All Forum Posts by: David Frandsen

@Chris Mason You are right. Does not necessarily have to be detached. Although I am seeing a lot of homes with side driveways to a detached garage in back. I think that would be ideal for my family but definitely open to other scenarios. 

The rents for something like this are presumably in the $1200-1500 per month range and will definitely help offset a mortgage payment. I am new to the area so still getting a grasp for rent and home prices. 

Hello BP investors. I'd like to hear from those that have experience with Accessory Dwelling Units. I'm in San Diego County. I started to research the requirements for Chula Vista (have not reviewed other cities yet). I have a basic understanding of the requirements but was wondering about permitting costs. Finding a property with a detached garage that can be converted seems like the way to go.  This property would be my primary residence for the purpose of house hacking. Any other input would be much appreciated. 

Hello BP investors. I have heard of investors keeping sales agreements in their car and making deals directly with sellers. I like this approach because I feel that when a seller is ready to sell you need to lock it up. I have always used a real estate agent to purchase deals and I still intend to do this. My question though is do any investors use a simple purchase and sales agreement or a letter of intent to "lock in" the seller upon making an agreement? 

Let me hear what you guys are doing. Thanks! 

@Nathan Vaughan I’m not a developer but have some food for thought. I once looked into a similar kind of project in NorCal and discovered that the city fees to get utilities on site (water meters at street, electrical transformers, ect) were in a certain range depending on the unit mix. The fees were not that much higher for a 3 bed 2 bath than for studio apartments. So the smaller units didn’t pencil out (It was zoned for up to 12 small units.) I then realized why all the developers were building 3-2’s.

I would find an experienced developer to nail down these numbers because the cities are horrible at getting accurate info to you.

Best of luck!

@Derek Cornell nice to meet you virtually. I'll be figuring out this market as well. Hope to see you around. 

Best of luck. 

@Karen Margrave

So crazy. No relation as far as I know. I don’t hear of many Frandsens. That’s cool.

Yeah I’m super excited to get down south and learn the market.

@Justin Kerstetter

I have one deal under my belt. A 4-plex. I am relocating to San Diego and am planning on investing down there. Although I will probably be keeping an eye up in Redding also.

Yeah maybe start looking for a house hack and contacting owners. You never know who might be ready to sell.

@Nathan Crumback really good point. I recall hearing a BP podcast episode on someone doing the single room idea. He got really good at screening people and it seemed to work out well. I probably wouldn’t want to manage all that but a good strategy none the less.

@Nathan Crumback good to know. Yeah at first glance the smaller multi family are far from makings sense.

My focus right now will be flipping but I’m going to be looking for multi family to roll my money into in the future.

As far as the discussion about how someone new could get started. My first thought would be get a low money down FHA loan (3% down) on a property that you can BRRRR.

Any other strategies out there?

You don’t need to look good to be successful in real estate. Just look at Donald Trump! ;)