I am in the San Jose area, and I am wondering if there are any good investments out here or if I should invest out of state.

I got started back in 2021 as an OOS investor born and raised in San Francisco. 

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?

There is an area in San Diego (city Heights) where almost every property has an unpermitted unit.

For your specific question about doing a JV on the loan, my suggestion would be that both go on the loan and then do a separate joint venture agreement...because you can not have an LLC on the loan for those loan types, they need to be in your personal names.I am not a lender so maybe one of my lender friends could chime on exactly this would work @Zack Karp, @Michael Facchini, or @Jose Valdovinos?

I have a builder in San Antonio that offers a 4.75% interest rate on their duplex's.

However, it seems my local area (San Jose / Bay Area) might not be the best as I know most of the win is in the buy.

Quote from @Ray Lai: @Jordan GrahamFor San Diego, central areas around Clairemont Mesa/ Serra Mesa / Kearny Mesa / Linda Vista.

  I am a new investor from San Antonio.

Jose