All Forum Posts by: Cory Vines

@Anthony Dray Not having a broker or real estate license will not hinder you at all, and there are no legal restrictions to you contracting a property and assigning your interest in the property for an assignment fee. (disclaimer: I do not play an attorney on TV and definitely not in real life) 

One thing I see that makes having a license easier is having the MLS to pull comps and value properties. There are certainly ways to do it without, just not something I have had to do being licensed myself.

Best of luck to you and if you have any other specific questions just let me know.

@Ryan Warden sending you a direct message now.

@Eliott Harris I've always looked at months-supply of inventory as an indicator for this. Last I checked San Diego was around 2 months supply of inventory, so a heavy sellers market. 4-6 months is supposed to be a fairly healthy market. Anything below that typically means there are way more interested buyers than sellers. The opposite being true if its above. 

I've found these stats through local association of realtors in the past, and you could also possibly find through a google search or a realtor you know.

@Daniel Johnston Looks like everyone hit most of the big ones. Would also recommend checking out Outback REIN. Lots of good info coming out of this one.

@Antonio Lulli Looks like I just missed you. If you are interested in knowing more about the San Diego market. Feel free to PM me. Happy to help.

And Julia is 100% right about the outback. Some big knowledge bombs at the last meet-up on permitting, architectural, and rehabbing materials.

@Danielle Friberg I just attended the Outback REIN meet-up this week and one of the panelists had a TON of great recommendations on where to get materials. One I remember was H Cabinets. They should have a video of that meeting on their website. You could also reach out to Lynda Evans or Corey Finney on here. They run that meet-up and Corey does a bunch of rehabs as well as contracting work for people now. He was the one that had all the different places to get materials.

@Jason Holmquist Great to see you are getting hooked up with our Dallas office. I worked out of the NetWorth Dallas office for 5 years before coming out to San Diego and still have many friends in that office so they should take good care of you. Matt is 100% right that you should never rely on anyone elses #s. There is inherent risk in every investment, and while we try to take as much risk out of the deal as humanly possible at the end of the day it is going to be your property and project. 

An absolute must is having a way to double check values, ideally being able to use the MLS for comps. If you are using a GC for the project, bring them out to the house before locking up the property so they can confirm rehab #s. Those are your 2 big risks in the deal, value and rehab, so if you can verify these before you are committed you are setting yourself up for success.

As for Matthew's comment, we do not have an office in Maryland so I am not sure if he has worked with us before. That said, as an Army Veteran I personally take my integrity VERY seriously. So lying or lack of disclosure is unacceptable by me or any of the agents in my office. I personally know Mark Bloom, the GM of the Dallas office, and this is important to him as well. He is right that we do not make money unless you or someone else buys that property from us. But to us it is not about selling you one deal. We want an ongoing relationship where we do 5-20 deals a year together. Making good customer service, a good deal, and your success of the utmost importance to us. If you need any help with our Dallas office, please do let me know. Always to happy help and best of luck to you.

@Tanner Marsey

I think Andrew pretty much covered how to analyze it as an investment. One thing I will throw out is the new Accessory Dwelling Unit (ADU) Law that was passed in California, allowing you to rent out a 2nd unit even if its only zoned for 1 unit. Looking into some of our properties now to see if they would cash flow off the bat in San Diego with this, but my gut says yes. There is a process to getting the ADU approved. If you are looking for someone to help with this Gerald Barksdale with Design Build CA really knows his stuff.

@Alefa Daley

If you haven't already spoken with someone on my team, you should check us out as another source for deals for you. All are licensed agents. Feel free to reach out with any questions.

@Lukas Zupan

Most of the deals I see investors buying in San Diego have 15-20% gross equity. An average deal being worth $500,000 after doing repairs, $50,000 in work to get it there, and being purchased for around $375,000. 

When fix-and-flipping, most of the time the ROI on a cash deal is between 10-15%, and if you leverage with private or hard money you are looking at 25-50% ROI. It will depend on the area and the higher the value, typically the more margin is needed.

I typically find Buy and Hold Investors want the same equity as the fix and flippers. Hope this helps

Hi Bob!

My team and I acquire 10-15 discounted properties that are in need of repairs each month just in San Diego. Just got one in Del Cerro that is for sale and we get 3-5 new ones every week. Sounds like we should talk.