All Forum Posts by: Account Closed

@Lynda Evans much appreciated Lynda! 

@William Presley looking for SFR and 2-4 unit fix & flips in the greater San Diego area.

@Account Closed sounds great thanks. Shoot me a PM if you ever want to discuss further! 

BP community, 

Looking to connect and build relationships with some greater San Diego area wholesalers. 

Please PM with any fix and flip opportunities in area.

Thanks!

@John Reardon thanks for the reply! 

I agree the external forces (HOA and regulations) could severely hinder the cash flow the condo is producing. My backup plan is short(er) term rentals through corporate leases and/or using travel nurse sites such as furnished finder. My last resort would be a LTR and essentially break even. Selling is always in the back of my mind but holding off for the time being.

Congrats man! Very motivating story. Keep it up! 

Thanks for the replies. 

@Dan H. the $3200 a month is net. Current rates for 2/1 downtown range between $2400-$2900. I've also looked into corporate leasing, travel nurse, and other STR (but over 30 days) to mitigate Airbnb risk but haven't had any luck yet. Ideally, I'd continue using it as Airbnb until regulation comes into play or the market turns and the unit doesn't generate enough money to cover the mortgage and look into selling then.

@Andrew Ashby i bought the Orlando property December 2016. The value has increased about $15k since then. I'm paying the tenants lawn to avoid HOA issues. Again, I purchased this property without real estate knowledge or research. I'm currently using a property manager and have tenants in there through April. Most likely will sell once their lease ends. Do you know the restrictions of selling a property while its tenant occupied?

Another option would be eliminate PM and lawn (about $250/month) and try to increase rent another $50/month. That would increase CF to about $485/month. Still just trying to weigh out my options...thoughts? 

Hey All,

I'm a new BP member living in San Diego, CA. I'm looking to get some advice on my current situation. I have 2 properties that I bought prior to finding BP and becoming knowledgeable (somewhat) in REI.

Property 1: SFR in Orlando, FL. Bought it without any prior real estate knowledge.

• Purchase Price: $239,000 w/ 20% down (about $50k) 
• Current Rent: $1650.00 
• Mortgage: $1215 + $100/month for lawn
• Monthly CF w/o maint. issues: $335
• Current Home Value: $250,000

Property 2: SFR (Condo) in Downtown San Diego, CA. Bought it with VA loan. Was a probate sale.

• Purchase Price: $400,000 ($2,500 in closing costs) 
• Using as short term rental: Avg Monthly Income - $3,200.00
• Mortgage: $2615 + $200/month for utl + $65/month for WIFI = Total Monthly Exp - $2,880.00
• Avg. Monthly CF: $320.00
• Current Home Value: $449,000. 

I want to get into multi family apartments 16+ units. Have about $30,000k cash saved up as well. 

Any advice would be greatly appreciated. 

Thank you in advance! 

Logan, 

PM me when you get a chance. 

Thanks,

Joey