All Forum Posts by: John Philip Eugenio

@Dan H. I really appreciate for your thoughtful response. I bought this property back in 2017. I put $160K to be more conservative. This house currently in positive cashflow as well and I am paying way lower property tax compare to my other 2 CA properties. 

@Bruce Woodruff Thanks for the quick response. I am in the military, but I will be in San Diego for at least another 3 years. I grew up in CA and really like CA, so I plan to retire here. 

i retire in less than 8 years which would give a decent retirement and plus, RE cash flow would be amazing to cover some expenses

I own three houses in CA (2 San Diego and 1 Oxnard). The Oxnard house is currently tenant occupied and the tenant is possibly moving out this summer. This house is under VA Loan at 2.5% interest rate. I also have HELOC under this house.

The strategy that I have been thinking is to sell the oxnard house. I would take at least $160,000 after everything is paid off including the HELOC.

What would I do with the money?

I plan to do 1031 exhange buying 3-4 duplex/fourplex in Cleveland, OH with 5% CoC or better. Plus, It would be free up some of my VA entitlements which would lead to $560K entitlements. Therefore, I can use VA Loan to buy another home in San Diego as well.

What would you do in my situation?

My goal in real estate is: to own RE both cash flow and equity. Owning RE in Cleveland would give me that cash flow, and CA houses would be the equity. Why do I need cash flow now? To cover some expenses like my kids' private school and fund future RE.

JP Eugenio

Looking forward to this. 

Good evening BP community,

I currently have 3 houses in CA: 2 rental and 1 primary. 

Both my rental properties are under VA loan with 4.5% and 2.5% rate. I bought these houses as primary residence back then.

I would like to transfer these rental properties to an LLC. However, I want to keep my low interest rate. Is there a way to transfer it without refinancing? Or do i have to refinance it?

JP Eugenio

@Keith Mintz, it would be amazing if i can get a link on how to get the JADU permit.

Good afternoon BP, 

My wife and I just bought our 3rd property in California and we currently occupy the house. The garage was coverted to a Master Bedroom (permitted). Now, we want convert the master bedroom to ADU. This BR already have a large walking closet and bathroom. Basically, i think all i need to close the door the Bedroom to the kitchen area, add an exterior door, add kitchenette, and possibly add its own electric panel. Has anyone ever converted a master bedroom? How was the permit process? Any recommendation how to make this happen? The house is located in San Diego.

Background of the house: the house 4 bedrooms and 2 bathrooms. Adding ADU will have 2 rentals properties 3/1 and 1/1. Doing so, i will make close breakeven with my current mortgage. As you know, it is really hard to have possive income immediately. We need this house rented to lower our DTI.

We want to buy small MTF in the future to househack in CA using low downpayment maybe FHA loan.

Thank you in advance

Thanks Vicki For all these websites that I can research more about. 

Nathan, I was looking the reviews about this book in Amazon and it really has great reviews. This house is going to be my second rental home in CA. The other house is too far from me to self manage so therefore it is a fully manage by PM. 

I decided to self manage this home to learn the management aspect of property, and also, number doesn't work if I don't manage it myself. I can definitely use excel to track all the rental income and expenses. I just wanted to see what website worked for other people that's very convenient for Tenant to submit maintenance request and place to collect a rent. Definitely going to check these websites and apps. Thank you for the great input.

Good morning BP community,

I plan to rent out my current residence next month or June. I will be using PM to look for a tenant but I will be self managing the property after. My questions are:

How did you collect rent? What website worked for you?

How do you collect maintenance issues?

Looking for recommendation for PM in San Diego that worked for you

John

Good morning BP community,

I am currently looking for houses to purchase at Cleveland, OH. Being in the military, I am always gone for many reasons and there is no way for me to manage rental properties. I am looking for a great property manager that I can utilize for these properties I plan to purchase in the future. 

-John