All Forum Posts by: Bruce May

@Mercy Postema we do hard money lending for these projects and work with new investors all the time. Send me a PM and I can give you my direct contact info if you want to discuss it further.

Almost every single one is on Meetup.com. Search "real estate" on Meetup and use a 50 mile radius search on the site and you'll find more than you could possibly attend. If you want specifics send me a PM and I can give you a couple that I think are worth your time. 

@Erin Attwood welcome to the forum; it's a great resource. I used to flip homes and whole here in San Diego and out-of-state. Now I only do hard money lending and note investing. Let me know if you find a local project and want to talk about financing. I'm also active with most of the real estate clubs in the county, so maybe I'll see you at a meeting one day.

@Cameron Hunter Brahy welcome to group and to investing. I'm local and can help out if you need something answered. Just connect if you do.

@Leon Lai, it's really not that complicated but can seem to be. I'll give you and the others an overview. I have wholesaled properties in San Diego, but don't anymore because I found it stressful.

Here's the simple steps to it. Get the house under contract. Using a simple 1 or 2 page purchase agreement is best. The purchase agreement is assignable unless stated in it that it is not, but most wholesalers put "John Doe and/or assigns" as the buyer. Explain to the seller that you are likely going to bring in a partner and that you might buy the home in an entity or your partner's name.

Then find an  escrow company and a title company that understands and allows you to assign the contract or do a double close. If you double close you have to buy the property and then immediately turn around and sell to your end buyer. This way is easier because you are the actual buyer from the seller but it will cost you more money. This is often referred to as an A to B & B to C transaction (You're "B," seller is "A" and end buyer is "C").

Next, find your buyer and either assign the contract to them or do another purchase agreement with them to buy it from you. A double close will require you to open a second escrow and pay all the associated fees. You should use the same escrow and title company for both transactions. The final step is to either have your buyer close your purchase if you have assigned the contract to them or complete the double close.

You get paid either from escrow when everything is done or directly from your end buyer outside escrow. Good luck; timing is everything when wholesaling.

I haven't looked into this yes, but someone on BP had previously mentioned EKM Metering.com as an option for sub-metering. I'll be looking into this soon for an ADU at my personal residence.

If you go on Meetup.com and do a 50 mile radius from Oceanside you'll find about 9 clubs that are worth going to. And as mentioned above we have a really good one in Oceanside at the El Camino Country Club that meets the 3rd Tuesday each month at 6:00 pm. It's called North San Diego Real Estate Investors Association.

@Lisa Eckman I've thought about doing this too and think it would be a viable option for an investment if the park allows you to do it. One consideration to factor is how long the whole process will take and the carrying costs associated with it. If the park allows it they will likely want lot rent each month until sold. Did the MH dealer give you an idea how long it took from beginning to end? Does that MH dealer have a special agreement with the park that allows only him to do this? Keep us posted; I'll be following along.

I have an acquaintance doing it in San Diego. She currently has 7 of them and clears about $2k each month on each one. She's upfront with the owner, pays above their asking rent and covers all maintenance items up to $500/mo. She uses a VA for bookings, and has everything automated once the unit is set up. I don't know her exit plan should the STR laws change.