All Forum Posts by: Jack Fernandes

@David M.

Not really.

Let me simplify the question: Brokers who have bought and sold properties! Please respond:

How much $ do you save on purchases and how much do you save on sales? Is getting the broker’s license worth it as someone who invests in multifamily holds and the occasional flip?

@Guifre Mora sorry if that last comment sounded snappy- I’m texting from my phone and having trouble with the bigger pockets app. I do appreciate your thoughtful response- thank you.

@Guifre Mora

Actually, that’s wrong. You do charge fees if you represent yourself. You keep a running and itemized tally, and if you win, the court will award you those fees from whomever is opposed to you in court.

I appreciate your response, but maybe an actual broker can comment on this thread. I’d like to hear from brokers who have represented themselves in order to save fees from an investment perspective.

@Guifre Mora

Really? So a broker buying a house without representation is charged identically to a non broker who is represented by a buyer’s agent?

I was curious as to how licensed brokers (in California, or anywhere similar) handle fee splitting when buying properties for themselves. Presumably as a broker/agent, if you present the selling agent with a buyer, you are entitled to your portion of the fee. What if you are a licensed broker representing yourself? Do you still get to split the fee? How is this usually handled/negotiated? 

On the other end, what if you're a broker but are selling your own house? How are fees negotiated here? Do you get to save out on all fees? 

Thank you in advance for your patience and for answering my question thoughtfully and respectfully. 

@Jonathan Taylor

Hope all is well in this crazy time-

I’m a first time buyer in an expensive area but have found some great deals for multi units.

What’s the best way for me to line up conventional financing (30 yr mortgage) without needing mortgage insurance, and without being able to put more than 5% down on a property?

In other words, I'd like to bypass FHA because the extra fees will kill cash flow. Tough to make it work in my area of SoCal.

Is there a way for me to get a loan for part of the down payment, to get to like 20% down, and then a second mortgage for the remaining 80%?

Trying to figure out what is possible and what is realistic, and, of course, what makes most sense for me in context.

I have 800+ credit, if that makes a difference.

@Justin R. thanks for the response. I'd love to chat further. I understand the difficulties we may face, but everything is on the table for the 2 properties at the moment. 

Will DM. 

It looks like my guesses were pretty close. 

House 1 (my residence, corner)= 

Zoning= RS-1-7

1824 living sqft

9000 usable sqft 

Lot size= 0.23 acres, 10,205 sqft

House 2, Adjacent (tenant)=

Zoning= RS-1-7

994 living sqft

11,200 usable sqft 

Lot size= 0.29 acres 12,594 sqft

Colin- thank you for the helpful reply. I will use your provided links. It is difficult to explain by text, but, to clarify, the lot is neither coastal nor environmentally sensitive, to my knowledge. It's a flat canyon of undeveloped land that could likely be turned into more property. Our property line is separated by a steep cliff, and at the top of the cliff there are apartment complexes. Part of why we have access to such a large parcel is because we own the 2 adjacent properties, so both of the backyards merge into 1 larger one.  

Hi all, and thanks for reading.

My folks own a home in Point Loma, San Diego that I live in. We also own the home directly next door that is rented to a tenant. I'm seeking advice, business partners, or advisors to help me figure out how to make the most out of all of this unused land between the two homes. 

In the short term:

• I'd like to tear down my garage in the property I live in, as it is unused and sitting on a large car port with a few thousand sqft of undeveloped land. 
• Not only is it an eye sore, it is an inefficient use of good land that I envision as a granny flats or multiunit (don't know the zoning)
• Does anyone have any insight on how this is done? Has anyone torn down a garage and/or converted it to a multiunit or granny flats for tenancy? 

Longer Term:

• Behind the two residences, we own a large combined undeveloped canyon. 
• This is alot of land for Point Loma, but it's literally a canyon. It would need to be cleaned and leveled, but I think a developer would see dollar signs (I see the opportunity to help the community with affordable housing in a good area)
• Does anyone have experience with something similar? What do you think are my best options here? Do I try and get plans approved with the city and then sell the land along with the front residence? 
• Is this a feasible undertaking for myself? In other words, can I just dive in, try to line up financing, make sure the property is zoned for multiunit, and then build on it? 
• What I'm Seeking:
• I am a young lawyer with a goal of building a portfolio of apartment complexes. This could be my first foray. 
• I'm a quick learner but am hoping to hear from some veterans who have had experience here, to guide/advise, and partner up if it makes sense.