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All Forum Posts by: Nicole Holcomb

Nicole Holcomb has started 9 posts and replied 121 times.

Anthony Horner I have a friend that does this in Cardiff quite successfully. He designates a house manager for each property and rents to them at a slightly reduced rate with no price increases. The house manager acts almost like a property manager by finding tenants that mesh well together, communicating house rules and taking care of small maintenece issues. Each tenant signs a 1 year lease and most tenants stay 1-3 years. The owner runs the credit checks and signs the lease with the tenant but is mostly hands off otherwise.

Post: Property Tax Avoidance in California

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

@ Dan Heuschele

Thank you for your input and I too will be voting against the amendment initiatives. In doing a bit more research  The $1,000,000 exclusion appears to be calculated on the factored base year value, not the fair market value. 

The factored base year value (FBYV) of real property is the market value as of 1975 or as established when the property last changed ownership or was modified due to construction. This amount is then increased by no more than 2% each year.

Is this correct?

Post: Property Tax Avoidance in California

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

@ Rob K. Thank you for your input. My research suggested a similar solution to the one you posed regarding getting a loan against the property and then distributing the funds to the siblings that way. 

Do you know anything about the parent/child exclusion being limited to $1,000,000 on multifamily properties? 

Post: Property Tax Avoidance in California

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

Hi BP! 

I have a client in San Diego that just inherited a 4 Plex worth $1,300,000. The property is in a trust and has been passed down to share between 3 siblings. My client wants to buy out his other two siblings but is also looking to avoid a property tax reassessment. I have done some research but am struggling to find information on how to skirt the property tax reassessment on a multifamily property. Help please!

Post: What to do with current property?

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

Tyler Darby do you have cash for another down payment? 

What kind of loan did you use for your first property?

My thought process is to turn your first property into a rental by renting out that third bedroom. Once you can show leases in place that cover PITI you should be able to qualify to purchase another SFR or 2-4 unit multifamily property as your new primary residence. If you used a FHA loan on your first property this would not work due to the owner occupation requirements. You will need at least 5% down payment for a new conventional loan but this could work if you are cash flow positive on your first property.

There are many variables to consider here and you will need to run the numbers to know for sure. In theory it could work. Best of luck to you and be sure to update us so we can celebrate when you purchase your next property.

Post: What is a normal security deposit for Oceanside

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

Hi David for an unfurnished rental you can charge up to two months rent for the security deposit. One months rent is standard in north county San Diego for a security deposit for a master bedroom room rental. I screen my tenants carefully and one months rent has worked for me in north county. If something was to go wrong according to https://caltenantlaw.com/secur...you can sue for damages for up to 3 times the deposit amount.

Post: New to House Hacking

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

Hi Jorge welcome to bigger pockets, and congrats on taking the first steps in becoming a real estate investor. You are correct that house hacking is the easiest way to get into the expensive San Diego market. I would recommend looking at the 2-4 unit multifamily properties available in your target areas as they are most conducive to house hacking. When you purchase a multi-unit property a portion of the rental income generated can count toward your income allowing you to qualify to purchase a more expensive property. 

If you are looking to purchase before the end of the year I would recommend getting pre-approved with a lender as your next step. I suggest shopping around to a couple local mortgage brokers to determine the different loan programs they offer that you will qualify for. My clients have been getting great rates from local credit unions as well (Navy Federal). With $40,000 you are not necessarily locked into a FHA loan. I work with brokers that offer conventional loans with only 5% down. FHA loans come with extra hoops to jump through so keep your options open and work with a lender that will take time to educate you and give you your options. If you are looking for a referral to a lender DM me. I will get you set up with an investor friendly lender that will take the time to teach you about the lending process as well as get you the best deal possible.

I'm sure you have heard that the San Diego real estate market is extremely competitive right now due to low inventory and high demand. Start looking for off market deals by networking with your SOI. Talk to everyone you know and tell them that you are looking to buy in the next few months and what type of property you are looking for. 

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

Post: San Diego closing company

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

Contact Ab Martinez at Corinthian title he is VP and will be able to help you. https://corinthiantitle.com/pr...

Post: Any recommended title companies in San Diego county ?

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

Ab Martinez at Corinthian Title is VP and can help you. https://corinthiantitle.com/pr...

Post: New to real estate help

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

Hi Marcus Carr welcome to bigger pockets, you will find lots of like minded people here. I agree with you that nothing beats person to person interaction to learn the business. I recommend reaching out to some established investors in your area and asking them how you can add value to their business while gaining experience for yourself. 

I would not recommend asking for a mentorship right away, show someone you can be an asset and that you have a great work ethic first. An investor is much more likely to take you under their wing after you have brought them a deal or proven your value in another way.

It is never too early to start looking for deals, start with the people you know AKA your sphere of influence (SOI). Talk to everyone you know about real estate and let them know you are getting started in the business and that you are looking for deals. 

You can drive for dollars, get started cold calling and door knock (COVID permitting) for almost no financial investment. The most important thing is that you take action, you will learn along the way and opportunities will present themselves.

Best of luck to you and keep us posted on your REI journey.