All Forum Posts by: Emily Di

Hi. Saw this had no replies so wanted to get you one. I have heard of RMG, and emailed for information through their website when I was seeking to enlist a property manager last year. To my knowledge (and quick search of email) I don't believe I ever got a response back. I enlisted a property manager and if you PM me I can tell you my experience with them, which is only 3 months worth thus far. Overall, I'm satisfied, but there have been a couple of "growing pains." In this time I realize that timely communication is highly important to me, and fortunately the company I am using does a good job on this front. 

Thanks for sharing. I was impressed by the quality and clean breakdown of information presented. 

In California. I am in process on a refi of a 4-plex rental property via Finance of America Commerical. We've already completed appraisal. FoA is requiring they be listed as "additional insured," which my insurance policy does not allow. I have now been getting quotes for commercial policies but the cost increase is considerable.... from $1600 - 4000 / more per year. It makes the overall loan cost unattractive and I'm sure many lenders could beat it, even at higher interest rates. Has anyone else run into this? If so, what was the outcome? 

There are lending products in the market you might be able to leverage. On your primary residence you could refinance into a non-Qm loan for self-employed borrowers. You can probably refinance for 70-80% LTV and the rate will most likely be higher than what you currently have. That may give you the cash you need to buy an investment property. It's you're primary residence, so please invest wisely and try to ensure you're getting cashflow from the investment that's covering your increased mortgage expense. I've seen too many people do this badly.

Once you have the cash, there are many lenders in the rental investor space with products that lend based on the asset and the rents versus your personal DTI ad tax returns. You'll need a decent credit score. The rates will be higher and the property obviously will need to support itself. You'll probably need 25-35% down payment and enough money left over to show you can cover payments for 6 months. With those sums, that may help narrow down where to look for investments/ what price point for investments you want to aim for refinance for and save for. Good luck!

@Brian Moore Great breakdown. With the Jr ADU ordinance, too, there's a possibility to make it work in a SFR and avoiding roommates by partitioning off a part of the house and providing it's own entrance. I've seen some great properties for this.

@Diane G. This isn't making sense to me - if the problem is in the main then why touch the kitchen line? I've had plenty of plumbing issues and I've worked with many plumbers. It's surprising how varying the opinions can be sometimes. I've had problems that turn out to be different than I expect or different than the 1st opinion. When you're dealing with the main sewer line and a 2k+ job don't just get a second opinion. Get a 3-5.

A few more thoughts: Is your main line cast iron? From what year? Did the plumber build a clean out to the main or to the kitchen line? Sometimes installing the cleanout can create a set of problems if it connects to cast iron. 

Are these new tenants within the last 1-2 years? Did the old tenants leave on good terms? Have you ensured the new tenants are not using flushable wipes and using the proper toilet paper. If you have cast iron it's imperative the tenants use toilet paper like angel soft or Scott. I can personally attest to situations where a new tenant moves in and suddenly my line starts clogging. I have a great plumber who scopes when they clean the main and then "has a talking to" with the tenants about their paper and and flushable wipes. Usually after this plumber speaks to them it never happens again. Something about hearing it from a professional carries more weight than the landlord....

Hi Maya, Have you looked into Opportunity Zones? You can get a map of them online and then overlay the states/cities where you are comfortable and it might help narrow the focus. There are some great podcasts on how the Opportunity Zone investing works, but you do get 180 days.

If you can possibly get through their hold line, the water dept will share the specific info for the property you're looking at. But on average in a City of San Diego multifamily, urban situation I would calculate $400/billing cycle ($200/month). If it's less, great. That's present day - may be different next year since they just rolled out the new rates last month. 

Are you leaning toward rentals? flips, etc?  I became a landlord in San Diego because the only house I could afford was a triplex. Now, I highly recommend this path because one will learn quickly if they enjoy being a landlord or not. The entry cost can be as low as 3% which is cheaper than any college degree and you get a place to live while others help you pay the mortgage. You'll also get first hand experience about how the tax benefits come into play. Lastly, you most likely will get plenty of experience on the expenses involved in real estate which can guide future decisions. I cannot think of a better purchase to make in your 20's that can set you up for life. As I mentioned, I kind of stumbled upon this, but I am cognizant that I wouldn't be where I am had it not been for that first triplex. After some renovations, I refinanced owner-occupied and used the cash to purchase more rentals. 

I need to repair a "Y-design" staircase that feeds two apartments over garages, within City of San Diego. I am considering a variation on the staircase design to allow for larger landings = front patio/deck, and just one set of steps. This would require expanding the 2nd story deck-landing in the "middle" area. The alternative I'm considering is to enclose the area underneath to provide storage and then it would be more like a "rooftop" deck. The area is about 8-10 x 30 feet.  I think the latter would be considered a non-habitable addition, and I'm well within setbacks, FAR, etc to allow it. Here are my questions:

- If you've done a 2nd story deck permit with the City was the process easy? Do I need to submit plans from an architect/engineer or is City ok with owner-drawn plans?

- How much more difficult is the permitting process to build the storage below and put the deck on the roof? 

- Any other ideas/experience to guide me? Someone said it's not allowed to attach a header board to a structure for decking (said that instead the joists of deck need to weave in and connect with the joists of the home ceiling) I haven't done anything with 2-story decks so I am not versed in current code but something like that might make the expense for the deck not much less than the addition.

- Also, if I build the rooftop deck over the storage is that exempt from the new Balcony Law since it's not extending beyond the exterior walls (or would it still apply do to railings, etc)???