All Forum Posts by: Nick Pavlakis

@Twana Rasoul thanks! Do you have any neighborhood/area recommendations based on the information I posted in 2)

Hi everyone! New investor here - long time listener first time caller.

I'm currently living in Seattle and I'm considering moving to San Diego. I want to do a house-hack either by buying a multifamily or by buying an SFR with a large lot, building an ADU, moving into the ADU and renting the main house (either traditional or STR).

I'd appreciate it if fellow BP members can provide help with the following:

1) Tips and tricks about SD investing in general, regulations I should know about, possible pitfalls, etc.

2) Neighborhood suggestions. My wife and I are going to be staying in the property. We'd like it to be in a safe neighborhood as close to the center/beaches as it can be (e.g., 15-30 min drive). What are some neighborhoods that fit these criteria and can provide decent cashflow?

3) Recommendations for investor-friendly agents in SD. I'm just browsing at the moment, but many listings on Redfin don't contain complete information, so I'd like to be able to ask those questions.

Thanks a lot in advance for your help!
Nick

 Thanks everyone for the responses.

Scott, may I ask where you saw that two are vacant and that they bought them a few years ago? I am assuming MLS? (I don't have access to the MLS, so I don't know all the info)

Hi BP members,

Although this is my first forum post, I've been listening to the podcast A LOT.

I live outside of the US, but I'm planning to move to Seattle (I am a software engineer) in a few months. I want to get involved in real estate, so I am analyzing all kinds of properties to get familiar with the process and the different markets and niches.

I recently ran into this: https://www.zillow.com/homes/for_sale/house,condo,...

(I don't mind sharing it - I won't get it anyway - so if it is truly a deal and a BP member can get it, all the better)

Details (read the Zillow description - the listing details are wrong): 

• Address: 6610 52nd Avenue Ct W, Graham, WA 98338
• 4 mobile homes for $156,000
• Each home is a 4bd/2ba with laundry
• Current tenants pay $1700 average rent per home
  
• Space rent is $700 per lot
  

The numbers (per month for all 4 homes):

Total gross rent: 4*1700 = 6800

Total lot rent: 4*700 = 2800

PITI: 860 (this is for the full $156,000, i.e. all 4 homes)

Vacancy - 15%: 1020

Property management - 10%: 680

Maintenance - 10%: 680

CapEx - 5%: 340

W/S/G (this is a wild guess - I have no clue): 4*50 = 200

Total expenses: 6580

Total cashflow: 220

I feel like I've been quite pessimistic with the estimations (e.g., 15% vacancy), and it still produces a positive cashflow. Considering that a buyer could possibly also negotiate a better price and/or pay cash and avoid the mortgage expenses since the amount is quite low compared to other properties in Washington state, it could be much more lucrative. I know that the area is a very cold market, but still...

What am I missing?