All Forum Posts by: Luis Espinoza

Hello! We are closing on our first out-of-state investment. How do you handle showings for prospective tenants from out-of-state? We would prefer not to use a property manager, and our realtor is charging one month's rent to assist with showings.

Can you hire someone and pay them per showing to open up the property and walk it with the prospective tenants? 

I will not be there but live down the street from the venue where it'll take place. Do you know if there will be any networking sessions available to the public?

Thank you all for the advice on this topic. I wanted to provide an update.

I confirmed with the zoning department that the parcel is for a single dewlling unit. They could not find a building permit for the second unit (they could only check back to 1980), only a few electrical permits and plumbing permits. They pointed me to the records department who can check for permits before 1980 but that has to be done in-person and the next available appointment is not until May 15th.

Next I went to the assessor's office to get a residential building permit record but found out that it can only be given to the owner. We have reached out to the owner asking for the building permit but still no response. 

I will not be proceeding with an offer until I hear back about the building permit for the second unit. 

This has been a great lesson on San Diego zoning and building permits!

Hello! I'm look into a duplex in San Diego. When I pulled the county records, I noticed that the parcel is RS-1-7 zoning which from reading through the county municipal code is a zone for single dwelling units. I did some more research and learned about California's SB9 which from what I understood would make it possible for there to be a duplex in a parcel zoned for SFH.

The weird thing is that the duplex appears to have been built a LONG time ago and SB9 was just recently passed.

Does that mean the owner had an unpermitted duplex for years and it was recently legalized by the passing of SB9? Are there records that the owner would have needed to file with the county to register the duplex under SB9?

The current seller bought it in 2017 if that helps with anything. 

Thank you!

Just sent you a PM @Mark Doty

I would love to attend.

 Thank you for the input Keegan. It's great to hear actual revenue numbers from investors with properties in the area. I figured there would be some volatility in revenue, but I didn't think that much! Wow 20k vs 1.4k. I will keep this in mind as I continue to search for the right investment.

The best strategy to battle volatility might be to save all additional revenue generated during the peak months to be used as reserves during the slow months. Another option might be to look for medium term tenants during the slow months and short term tenants during the peak months. Since I will be living in the property, it might be more straightfoward to swap strategies based on the market demand.  

I'm currently looking to use a 3.5% down FHA loan with a fixed interest rate for 30 years to finance the property. I am specially leaning towards this option due to the recent reduction in PMI rates for FHA loans. My plan is also to ask the seller to finance a 2-1 loan buydown with the intention to refinance in two years if rates have lowered and the property has appreciated to the point where I can get rid of the PMI (fingers crossed). If that's not the case, it's okay, I will continue with FHA loan for as long as needed. I am being careful to ensure the deal makes sense at the closing day interest rate aka assuming there is no 2-1 buydown.

No need for an STR property manager at the moment (thank you for the offer!) as I plan to self-manage but I will keep it in mind in case I ever need one.

@James Carlson

Thanks for the encouraging words and thoughtful advice on condos. These are things I had already been asking but I did not know about potential restrictions even while living in the property. Will add it to my list of questions. Also, thank you for the book recommendation! 

@Dan H.

@Dan H.

@Kenneth Donaghy@Steve Meyers

Thank you both for the SD specific advice. I will be wary of East Village and look into La Mesa. As local investors, do you have a recommendation for a local meetup to attend to meet other investors in the area so I can continue learning?

Hello! I'm looking to house hack a property in San Diego. I would like to rent out the extra bedrooms to medium term tenants or via AirBnB to short term tenants (after getting the proper city permit) to maximize the rental income. 

For the folks out there in the medium term/short term game in San Diego, how is it going? Any advice for a newbie to this strategy and market? I'm currently looking for properties under $700k so most of them have been 3bd/2ba or 2bd/2ba townhomes/condos in Mission Valley, Clairemont, or East Village. 

I have already connected with a great realtor, but looking to get other experienced people's opinions. 

Hello,

I'm dealing with a unique situation with a tenant at one of my rental properties.

I got a call from a federal agent this morning that my tenant had been arrested for a federal gun charge. It sounds like he will be extradiated back to another state, and will be going to jail for quite some time.

What do I do with his personal property? Clothes, jewelry, etc? Vehicle?

Any advice would be appreciated based on previous experience.

Looking forward to it!