All Forum Posts by: Tiffany Hoffman

Hi @Sara T.! If i had $150k to invest, I would buy a duplex or triplex. At that price you wouldn't have to use an FHA loan (therefore avoiding the insane PMI) & would be able to seriously off set your out of pocket cost. It obviously is dependent on where you want to live, but there are still some great properties in San Diego county that fall under $650k. Please feel free to connect if you have any questions!

I love HotPads.com because it pulls data from Craigslist, zillow, etc so you get a nice spread of postings! I'm also a really annoying friend and immediately asks someone what they pay for rent. Most people know I work in multi-family real estate so it doesn't bother them. It's also the best kind of rental survey. Also, since I am a Realtor & have access to the MLS & Costar, I'll go through marketing packages of recently sold property to take a look at their rent rolls. Seeing what properties are advertised at is different than what they actually are getting for rent. Another great way is just to become friends with other investors & property managers.

Wow! Your first step is to report them to the local MLS so they can't do this again. There are specific rules regarding not having an actual listing agreement. Second, call your escrow company and see what your options are. Something to keep in mind moving forward, your ernest money deposit should be at least 2-3% of the purchase price. Curious as to where this property is, as I assume it's a condo?

Hi @Edward Mac, That's awesome you want to get in on the multi-family real estate game. It's a fantastic way to build long term wealth and the appreciation in San Diego is very unique. I totally understand you want to stay in the PB/LJ area, but the barrier to entry is quite high as a basic 4 unit is going for almost $2M. Unless you have $300k+ in cash standing by, it would be very difficult to qualify for an owner occupied loan. That said, there are other areas in San Diego, only a short driving distance from PB, where you could get in as an investor and actually make a return. I specialize in working with multi-family investors so if you would like to talk more shoot me a PM. 

@James M. makes a fantastic point! The refi would open up cash to go invest somewhere else, while still taking advantage of San Diego's amazing long term appreciation. Literally had a conversation yesterday with a woman who has done exactly that (buy, hold, refi, buy more, repeat) in San Diego & accumulated quite the portfolio. Would you mind sharing what area the duplex is in? Based upon valuation either coastal or uptown area? 

Also, not to add more 2 cents, but what are your goals? Would you rather have the cash flow or appreciation? I have a client who, although had lots of cash flow in the short term, over time they lost money by pulling it out of San Diego and taking it to Alabama. They are now selling all of that property and bring every dime back to San Diego. 

@Brandon Sturgill Definitely  mean to at @Nic Cooper in my post (insert face palm emoji here) but yes, we mainly work with local/SoCal investors. Due to San Diego being great for long term appreciation but lousy for short term cash flow, the out of state investors are far & few between. Unless they "live" in Las Vegas. What are you curious to learn more about? The reverse exchange? 

@Brandon Sturgill there are definitely time constraints with a 1031, but you can always build in extensions to the contracts in order for you to find the perfect upleg. Whenever we are the listing agent for a 1031 exchange we always counter to give our clients up to 6 months to find their upleg.  If the timelines are an issue there is always a reverse exchange...

@Michael Kotoyan Welcome to the San Diego landlord club! There is nothing wrong with programs like these, but with anything you have to be careful. Will you be screening the tenants with a credit check, etc? Did you set a minimum credit score? In CA, if they qualify, based upon the parameters that were advertised, you cannot discriminate against them due to where the funds are coming from. Are you a member of Southern California Rental Housing Association? (https://socalrha.org/) If not I would highly suggest joining. They have amazing resources for property owners including tenant screening & rental forms with all the necessary bells & whistles. 

Hi @Brad Penley MF broker here. A 1031 is hands down the best way to move money around tax be free but they definitely can be complicated. The biggest advice I would give is make sure you work with someone on the listing side who has done at least a few before. There is a lot of paperwork, extensions, etc that are really important in ensuring it runs smoothly. I work with my dad who has personally done several & has made them a large part of his business. Feel free to PM if you have any questions. 

Also, this is obvious to most to oddly not to all, this is a true rental property & not being used as your personal residence? 

Hi @Benjamin Gabbard! Yes & no, it really depends which part of Logan Heights. You should get started investing ASAP so if that's what you can afford you should definitely go for it. If you want to talk more about my opinions on that area, based upon growing up in Golden Hill, please send me a PM!