All Forum Posts by: David Antunes

Hello BP San Diego! I'm looking for a local CPA who is well-versed in RE and relevant tax strategies. Any leads would be much appreciated. Thank you!

I've got a rental unit in San Diego, CA with great tenants who are approaching the end of their current lease. They have told me that they are interested in renewing the lease, and I'm happy to have them stay.

I am preparing for the renewal and wondering if I can use the AMENDMENT OF EXISTING AGREEMENT form by the California Association of Realtors (C.A.R. Form AEA, 12/17) for this. Can I use one of these amendment forms to refer to the original lease and simply make adjustments on the monthly rent amount and the lease termination date?

Is there any risk in using the amendment form this way?

Thank you in advance!

I've got a rental unit in San Diego, CA with great tenants who are approaching the end of their current lease. They have told me that they are interested in renewing the lease, and I'm happy to have them stay.

I am preparing for the renewal and wondering if I can use the AMENDMENT OF EXISTING AGREEMENT form by the California Association of Realtors (C.A.R. Form AEA, 12/17) for this. Can I use one of these amendment forms to refer to the original lease and simply make adjustments on the monthly rent amount and the lease termination date?

Is there any risk in using the amendment form this way?

Thank you in advance!

Hello again, BP San Diego! I'm freshly in escrow for a 2-unit property and plan to live in one. I'd like any recommendations on solid providers of an umbrella policy, preferably ones that provide great value for the cost. Feel free to DM me.

Thank you!

Hello all,

I'm just beginning a search for my first property and I'm simultaneously in need of a vehicle to aid the process. I'm curious what the negative impact of buying a used car (all cash, upfront) would be on my mortgage application.

If I'm not financing the car, I won't be taking on any additional debt, so I don't think it should have an impact on my DTI. Though it will obviously reduce my available capital.

What is the potential damage to my eligibility here? Would it be better to borrow a car from friends or family and wait on purchasing my own until after closing on a home?

Thank you!

Hello BP San Diego,

I'll be relocating to the San Diego area this month, and will be looking for a multi-family home to live in / rent out. This will be my first property and I'm interested in speaking to a RE attorney to have the infamous "To LLC or not to LLC?" conversation so that I can better understand the implications for my specific situation. I understand the benefits of separating my rental finances from my personal, but I'd like a clearer picture on what it will mean for my tax structure.

If anyone has recommendations for someone to speak to or things to read, it would be much appreciated.

Thank you!

Hello all,

I'll be relocating to the San Diego area this month, and will be looking for a multi-family home to live in / rent out. In the hopes of having the all necessary pieces in place, I'm wondering if anyone here has recommendations for good home inspectors. Preferably someone you've worked with before. If location makes a difference, I'll likely be looking in the surrounding neighborhoods to the north and east of Balboa Park.

Thank you!

Hello BP San Diego,

I'm an aspiring investor, primarily interested in finding a multi-family property to house hack. I've been looking at listings for the past few months and know that multi-families aren't easy to find on the cheap. I'd be interested in seeing what's available on the market within a ~$900k budget. 

I will be visiting from June 25-29 and plan to use that time to become more familiar with different neighborhoods, and hopefully look at multi-family properties. I'll be staying in North Park, but I am open to looking at properties in areas further out (like Escondido, Vista).

Can anyone recommend any investor-friendly Brokers, or any meetups going on next week?

Thanks in advance!

Super newbie analysis question here, but...

When calculating the Cap Rate for a Multi Family property that I intend to house hack, is it recommended that I use the NOI based off of the rent income only from the units I would be renting? Or is it better to include the amount I would be contributing* for the unit I would be living in?

For example, if I bought and held a 4-plex property and lived in 1 of the units, would Cap Rate equal:

(Annual income from units 1,2, and 3) - (Annual expenses) / Purchase price

Or would Cap Rate equal:

(Annual income from units 1,2, 3, and 4) - (Annual expenses) / Purchase price ?

*I expect I will have to pay something out of pocket towards monthly P&I because I'm only looking in popular mid-size cities with high demand, where it's very difficult to find house-hacking opportunities where I would pay nothing for rent.

I'm a new member here and I'm currently in the knowledge accumulation phase. I live in NYC and I'm interested in relocating to a (relatively) smaller city, purchasing a multi-family property to fix up, move into one unit, and house-hack the other(s). Properties within my realistic budget would be in the $500-600k range or less.

Portland, OR is one of the cities I'm interested in, but after looking for Multi-family properties on Trulia, Zillow, the MLS, I haven't found anything that comes close to passing the 1% test.

An example of typical numbers I've seen have been $500k for a multi-family unit in areas where 2 bd units rent for ~2k. With those numbers, even if I'm paying full price for my unit and renting another for $2k, the Rent to Cost ratio comes out to .08%. That number doesn't account for renovation costs.

This has led me to a few questions:

1) Am I just not looking in the right place / hard enough? Are there better deals available that might be found if I were looking on the street, through an agent, or direct mailing owners?

2) Is finding a 2% Rent to Cost  property in the PDX market a pipe dream? I've seen people make the argument that expecting to find rental properties that pass the 1-2% tests in larger markets is often unrealistic. Would Cash over Cash or the 50% rule be better metrics to evaluate with?

3) Is the current PDX market just not great for cash flow rentals, and perhaps better suited for Flipping?

I apologize in advance for the novel of a question. Thank you!