All Forum Posts by: Geo Cruz

Looking for 2 tickets. If anyone have any, send me a DM

Bringing this back. Any tips on how to get around the title 24 calcs working on an all electric ADU? In particular the electric tankless water heater?

Great find! Did this make the MLS or was it off market? Finding small multi in north county less than 550K is almost un heard of. Let me know if you come across anything similar in the future. Im in the market for a small multi property.

Hi Victor. My 2 cents in self storage is that you should really do your homework with current construction costs for this product type. One of the major trades is in ground up self storage projects is metal framing and metals are at a historic all time high without any signs of slowing down. We’ve had some local institutional clients pause on most of their storage projects because of the impact of these cost. I can help with any conceptual construction cost analysis when you get close to underwriting your project. Feel free to reach out.  

Great meeting you all last Friday. Looking forward to the next one! 

Congratulations on the deal! A partner and I were underwriting my neighbors lots but learned that the city had many provisions that made it difficult to maximize units. I’d be interested to chat with you on how your underwriting and process with the city went. My property was near downtown on 3rd. 

Yes, tenants were not keen to rent in close proximity. The Vista property is a buy and hold. 

Im starting an ADU in Escondido right now and had previously started one in Vista on an attached garage on a SFR. My take is in line with Dan where its critical to make sure that the ADU makes sense for your particular goals and in line with the location of your property.

In my Vista property, I found that the rental market in my particular neighborhood was not quite receptive of an ADU. Im sure that the valuation would have also been low as I feel I might have been trying to push a project where it did not fit. I ended up not building the ADU but was ok with it since we ran our original pro formas without it. My biggest takeaway was to evaluate deals with worst case scenarios and with exit strategies and decide if you are ok with the worst happening.

Thank you @Doniel Winter. What do you guys think about not necessarily doing a parcel split but just putting in a second SFR and possibly and ADU/JADU? Ultimately having 2 SFR and 2 ADU's /JADU's

From my initial conversations with the city, it seems like the lot will not meet the minimum size requirements for a lot split but they will allow a second SFR given that its within the setback limits.

My initial thought is that not doing a parcel split will lead me to have to keep as a long term rental rather than trying to sell, which is what I prefer to do if I'm be able to BRRRR the deal.

As always, thanks for the awesome input Justin! I agree with you in the sense that this is a better deal to finish rehabing and renting. That was my initial thought. 

Id love to chat with you more about how far you got in underwriting your San Marcos deal and if you reached out to any consultants to help during that process.