All Forum Posts by: Tiffany Hoffman

@Brandon Sturgill Beach property in general is expensive. A recent MF sale in Ocean Beach was over $700/SF. Are you still looking for a value add SFR in San Diego?

@Rob K. @Dan H. not to take a detour, but our firm recently sold a building that had a tenant in one of the units for 50 years. His rent for a 3bd in true North Park was $900. And to speak about this acutal thread, the reason his rent was so low is because of the long term appreciation of the building and the positive cash flow the owner was already receiving. 

Hi @Heather Mcguffin .I'm a multi-family real estate agent in San Diego. I'm pretty sure I know exactly who your PM is. Those lockbox companies are the worst and I'm mind boggled any owner would choose that type of company. That said, two local companies sold out to one of those within the last year so some owners got stuck. Regardless, notice to enter the unit is a must, notice of work being done on the building is more of a courtesy and it's not required to notice the tenant if the building goes up for sale. Have you contacted the current owner directly to let them know what's going on? Also, when the formal inspection happens on the property, which they will need to give notice on, I would make sure you are there. This will give you an opportunity to convey these concerns to the current owner and also ask what the intentions are of the new owner. If they will be using new PM, they will generally be part of the inspection as well. Feel free to DM if you have some other questions. I'm sorry you are dealing with all of this! 

After seeing this post & finding this property on LoopNet. A few things 1. @John Warren while that may be true for LoopNet in Riverside, IL that is not the norm here in San Diego. I am a multifamily broker in the SD market and while there are brokers who try to pitch internally to double end the deal, there are several others who do not as they believe that is borderline unethical. Finding/posting a property on LoopNet is perfectly acceptable and it definitely does not mean the property has been seen by everyone. Far from it. That said, this particular property was posted by the owner probably trying to test the market. They only bought it in 2014 so time to try and flip.  2. @Menachem Dahan here's the thing about Airbnb, it's great in the short term, but once it goes to a vote in 2020 locally, who knows what will happen with the legality. To be safe you would want to run the numbers on market rents and if you can, rent it in the short term on Airbnb to make some extra cash. 3. Rents in that submarket: I have a friend who owns a similar building in the area and he is able to get $1450 on renovated units. I would run those type of rents when doing your analysis. Maybe even $1550 during hot rental times. 4. @Justin R. is absolutely correct this is a GREAT development play. You may not find value in the short term but it's definitely there in the long term. 

Feel free to PM if you have any other questions about the local market!  

In my experience, you have to use your better judgment when feeling out an Airbnb host. The communication & their response time is imperative. I think it also works best when you book closer to your arrival date. 

I've had several great experiences with last minute bookings. Two different times in LA where I rented a room for under $150/night. Both rooms were clean & the hosts were amazing! Yes, we shared a bathroom but considering how little I actually use a bathroom at a hotel, it was totally fine. Any hotel in the area (WeHo/Beverly Hills) was a minimum of $250/night. I also had an amazing experience & value at an Airbnb in NYC 2 years ago during Christmas. The listing was definitely "sketch" with no reviews & no professional photos because the host was afraid of getting caught, but the communication with the host was strong. It ended up being a 2Bd/2Ba apartment on the 24th floor of a new building in Chelsea overlooking the water for $275/night. If you've ever been to NYC during Christmas, you know this is a GREAT price. Was it risky? Hell yes. But sometimes taking a risk can work out. Note we booked this only 5 days before traveling. All in all, feel people out. Cheaters can fool themselves all they want, but often cheaters are arrogant & stop responding. There are good people on Airbnb who love to host and are just looking to make some extra money. Like everything in life, it saddens me that bad apples ruin it for everyone else. 

@Cody L. that's what I thought. @Brentree Bearden was your mom an on-site property manager? I have connections in the property management space as well. People are always looking for good on-sites. 

Hi Brentree! I have access to a multitude of investors in San Diego. Is your mom looking to purchase a building under 44 units? 

I second all of what @Dan H. said. San Diego is not all the same so it's hard to determine value based upon just a price & size. Also, your realtor should definitely be helping you to comp on this particular property. If you need help in that department, please don't hesitate to send me a PM. 

I think it really depends on how you define Logan Heights. There are several sub-communities just like City Heights. In my opinion, anything west of the 15 is definitely in the path or progress. Grant Hill, Sherman Heights, etc. Freeways in San Diego can have huge power in defining neighbors. Once you ross one values/rents can shift dramatically. Lets take for example Normal Heights west of the 15 compared to Kensington East of the 15. The only difference is a freeway but the pricing is very different. The same goes for Logan Heights. Encanto & Skyline are rough. Unfortunately, there isn't enough investor or owner occupied money being poured into parts of these sub-communities so they continue to remain stagnant in terms of growth.  Growing up in San Diego and moving to South Park as a child before it gentrified I have spent lots of time in Logan Heights at different points in its progression. I still would not buy east of the 15. That said, although I think it's one of the hottest parts of San Diego, I still would be wary as a single woman living in parts of Sherman/Grant Hill/Bario. 

What part of 92102 are you looking at specifically? Golden Hill & South Park are within that zip code. The rents vary drastically depending on the specific pocket. That said I am very familiar with rents throughout the zip code. Shoot me a PM if you have any other questions.