All Forum Posts by: Nick Foster

@Bryan Swift, why not pay off the HELOC with the close to 5% interest rate? That would be my next money move.

@Annie Park, file a complaint with the CA Real Estate Board as mentioned above.

Lesson learned, do not allow your property to be tied up for a $1,000.00 deposit. If a buyer is serious, they should put down $10,000.00 or more (depending on purchase price and their financing).

@Kristina Moore, Hi Christina, welcome to BP. I'm also in CRE, previously a broker with Cassidy Turley in San Diego (now known as Cushman & Wakefield). I run my own real estate practice focusing on cell tower and cell site lease consulting for property owners (primarily CRE clients).

In regards to the LLC, you may want to take your time registering a LLC with the State of CA. As soon as you do, you will then have to pay the annual re-occurring tax on your LLC of $800.00. So really, only register one when you absolutely need to, just my two cents.

Good luck on your journey and if I can ever add value to you, just reach out!

Las Vegas and Phoenix lead the US in appreciation. SF, SD, and Seattle take bottom three.

What are your thoughts?

http://www.forbes.com/sites/johnwake/2019/08/01/seattle-house-prices-hit-a-wall-los-angeles-new-york-chicago-hit-zero-real-appreciation/

@Brian Mihaljevich, it is my understanding that STR's are regulated at the City, not County level. By example, San Diego, Encinitas, Carlsbad, and Oceanside, are all STR friendly, whereas Del Mar has banned STRs. I own and operate a STR in Carlsbad (not a ADU).

What you are describing sounds very expensive if you are looking coastal. Maybe just get the housing accommodations you and your wife require (a condo?), and then buy another condo coastal to operate as a STR?

@Jessica Juarez, Richard Overton is excellent, here is his site http://inspectorrich.weebly.com.

@Patti Robertson, actually he owns over a dozen investment properties in the area. Not sure if they are all in VB, or spread throughout.

@Priscilla Quintana, I live in and invest in Carlsbad. I am also very well connected to the Tidewater area through family. I was out in VB last month.

One of my family members owns and operates a real estate brokerage in VB. While I was there we talked investments. His advice was to stay away from Norfolk and Hampton (where most multi family units are) primarily due to they are in bad areas and your tenant base will be rough. Instead, if I were to invest in VB I would likely pick up SFH blocks from the beach or condos that I could rent out on AirBnB.

After much review of the market, I decided I would rather continue to invest in the San Diego market.

@Michael Ndjondo makadi, is there anyway you can start your RE journey solo? Having four partners sounds like a nightmare. Especially four partners who are new to RE investing. As stated above, partners will want to exit in due time. They will get nervous, go through a divorce, lose their job/income, etc.

If you absolutely have to have four partners, which you will definitely want your own attorney to review any partnership agreement you will be signing, you should consider buying a property in a market where at least one of the partners resides. I don’t see the point in going into a new market blind if five investors reside in three markets.

@Nicholas Baughman, as @Dan Heuschele stated above, disclose and clear it with the property owner. If you try to be sneaky and say you will do it while you are “away”, you are thinking short-sighted. Eventually the property owner will find out, you will be evicted, and you are out of business.

As far as permits, yes, you will need one and I don’t think you will be able to get one since you are not the property owner (but I could be wrong). The only ban I know of right now in SD County is Del Mar.

Good luck. It’s basically the WeWork model applied to vacation rentals. I’ve thought about it, but after much thought it sounds like too much of a headache and I would rather own the property.