All Forum Posts by: Hongbing K.

Welcome to BP. I'm also from SD area and just getting started in REI.

Jay Hinrichs I am very happy to hear that there is some one out there that is so willing to give away a unit as a learning experience. When I first saw this, I said this is too good to be true. Then I saw you are a seasoned member of BP. I want to jump on this opportunity. It it looks like you only looking for someone local so they can have hands on experience and properly document the rehab.

Ryan Howard from my understanding, you don't go 50/50 with contractor. You bring the contractor in the rehab (renovations) the place. The goal is then bring that property that you bought at a discount up to market value. And help justify rent increase. The you rent it out and refi the place. Or you can rent it out and sell the place to another investor.

Christopher Giannino r has some great points too. Definitely check bylaws. My HOA does not allow units to be rented out unless owner occupied for less than 2 years. They don't want the community to suffer because of renters not caring about the community.

Ray Ramelli IMO, I wouldn't bother with it. The condo fee is above $300. That just turns me away from a deal. I live in SD and my condo fee is around $250.

Ken Teng Kevin Fox https://www.biggerpockets.com/renewsblog/2016-investor-market-index/

John Oh I agree that Jeff Macdonald is a little confused about what BRRRR is. Buy, Rehab, Rent, Refi (and hold the property for cash flow), Repeat. IMO, BRRRR has similar ideas to flipping when it comes to looking for deals and analyzing a property, but instead of selling it as soon as the the rehab is done you keep the property. Refi and repeat. While earning the cash flow.

@Jody Sims , I am a AD member currently using my VA loan to house hack. It is possible to house hack with VA loan but you can't use VA loan on run down properties. Properties must be qualified properties/communities. Pretty much uncle sam is not going to risk its neck out for properties or condos.

When looking at a property, I think about: can I cook my dinner inside the property starting from day 1? Can I sleep in the property from day 1? Are there any modifications done to the properties thru-out the years that violate building codes?

As always, consult a real estate agent and mortgage lender about VA loan and requirements. Not all real estate agents know the requirements for VA loan but a lender should know.

@Emily Poplawski , I am not an accountant but I believe there is a depreciation recapture. Like @Michael Karl said, check with an accountant.

Kevin Godinho don't look at properties in the city of San Diego, Mira Mesa, and east lake/otay ranch of Chula Vista. I suggest east around lemon grove, El Cajon, you can try Escondido and Temecula. Good luck!