oversight.gov/sites/default/files/oig-reports/WPR-2018-005.pdf

@Nicholas Aiola Thank you for your time.  I have a few questions for you.

1. For depreciation do I have to use the Tax Assessor's value split for the Land vs Improvements or can I use the split on the Appraisal when I purchased the property? They are essentially inversed so it would make a big difference.

2. I'm house hacking with the other units as vacation rentals, what proof does the IRS need for things like beer, wine, toilet paper we would be providing a guest that it was for them and not personal?  Do they want to see in the listing "welcome bottle of wine!"?  How does a store receipt prove anything?

3. For ratioing things for personal vs business, the property is a 2 bedroom house (owner occupied) and 3 one bedroom units.  Do have to do 25%/75%? or can I ratio by square footage or by number of bedrooms? Can I just pick whatever benefits me the most?

4. If repairs are done myself to the rental units can I write off equivalent labor cost? If I do that then do I have to count it as personal income essentially making the benefit moot?

Thanks again!

@Danny Grey I missed that.  Thank you for the correction.

Mission Beach is excluded from the regulations.

I guess I should have been more clear, I'm not concerned about one extra unit. I'm concerned about multiple. So it sounds like legally there would be no way to STR four stand alone cottages on a single lot. You could STR 1 unit that you occupied 50% time and 1 other unit full time. The other two would have to be long term rentals.

I was hoping they could be categorized as something other than a dwelling unit so as to not be regulated. 

Thank you for the responses. 

The regulations specifically allow for licensing 1 extra dwelling unit on a lot (apart from the primary residence @ 50%).  Just was wondering if the companion unit designation could somehow get around the limit.

Hi BP,

I'm trying to understand the new San Diego short term vacation rental ordinance that will go into effect July 1, 2019.

The ordinance refers to regulating "Dwelling Units" but in looking up the definition I now how questions on what the differences are for other structures and if they are a way around the regulations.

What's the difference between a Companion Unit and a Dwelling Unit?  Would a Companion unit not fall under the STRO regulations?  The Multiple dwelling unit definitions seems to exclude Companion Units as Dwelling Units.

Thanks,

Cory

Thanks for the suggestions!

Hello BP!

My name is Cory Kerr, I'm a learning real estate investor interested in starting out by house hacking a multifamily in the Ocean Beach neighborhood of San Diego. 

I grew up in Encinitas and as an adult have rented Downtown (Embarcadero area), Pacific Beach (Crown Point), and Ocean Beach. I know the San Diego area well but am primarily interested in Ocean Beach since I'm going to have to live in my first investment through FHA or similar (if I can find something cheap enough).

I see a few Real estate investor and Multifamily networking groups around SD, any recommendations?

San Diego seems daunting, overvalued, and very competitive but am going to get my way in.

Regards,

Cory