All Forum Posts by: Kenneth Donaghy

@Chelsa Analei Seawolf, I'm interested in hearing more, myself and a few developer friends may be able to help point you in the right direction, and/or team up.  

Hi @Yiting Yang 

I'm in SD, know Jesse, went to the Summit he just hosted, we are in a mastermind together. Let's chat. 

Hi @Mary Ainsworth, I'm a local broker here in SD, I have help many househacker here. I have some clients are now looking for their 3rd Househack in 4 years. Some of them starting with a condo, then progress up. For you first one, I wouldn't over complicate it. Speak with a broker, find out what your max loan amount is. Based on that loan amount, what areas would you like to live, I will assume where you want to live within your budget, will also be your ideal tenants/roommates. Getting started you will learn so much more faster than waiting.  The longer you wait, the more likelihood prices continues to go up. SD supply cannot keep up with the demand. If you want more help being pointed in the right direction reach out anytime. 

Hey @Ryan Cousins, yes I have success helping my clients purchase properties in those areas. You are correct, most properties list accordingly will have multiple offers in this market. I try to instill in my clients, list price should not get confused with sales price, and is not the asking price. List price can be more look at, the marketing price. I subscribe to the strategy to list a property to get the most attention to the listings. For example a price below where I think it will sell for, attracting more Buyers, but not too low where I'm doing unnecessary work filtering out Buyers who don't understand the market conditions. When representing Buyers my goal is to explain why properties are listed the way they are, and where I think the property will trade for, or sale at. Also keep in mind, terms other than price will play a role in getting you offer accepted too. Hope that helps, feel free to reach out with anytime with questions. 

HI @Ryan Cousins, I lived in SLO, still have friends and family there who are in real estate, and I have sold there, and sell here in San Diego. I chose SD because I feel it has more opportunity, more growth, more exposure. I love SLO, I have lived in 5 cities, SLO proper and Los Osos, but its SLOW. Which is great, but not my life style at the moment. I have close friends who are great RE investors, brokers, etc. My point is what life style and opportunities are you and your fiance want, where do you see yourselves in 5 years? Those are question I think you ask yourselves. 

 Understand, I just like as much info to help clients, and have examples.... all property owners are always get hit up by wholesalers and realtors

@Moses Moreno 

Good discussion here.... Just curious, what development is this particular condo? I have a few condos, and starting to witness how these HOA boards think differently.

 What if an opportunity came where you needed 200K for a downpayment for househack property? 

@Jordan Budke One suggestion I would make is don't get too attached to keeping the condo. A lot of new investors understand the term ROI, return on investment, but overlook the term ROE, return on equity. I have many clients I helped purchased a home in 2020, like yourself who have around 200K equity, and ready for the next opportunity. They think if they rent out the property they can break even or +/- $200. But when they realize they can get a better return on that 200K it lights a switch to think bigger.

Also keep in mind if/when you do sale you will not have to pay taxes up to $500K if you lived in the property 2 out of the last 5 years. I highly recommend considering this opportunity when thinking about future investments.  
 

@Mike Hsiao I would have to agree with @Dan H.. Everything is speculation without knowing the facts. There's a few options I would speculate. One the owners bough it to do a development, which would take over a year to get approved to break ground, and maybe they can sell first for a quicker return. Another option is the costs added up and they want to move the capital to another deal. 

I would take a lengthy inspection contingency to do as much due diligence, and go to the city/county directly. Not all sellers or agents will disclose everything, so take it upon yourself to know more about the property than the sellers and agent. I tell my clients on properties/deals like these, by the time we are are finished with our due diligences, we might know more about the property than the sellers.