Need to get Acquisition Job
Hello All,
I really want to get into purchasing my own deals however I don't have the experience to do so. I have about $600k I can get my hands on however I don't want to put it out there without acquiring the knowledge I feel I need. I live in Carlsbad, CA (basically San Diego for those geographically challenged folks) and I have been applying for these positions in OC, San Diego, and Temecula. I have been a residential appraiser for 5 years and currently work at Real Capital Markets (some of you have received our emails) as a research analyst. The wait is killing me, I am on my 5th CRE book in 2 months, I really want to get started and maybe my resume is lacking or something. Any help would be appreciated, I will do anything.
You could team up with an analyst who wants to do his own deals and has the experience but needs capital.
You're working your way up, I'd suggest getting a job at CoStar and parlaying that into something..........
It's kind of funny but Real Capital Markets (where I currently work) is a much better form of Costar/Loopnet. It's free to receive offerings too, just a flat fee to market the listings to 56,000+ principals regardless of the price of the asset.
I'm relatively local. I might consider doing something with you in the right situation. Slowly starting to put deals together. PM me.
There's a super cool SD guy on this board who might be able to point you in the right direction.
Great thanks! Relatively local mean LA?
Be gentle on this, just napkin calculations I did on a property I saw on Loopnet last week.
1350 S Escondido Escondido CA
Older and not maintained too well and plenty of people are moving into Esco cause they don't want to pay coastal prices anymore.
Last traded for $975k in 2014
$1.5M sale price, offer down to $1.3M
Currently 6.2 CAP, $93K
Upgrade 14 units at $5k per door, $60k in reno costs Repave the road Development the land at the end of the road for more parking/laundry facility
$1.3M/14 doors is $92,857 per door cost After raising the rents and the renovations get the exit price to the existing comps in the area for $150k per door.
That right there would be $2.1M exit price and that is on the low end.
2.1M - 1.4M (1.3M + 100K upgrades (high balling) = $700,000 Netting
You will need way more than $5k/door in reno on 60s product that was converted from a motel to studio apartments.
I'm in REPE acquisitions in Rancho Santa Fe. I'd be interested to hear your thoughts on the market and deals you'd like to get into. Feel free to PM me.
Since you have $600k...
Why take an acquisition job, making $60-80k in SD when you have the capital to build your own portfolio? There's not many REPE firms in SD as compared to orange county, LA, and SF. At the minimum, do FHA financing and pick up something where you can increase equity and learn first hand while living in the property.
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