All Forum Posts by: Michael Ndjondo makadi

Hi San Diego RE investors, I'm trying to find a reliable and trustworthy contractor to help me out during the inspection of the property window ASAP to provide some estimate of the repair needed and complete the subsequent work that will be required. So any referral will be gratefully appreciated. 

Thanks all for your contributions. I was just trying to get a local estimate as on the net, the estimates are either national or outdated. @Matt Lewis, thanks for the suggestion. @Kenneth Donaghy, thx for the estimate. 

Questions to local builders and contractors: what are the average costs to add a small kitchen (8 x 7 ) in a the living room (plumbing work, electrical and cabinets) and also half bath ( 6 x 6) in San Diego. are any legality issues or costs that need to be considered?

I'm taking the advantage of the remote work regime to move for a couple of month in Wichita, KS by the end of September with the end goal of purchasing a small value-add apartment(s). So far I have seen very limited properties on the market on the general websites like loopnet.com, realtor.com, etc., Hence I was wondering if there are other sites where people find such properties in Wichita ?  Or maybe it's just the current market with low supply as observed it SF.
Furthermore, I want to get in touch with local investors, real estate agents and whole sellers to be able to possibly find off-market deals.

All, thanks  for your replies. @Pavan Sandhu, that's actually maybe a safer route. But I really like the idea of possibly building additional properties in the future. @Colin L., that's something I was unaware of. Good to know. I'll dig deeper to find more info. 

 I meant thrive....

So, I'm still trying to get my first property and this time around I'm contemplating this triplex in El Cajon which sits on a large lot. Although, the possible development is not my primary reason to consider it, it is there for the take. So I wanted to get an estimate of building 5 other units on the lot and also learn about any potential pitfall. The zoning is RM2200 meaning with the given lot space, there is a possibility to add 5 more units in the near future. Do you guys think that it'll be a tremendous risk given the fact that I'm just getting started and should focus on getting something "safer"? I personally tend to strive the bigger challenge. 

@Rick Pozos, you actually made a good point. I was thinking the same thing about taking my time and being patient. 

@Maxwell Ventura, @Michael Drew

Thanks for your replies. Hopefully there will be more inventory coming up in the market. I think I will prioritize creating a relationship with a hard money lender and have loan ready before my next attempt.

@Twana Rasoul, yes that's the property I was referring too. I don't get either but I guess some sellers just are really desperate and hence prefer the quicker closing with cash.

I have been trying to buy my first property which ideally will be either a triplex or fourplex that has some potential and eventually requires some work here in San Diego. Since January, I found 3 nice deals but every time I would get beat by someone with cash. My last bid failure happened yesterday for a triplex in North Park priced initially @ 725K, the price got escalated quickly. Even though I did not bail out, there was yet again a cash offer that was accepted over my 20% conventional offer. I start wondering if it's even possible to close a deal here in San Diego with conventional loan on fixer upper MF? Should I consider using a private lender just to close a deal then refinance right away? Is it even possible to qualify to a private lender with a short term loan?  I was hoping with this current crisis maybe the market will turn into a buyer market, so far it is not the case here in SD. Should I wait a little longer since housing market tends to lag the economy trend.