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All Forum Posts by: Nicole Holcomb

Nicole Holcomb has started 9 posts and replied 121 times.

Post: What to Invest in, Newbie

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Sara Blatz welcome to Bigger Pockets! My recommendation is to start off with a house hack, they are relatively low risk and will allow you to have a primary residence while collecting rent at the same time. Ideally purchase a 2 unit property and rent out the second unit to cover some or all of your PITI. There are FHA loans that allow you to put down as little as 3.5% and use a portion of the projected rental income towards your income so you may be able to qualify for more than you think.

Connect with a lender and agent local to your area to get started.

Post: RE Beginner Programs

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Hi Keia Webb welcome to Bigger Pockets, you have come to the right place to learn about real estate investing. In general the consensus on Bigger Pockets is that although there are good paid mentorships and how to invest programs, most of them are not worth the investment. 

Use this site to start learning about REI, it is full of resources to get you started. Pick up some REI books that interest you, check out The Millionaire Real Estate Investor by Gary Keller and The Book on Investing in Real Estate with No and Low Money Down by Brandon Turner. In addition I recommend reading Secrets of the Millionaire Mind by T. Harv Eker to get you in the right mindset.

Start networking here on the forums and in person if that is available to you. Be ready to work and offer to help investors for free, bring value to investors by using the skills you already posses to help them. Don't ask for a "mentorship" right away, show your work ethic and have good intensions and one will develop organically.

REI isn't a get rich quick with little effort business, so anyone telling you it is is probably trying to take your money.

Best of luck to you and be sure to update us so we can follow your REI journey!

Post: How do i find expired listings to offer seller-financing?

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Hi Susan,

I use Redx to get expireds, they are delivered to me daily for $59.99/mo. The service works great in my market and as an agent it is an extremely valuable service. If you don't want to pay a monthly fee, you could ask a local real estate agent to look up the expired's for you on the MLS. Any agent doing this for you will most likely be looking for compensation should you close a deal.

Best of luck to you!

Post: Moving advice from San Jose to San Diego CA

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Dominique Le welcome to the BP forums; I think you are doing the exact right thing by networking with investors in San Diego before you make the move. You may even find your new San Diego landlord here! You do have quite a few unknowns in your scenario so I think it will be important to be flexible and to build up your reserves before you make the big move. 

Can you talk to your PM and ask what their policy is on breaking the lease? You may not need to pay rent through the end of your lease. I ended a lease early without penalty when I informed my landlord in advance and they had ample time to get a new tenant lined up. This could help you decide your timeframe for moving. What is your motivation to move in Jan/Feb vs when your lease is up in April?

With the job uncertainty and the general COVID uncertainty I think a 6 month lease would suit your situation well. You will be able to get situated and explore the city and the different multifamily markets. For example are you thinking about multifamily in the "affordable" north county beach town of Oceanside or is North Park more your speed? A six month lease would also let you sort out your employment transition to San Diego. Ideally you will not want to show a gap in employment or change in industries for lenders.

Whatever you do decide please keep us posted so we can follow your REI journey.

Post: Anyone else hesitant to start new deals?

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Hi Naresh,

Welcome to BP, this is a fantastic community! I think there is a lot of uncertainty and speculation as to which direction the market is going to go in 2021 and beyond. With all of the uncertainty I think it is important to take it one deal at a time and do your due diligence. Make sure you have multiple exit strategies and strong reserves. If the market softens and your fix & flip is suddenly in the red, will it cash flow as a rental or can it become your primary? Have a plan B,C & D in place and uncertainty in the market will not feel so overwhelming.

Best of luck to you and be sure to update us!

Nicole

Post: What kind of realastate should I start at

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

House hacking is often the REI strategy with the least barriers to entry. Ideally purchase a multifamily property as your primary residence with a low down payment mortgage. Rent out the other unit and or extra bedrooms to cover your mortgage.

If you are not ready to make a purchase you can look into wholesaling and be a house hackie (ie. rent a room from someone else and live below your means while saving up to make your first purchase).

Take this time to educate yourself by reading, listening to podcasts and networking with experienced REI.

Best of luck to you and be sure to update on your REI journey.

Post: Calling Exterior Paint Experts/Designers

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

I am a huge fan of the white with black trim trend, I think it works well with many styles of architecture. My main recommendation is to use a warm white like Benjamin Moore Simply White. Glacier Ice looks like a cool white with blue/green undertones. You don’t want to use a white that is too bright/cool; if you do your house could be blinding to look at in full sunlight. Going with a warm white or a white that has some creaminess to it, is the way to go to achieve an eye pleasing white/ black contrast. 

Post: Tips and Tricks around property gains taxes

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Josh Page check your city for Opportunity Zones. Opportunity Zones are designated by the government and offer investors tax benefits such as reduced capital gains taxes when buying and selling within the OZ. OZs are designed to revitalize poverty stricken parts of the city and do come with some hoops to jump through but could help you save on taxes.

Best of luck to you!

Post: Economic Update (Monday, September 14, 2020)

Nicole HolcombPosted
  • Realtor
  • Encinitas, CA
  • Posts 125
  • Votes 92

Lloyd Segal thank you for sharing! What are the tax benefits associated with opportunity zones and how do investors take advantage of said benefits?

Hi Jason L. welcome to the BP forums, this is an awesome environment to gain knowledge, help others and make connections. I hop on the forums each morning and always learn something new. 

For my current project I added an ADU to my SFR in 2019 as a house hack. I have had tenants in place for 1 year and am planning on renting out the main house in 2021. I am looking to purchase a multi-family fixer in Encinitas for my next project. I am a real estate agent and investment property consultant and I have a couple direct mail campaigns going in North County and Clairemont to find motivated sellers!

Best of luck to you and I look forward to reading more posts from you!