Hello Andrew,
I've got a good friend who lives in La Mesa, and I myself lived in Pacific Beach for a couple years back in the early 80's.
I've lived in Tulsa for almost 20 years now. My investment model (so far) consists of 7 SFH homes which I have bought for cash and "sold" on lease options with a down payment from the Tenant Buyers and monthly payments on terms. I'm flexible on their term, one couple is paying off their house in 5 years, a couple in 10 years, the longest term is on 20 years. My intent is to hold the notes for the entire term.
I am able to buy for under 30K all in including closing costs and any rehab, and "sell" for between 50 and 60K.
Generally speaking, I don't do any cosmetic repairs of any kind. I do repair and/or replace anything necessary to have all of the homes major systems in working order such as water heaters, HVAC, electric.
Although, I did buy a house for 16.5K, had the hardwoods repaired and refinished, replaced the HVAC, and the flooring in the bath and kitchen. I was still all in for under 30K and "sold" the house for 58.5K
Several of my tenant buyers have gone in before they move in the home and painted interiors, removed carpet and installed new flooring, etc. One guy is painting the entire interior, installing marble tile flooring throughout the house, built a wood fence (even though it had a chain link fence) and pouring a new driveway! All before moving in, I'd say he is committed!
I have had to take one house back, and it was from a guy who was paying late pretty much from the get go. I was able to negotiate a "cash for keys" agreement with him that will allow me to resell the home and receive another down payment and monthly payments.
If you or anyone else out there in the BP community would like to hear more about my investment model, please feel free to PM me
