All Forum Posts by: Nicholas Coulter

I am interested in establishing a Short-Term Rental (STR) in Oceanside and noticed on the City website that STRs are permitted only in the Coastal area. I am considering hosting the rental myself and living next door.

Could anyone provide guidance on how to proceed under these circumstances? Specifically, does the regulation still apply if I am the host and reside adjacent to the rental property?

Thank you for your assistance.

Hello BP family, I'm looking for a financial advisor/tax advisor/accountant in the San Diego area. I'm just starting out investing in RE but I want to make sure I'm doing all I need to do properly and legally. I only have 1 rental and it's a JRADU so not sure what I really need. I am planning on purchasing another property this year but not sure exactly when. Any help, advise or recommendation would be greatly appreciated. 

I recently moved to the Pensacola area thanks to the Navy and love it so far.  I had some good luck renting my properties in San Diego and Virginia Beach so I am looking to continue the trend but now with skill vice luck.  Currently, I am focusing on getting into the multifamily/commercial apartment space but I wouldn't turn down a good fix and flip.  My ultimate goal is to develop land once I have enough passive income and financial freedom.

Hi everyone,

I'm a complete newbie at investing, and I feel like even with the books I've read there are still so many unanswered questions I have. For information, I'm a year out of college and have a very decent W2 in San Diego. Investing here would be impossible for me as I've got very little cash, so the markets I have been looking at are Des Moines, Atlanta, and Jackson, MI. Ideally, I'd like to purchase a small multifamily for 100-150k that I can BRRR.

Questions:

- How much do I need to have saved up before my first purchase?

- Do I really need a landlord for one property? 

- How do I convince my parent's I'm not gambling my savings?

Thank you!

Quote from @Nicholas Coulter:

Quote from @Ashlie Z.:

I want to diversify my investment portfolio to include some RAI besides stocks and ETFs. I have lived in San Diego 10+ years. I want to start from where I am familiar with. I am thinking about investing a 3b2.5b SFH in areas such as Oceanside, San Marcos, or Chula Vista which are relatively less pricier comparing with 92130 or 92129 (where I am living now). Any advice or comments?

 Have you considered potential for an air bnb investment? Still 700+ Tier 3 licenses open to register for and if you buy right you can make a good return. 

I am a full time employee with little kids. I guess it’s not the right time for me and my husband to start Airbnb business even though we enjoyed our stay at different airbnb places every year. But I am willing to learn more about this business and get myself ready when it’s good time. What is 700+ Tier 3 license? 

Hey BP, I have a family member in my community who's planning on leaving their property in a few months due to work commute and affordability. The loan currently has a modification, and at this point they’re interested in simply returning the home to the lender. They’d like to move no later than October. Any strategy to acquire this?...Subto maybe? Is it even worth it? Maybe operate it as a mid-term/short-term rental?

Mortgage is around $3500/$3600 (with modification), and has little to no equity...rents in the area are around $3100. The home is right across from a shopping center anchored by a Target, Kohls, LA fitness, and more. Surrounded by schools, close to hospitals and freeways. Even a hotel project is underway. Additionally the city is having massive population growth. 

Let me know your thoughts.

who, in your opinion, are the lenders most favorable for HELOCs on investment properties?  Seems like many lenders don't even do them.  Thanks!

I want to diversify my investment portfolio to include some RAI besides stocks and ETFs. I have lived in San Diego 10+ years. I want to start from where I am familiar with. I am thinking about investing a 3b2.5b SFH in areas such as Oceanside, San Marcos, or Chula Vista which are relatively less pricier comparing with 92130 or 92129 (where I am living now). Any advice or comments?

Quote from @Nicholas Coulter:

Havent gone through it personally but that sounds like a nightmare! You think the tenant would be up for a cash for keys?

 I hate cash for keys.  It encourages this behavior, increases the odds they will repeat the behavior, increases the odds that another LL will get to experience thus from this tenant, and in the long term increases the chance it will happen to you again. 

I suspect I have had some luck combined with screening my tenants well.  I have had tenants ask about cash for keys.  So far 100% of the time I have gotten tenants to vacate by explaining the consequence without paying $0.01.    I explain I will proceed with the eviction, the eviction will show with any decent credit/background check and will negatively impact their credit score, that I will attempt to garnish future wages, and that it will be very difficult for them to ever rent a nice place in a low vacancy area like San Diego.

As part of my tenant criteria: no evictions ever (no excuses accepted), decent credit (I want tenant to have credit such as they do not want it to take a significant hit, strong LL references and in the add I specifically specify paying rent alone does not suffice for a strong LL recommendation.

I recognize with my number of units and how many years I have been a landlord, I have been fortunate to never having to evict a tenant and at some point my good fortune in this matter will end.  When it does happen, I will not offer cash for keys and will do what I told them I would do.  I do expect this will cost me more (possibly much more) in the short term than offering cash for keys.   In the long run, it likely will reduce my odds of having to do additional evictions.  

The best part about not paying for keys is I will sleep like a baby knowing the tenant was not rewarded for $crewing me over.   

Do not pay a tenant to screw you over.