All Forum Posts by: Tiffany Hoffman

Absolutely Yes on rent control. It is already on the November ballot in National City and is expected to pass due to their 60% renter population. The potential repeal of Costa Hawkins is very bad for our industry. Many experts on this topic do not believe Prop 10 will actually pass this time around but will continue to be brought up in the future. PM me if you have any other questions or want to know ways to donate. 

Hi @Doug Spence I just PM'd you the information about my friend and fellow San Diego Realtor. She is both extremely knowledgeable in using a VA loan (as she is a vet herself) AND used to Airbnb her condo. Good luck!

Hey @Account Closed! I'm very familar with both owners and property managers in San Diego. Would love to help you get to the bottom fo this! 

@Thomas Lee Malpass I'm in San Diego as well. When you talk to your lender, make sure they know that you are looking to buy a duplex. The limits are different for single family than they are for duplex/triplex/fourplex. Being in a 2-year lease can be a bit of a pickle, but I would absolutely ask to get out of it. I'm not sure when your lease began, but with you leaving, that gives them an opportunity to raise the rent. Most landlords are happy to comply with this request. Lastly, you could definitely find a duplex in parts of San Diego County if you are willing to be flexible in where you live. I'm not sure where you are stationed, but there are communities around 33rd street that are not attractive for some, but are great opportunities to live in and fix up. Feel free to PM me if you have any questions. I know some great agents in San Diego, who are vets themselves, that specialize in working with military clients. 

@David West what an awesome profit to make off of your first home! Congrats! I am still kicking myself for not having bought in San Diego in 2015! Where in SD were you able to find a duplex for $720k? That's awsome.  

@Nathan Ku  

1. Yes, you will get a rent roll, lease agreements, and all other applicable due diligence. When entering the contrat you can also choose to request estoppels, which is a document that the current resident signs verifying what they pay in rent, their deposit & other details of their lease. 

2. It would be very challenging to purchase 5+ with 20% down but if you did FHA financing you could purchase up to 4 units for 3-10%.

3. You can purchase the property in your name initially and then move into an LLC if you so desire.

Good luck! Multi-family investing is a great way to build long-term wealth!

Hi @Pierce Belton . Welcome to the community! Sounds like you have a great plan. My advice would be to work with an agent that specializes in multi-family. They know the sellers and are cold calling the ones they don't. In terms of doing your own direct mail campaign, this can be tough because these sellers are constantly receiving mail and you can get lost in the shuffle. It's amazing how much of the business that's done is truly all about timing.

Feel free to DM me in regards to local fourplexes. I know some of my colleagues have some off-market listings that actually do cashflow. 

Best!

Tiffany 

Hi @Steve O'Keefe ! I'm coming in as a current real estate multifamily agent and daughter of a San Diego investor. Sounds like you guys have set yourselves up to be in a great position to be wonderful investors. After bouncing your scenario by my dad, we both agreed our strategy would be to sell both of the properties and 1031 the equity into a fourplex. You are right in what you initially said, San Diego is a great place to invest because of the long-term appreciation and equity that can be created. We have watched several of our clients become full time, very well off investors purely from being consistently active in the market. If you ever have any questions about the multi-family market here locally, feel free to reach out. My dad has been both an investor & broker in this market for over 35 years and would love to share some knowledge. Good luck!

@Bryce Baker It's definitely possible in San Diego. I have a friend who is also a property manager who has killed it flipping MF properties in San Diego. How you ask? Strong relationships with local brokers who send him pocket deals and a willingness to go into "management intensive" neighborhoods and fix them up anyway. His properties will go back on the market within a year, fully rented at higher than market rents and fully turnkey. He doesn't use personal money but does have investors.  PM me if you have any questions! 

Hi @Brittany Bailey I work for a firm that specializes in 2-20 unit multi-family sales throughout San Diego County. To answer your question of how are they getting sold: the buyers are either seasoned investors with larger down payments or their owner-occupiers also with larger down payments. For example, we have an investor who is currently 1031 exchanging a rental home in EL Cajon into a triplex in South Park. The triplex was on the market for over $900k and had multiple offers. Also, your lender should be doing all of these calculations based on projected rents and not current. Off the top of my head, if you are looking at a duplex in North Park, Hillcrest, South Park, with a 2bd/1ba house in front and a 1bd/1ba in back, you should absolutely be able to get to $3k in gross rents. Market rent for a 2bd/1ba craftsman style home is $2250 and a 1bd/1ba in those areas goes for at least $1350. To be completely honest, trying to buy 3-4 units with FHA financing in San Diego County is HARD because the numbers don't regularly add up. You have to be very very flexible on neighborhood to truly make it work. That being said, it is definitely doable for 2 units. You may have to be patient but it's possible. If you need any help with the craziness feel free to DM me. Hope it all works out!