All Forum Posts by: Ryan Knapp

@Landon Bleau

Oh good thoughts!

They’re building another home with the money so imagine seller financing would be tricky.

How would them carrying a second mortgage typically work?

Hey!

From San Diego & my wife and I have saved for a down payment on a SF there at 3.5%. But then, in laws put their house up for sale in TX...

House in Fort Worth received a crazy amount of offers.

Wife and I would like to buy the TX house but still don’t have the $50k usually required for a non owner occupied loan at 20%. Have around half that.

Anyone aware of TX loans or specifically in the DFW area that allow less down or other creative solutions for rentals? Would like to rent the house and potentially stay in the granny flat when we’re in town.

Long shot I know, but thanks!

Good point thanks @Kenneth Donaghy

@Dan H. can you expand on the jury still being out on the value of JADUs in those areas? Do you mean bc JADUs are so small and bc those areas and further from downtown / central San Diego? And untested? 

Hey @Dan Heuschele, that’s good feedback. Thank you.

We’ve see a lot under 450k that would work. It’s actually getting down into 420/the lower 4s where things get tricky. I’ve though we could get something at $450k down just a bit to make it possible but no luck so far.

Could you expand upon your comment of the value of the JADU in those areas? Are you taking cash flow, just over all value? Would love to hear your thoughts.

Best,

Ryan

Hey BP, 

My wife and I are in the process of looking for a home to house-hack in San Diego. We'd like to buy SF then create a JADU. We've been approved for a FHA loan for 420k and also down payment and closing cost assistance.

I grew up in San Diego and read 10-15 real estate books as we've been in the process. I grew up in and understand the area and while I don't know much think I have a solid start. 

Most of what we've looked at end up selling for more than listing price it seems like right now. Like people are so frantic they just scoop up the houses even if they have to take an L. We're looking in areas primarily in East County - La Mesa (we wish), Spring Valley, El Cajon, Lakeside, Lemon Grove, and Santee. Are there other central/eastern areas we should be considering?

We're willing to Grant Cardone 10x the situation but my questions is if we even have enough to get into the market? Don't get me wrong, we're willing to keep charging, but wondering if anyone else has recently acquired deals in this price point? Or, anyone who's been able to acquire something that was listed higher and get the price down?

We're connected to the MLS, and check real estate apps obsessively. Is the market just to over-heated right now for us to get into? Are there creative strategies we're not considering that will work with our loan?

Appreciate your thoughts 

@Kyle Smith thanks for the feedback.

Sounds good

Thanks @Barbie Steele that’s all really insightful and helpful.

Yeah the new ADU laws really do seem like an unprecedented opportunity!

Garage conversions and JADUs is the direction we’ve been looking. A portfolio loan from a local bank also seems viable. A personalized letter is also a really good idea. We did that with one property but not the next.

We’ve seen wildly different estimates for cost. Looking for garages with plumbing and electric and floors that are in good shape. Do you know of any good resources for calculating conversion costs?

Best,

Ryan

Thank you @Dan Heuschele that’s insightful and really helpful. Perspective is a game changer.

So you’re seeing more inventory on the market now then a couple years ago?

We’ve been looking in East County primarily- La Mesa, El Cajon, Lemon Grove, Santee, and Lakeside. Suggestions on any others areas you feel like are a good opportunity?

Best,

Ryan

Sorry for the delay and thank you @Aaron K.

Hey BP,

My wife and I have been attempting to luxury house hack (add an ADU onto SFR) in my hometown and are feeling a little worn down. I've read quite a few BP books and believe it's a strategy that works. I want to provide a tangible path to advancement for my wife and little 6 month old. We both work full time and don't make a ton. We've been approved for a 420k FHA loan, VERY entry level for SD.

The last house we put an offer on we were essentially ghosted by the selling agent after his loan officer called to "cross check" our loan and I didn't bite on switching over to his non-FHA loan product. We've looked at 20ish homes in person, I analyze and check the MLS and real estate apps every day (hourly, honestly) and we've been looking for four months or so. In this time we've only found two homes that would potentially work and we put offers on.

It's hard to put my wife through the emotional toll of looking at so many properties and getting our hopes up to find out it won't work. I'm beginning to wonder if I should continue or if it's just foolish to put my family through the ups and downs. Don't want to quit of be a quitter, but am trying to be wise and realistic.

Have some question's that I need some advice on...

-What's a realistic number of homes to put offers on before finding something when you're very entry level in the market?

-Do agents discriminate against FHA loans? Is it a loan product that's worked for other to house-hack with at the lower end of the market?

-What's a better way to find FHA approved style deals?

-Do most agents play games or are they being honest when they tell us they "Have multiple offers and more to come, so please get your's in soon"?

-Any creative strategies for funding ADUs? Or specific loans?

-What are some way besides offering more to make our offers more appealing? 

-What's a realistic amount under asking to offer in a hot market like SD?

Best,

Ryan