Silicon Valley job growth in tech and manufacturing, low property taxes, and landlord friendly. 

Backstory: 22 years old about to get out of military after first contract. 70k cash saved up & 775 credit score, no debt.

Borrowers can acquire a primary residence from up to 1-4 units for as low as 5% with conventional, as the regulation was approved last year of November 2023.

A total cost of 6.3Mn over 23 units equates to 274K/unit...this appears unbelievably low for San Diego...I'd want to see full development budget detailing hard, soft and financing costs as well as month by month projections showing construction and lease up cash flows.What's the 2.2Mn purchase price for?

Pretty normal numbers for low income duplexes in Cleveland.

I bought it about 9 years ago as a primary residence, which keeps my taxes low.

Credit scores are made up of many factors, one is the utilization of an account vs its credit limit.

Unlike traditional banks, which focus heavily on personal credit and income, portfolio lenders prioritize the cash flow of your property.

I never really know ahead of time which lender might be open to that before putting the full credit package in front of them, and many of them 'in theory' offer it, it's just a matter of exposing the potential transaction to enough credit unions and banks that a few "swipe left," a few "swipe right," and looking at the terms offered by those that swiped right.

I did this in the MS market and while the advantages you pointed out were true.. markets that have slow appreciation and or areas where builders can keep building for low dollar amounts like the mid west.