All Forum Posts by: Nicole Holcomb

@Cedrick Mahieux

I just came across your compilation of the famous four and I love it. Thank you, looks like I have my reading list lined up for the next couple months. I especially enjoyed your witty commentary!

@ Bryant To

Are you currently working with an agent? 

My recommendation is to have your agent look at your parent's house and give you their opinion on the rent it will bring in as is vs. renovated. This will give you a good starting point. I would also do a CMA for selling your parent's house as is and ARV. Knowing the value of your parent's house as well as the rental income generating power will help you run the numbers and make the best financial decision for your family.

Once your paren't house is generating income, are you planning on taking out a mortgage to purchase other investment property? I guess it would be a RRR or a RR is you skip the reno.

@ Jason Stoch

92117 has had some excellent value two unit properties available starting around $700k. These properties can fly under the radar of many buyers and provide you with some monthly rental income. Would you consider a Multifamily property? Additionally speak to your lender regarding a two unit property, you may qualify for a higher loan amount. A portion of the potential rental income may be able to be counted toward your income.

Is your agent networking with other agents? Are you or your agent open to pounding the pavement? Sticky notes on doors, yellow letters stating your desire to buy. 

Best of luck to you!

@ Cathy Song

I think @ John Reardon covered many of the value add strategies I have utilized over the years. I am all about DIY and always learn something new each time I take on a project. 4 of my 5 deals came from the MLS and I was able to see something in a property that the average buyer could not. I take down walls, build into unused attic space and expand kitchens and baths to increase value. I always look for a second entrance to the house that could be used by a tenant. If you can make a portion of your house into a "studio" you can charge a premium.

One trend I have noticed in the last couple of years in North County is unfortunately less fixers on the MLS. Fixers on the MLS in north county are no longer "deals." That just means we have to get more creative in finding deals! I've shifted my focus to multifamily properties and I am starting a direct mail campaign this week. I have been driving for dollars and utilizing social media. Talk to everyone you know about real estate and let them know you want to buy a property. Best of luck, and let us know when you make your move!

@ Chris Nester

Way to take action and complete your first deal!!!! Congratulations, and I have to ask, what's next?

@ Cathy Song

I am working on a house hack now and agree that it is the best way to get started in the San Diego area. What part of San Diego are you looking to buy? All 5 of my properties have been in north county (I was born and raised in NCSD) so I definitely have a bubble, haha.

@ Nayeem Syed

I have heard quite a bit of interest regarding a meetup in Carlsbad or North County and I would like to host one. However I think with the current state of COVID in San Diego County and the case count rising it isn't safe. I suggested on another thread that we have a virtual meetup. What do you think about a zoom meet up or other online platform meeting? I will most definitely start hosting in person meetups as soon as the COVID restrictions are lifted, I love to host events and meet new people.

@ Lam N.

The 2 year DIY live in flip is an awesome strategy, do it!

@ Robert White 

What a great way to finish your first flip! I swear it always takes longer and costs more... Now you can take what you learned and apply it to your BRRR, keep up the good work!

@ George P George III

I am not expecting a slow down in my market for the remainder of this year. So many of the buyers that wanted to buy in the spring were delayed to the summer by Covid. Now inventory is low and the market for turn key properties is on fire. 

If you are looking at 45 days on market, your area may be different.