All Forum Posts by: Manraj Singh

 Isn't "Prime+0"  the absolute lowest you can get? Or were you looking for 1 year specials where the introductory rates are lower? 
I have used Mission Federal CU in the past for primary and Quorum FCU for rental HELOCs. Both were a few years ago , so i dont know what the going rate is. 

HI Mike, Thanks for your respone. 
Some good news: The landscaper offered to fox the issue on their own. They were forthcoming and rectified the error.

I paid a lot of money for a French drain installation job that was done incorrectly. I only found out that it was done wrong after several landscapers came to my property (to bid on another job) and saw it.
I paid over $6k for the drains around the perimeter of the house.

Can I go to small claims on the landscaper if they don't agree to fix their mistake? they have a license and bonded based in north county San Diego. 

Any Suggestions?
Thanks, Manraj

HI , I am trying to see if there is an ordinance against, or a license requirement to run a STR on a SFR house. The city of Vista website doesn't seem to have anything listed in this regard.
Is there a place to see which postcodes are/aren't exempt from STR Licenses? 

I am new in Vista, just started with construction for an ADU.
Primarily looking at some post codes in west Poway for the next one. but open to some postcodes in San Marcos, OC and Carlsbad if larger plot homes are available for either primary residence with SB9/10 or just ADU development. 

@Keegan Wetzel hi Keegan,

Where in North County do you invest in?

Investment Info:

Single-family residence buy & hold investment in Vista.

Purchase price: $565,000
Cash invested: $50,000

Currently living in the main house and Plan to convert the 400sq feet detached garage into a 600sq feet 2B1Ba ADU.

What made you interested in investing in this type of deal?

Option for adding an ADU

How did you find this deal and how did you negotiate it?

Retail purchase through a agent who specalized in ADU laws.

How did you finance this deal?

conventional , 5% down.

How did you add value to the deal?

valued it on future cash flows. Paid the asking price but I feel it was priced 35k over

What was the outcome?

Design and plans are complete. Utilities to the garage are added.
Waiting to a construction loan to fund the project. Hit roadblocks twice,
1. HUD construction loan cancelled due to refinance of main house at 5% ( up from 3%)
2. 2nd Lien Construction loan cancelled due to lowering of LTV, resulting in interest rate of 11%

Lessons learned? Challenges?

green-light the financing before investing into the project. Or have a couple fo back up.

Investment Info:

Single-family residence buy & hold investment in Vista.

Purchase price: $565,000
Cash invested: $50,000

Currently living in the main house and Plan to convert the detached garage into a 600 sq feet 2B1Ba ADU. Design phase is complete and approved from city. Looking for 2nd lien position loan programs to fund construction. ( Any help/tips , happy to hear from you)
Plan to rent out the Main house and ADU to cover the PITI + some.
It will still cash flow negative for first 3 years atleast.
Aim is for a Cap Rate of 5 %

I agree with a lot of comments in the replies. My main takeaway is, underlying land is of value. So if it is a manufactured house sits on top of a land that you'd own ( and possibly later sell to future buyer), that will be the best option. 

Speaking of manufactured housing, FYI there are a few companies ( up here in Vista as well) that produce panel homes . Ie, they make sections of houses in their factory and crane them in on the final location. all their houses sit on slab to its technically not a "manufactured mobile home", they are usually fast in deployment ( usually 4 to 5 months) but cost wise may not be as cheap as traditional manufactured housing.