All Forum Posts by: Mark Huang

I applied for my single multi family rental property in April. It wasn’t until early May that I got an email saying my application was being processed. Three days later I got $1000 grant direct deposited. 

Last week I was offered a $4100 loan with the terms already stated here. My tenants have been able to pay and I’m wondering if I should take the loan. It’s better terms than my mortgage so if anything I should use it to pay off my mortgage or for utilities. 

I think separate utilities for each unit are usually viewed as a positive because tenants are responsible for all utilities. The landlord doesn’t have to worry about splitting or including it in rent. How much extra does it cost to install a new meter? I doubt whether the utilities are separate or not will become the determining factor on multiunit classification

JADUs require the property to be owner occupied

JADUs require owner occupancy, but is that just during the permitting process?  What happens if you owner occupy, build a JADU and eventually move out years later?  You don't have to demolish the JADU and convert it back, right?

Maxable has some content on legalizing a Granny Flat. I am considering getting a consultation with them for a regular ADU

https://maxablespace.com/5-steps-to-legalizing-your-granny-flat/

@Adam Dailey do you have any experience permitting an existing addition?

I would guess the steps would be 

1) Figure out if it's up to code - Hire inspector or contractor?

2) Fix any code violations

3) get an architect to make drawings

4) have the drawings reviewed by the city to get a permit

5) city will come out and inspect the property

6) Unit becomes permitted?

What's up BiggerPockets!

My name is Mark and I am a newbie RE investor based in San Diego.  I've been a long time lurker and podcast listener and kept putting off making an intro.  The community is what makes BP and it's only right I become an active member.

Background: I've lived in SD for about 10 years and am working as a mechanical engineer.  I've always loved real estate since I was a kid.  I'd read the real estate section in the news paper, looking at the floor plans and what houses were for sale.  I would draw scale floor plans and elevation views of my dream homes for fun. My favorite show was HGTV's house hunters.  Seems a little strange for a 10 year old, looking back on it.  My family also has a few properties they've acquired over the years throughout California, but I wouldn't classify any of them as "investors".  They're pretty hands off about it and aren't interested.  I've been itching to start growing our portfolio to build us a small empire and I know the only way to do it is to just dive in.  I bought my first multifamily property in City Heights in 2019 and have been having a blast!  My goal is to continue to acquire buy and hold properties and using existing ones to fund my next ones.  It'd be awesome to become an agent/general contractor/property manager and making BRRRing my job.

I've learned most of what i know from BiggerPockets books (book on rental prop investing, set for life, long distance real estate) and the forums.  Really excited to get active on the forums and connect with local, like minded people.  I am currently seeking lawyers and CPAs, but open to anything!

Thanks :)