저자: Kevin · 외국인
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샌프란시스코 빅토리안 7자매 주택(275만달러 매물)을 시세보다 싸게 사는 '웨지 딜'을 소개. 실제 매입가 300~350만달러 추정. 콘도 전환 시 약 80만달러 수익, 단독주택 환원 시 90~130만달러 수익 가능성을 제시. 임대 유지 시 월 약 4,500달러 적자로 비추천. 샌프란시스코는 임대규제로 다세대 주택이 단독주택보다 싸게 거래되는 특이점 있음. 부동산 투자 강의 홍보 포함.
다듬은 글
I decided to travel to San Francisco to buy the most iconic house in the world and folks I'm not talking about the White House or the Russian White House or the show house Wow I'm talking about a single-family house it's actually the best of Seven Sisters and I'll show you why in just a moment it's a little victorian and edwardian colorful house that was built in the middle of San Francisco this house should be epic this house is also more than just any house it's a house that hides in plain sight and at any given moment it's on millions of postcards around the world and giving this row of houses the nickname postcard row and it modestly stands behind the cast of full house in the opening credits of the show today I go to San Francisco to buy it but this isn't just a video of me traveling to San Francisco I'm gonna walk you through the house itself but before I do one thing why would I possibly be traveling from Southern California to buy this well because it's a really good wedge deal on one of those houses and when I see money and opportunities in real estate I'm like a shark smelling blood in water I think Gary Vee calls that the hustle but enough about me or Gary Vee we'll talk details and numbers in just a bit let me get you inside this iconic 1890s era 7 sister house and let me show you why this is probably the most iconic out of all seven of them oh and just the heads up I wasn't here to make some movie production I was here to make money so I hope you enjoy this very real raw walkthrough of this house welcome to this 1890s a 28 49 square foot Victorian home the bottom floor gives you two choices when you walk in you could start with the bedrooms to the right which is the alamo Parkside or go left towards the kitchen and backyard the first bedroom I have to say is pretty epic especially if you want a modeling career because you could pretty much stand at the window and have more photos taken of you then a model could possibly dream of see the uber driver on the way over here told me that this is like a tourist madhouse might be because of the castle icon on Google Maps given to these houses or maybe it was full house I'm not sure all I know is the craftsmanship in this house is absolutely unreal and my goal in buying this house restore it to its original beauty that same beauty that made the Titanic of great that Victorian craftsmanship that's almost all but gone today heck look at a Victorian era based sport for example and then compare that to a modern base sport see what I mean now unfortunately the second bedroom doesn't exactly have the best of views but the backyard does make up for that but before you go there you have to pass the mirrored family room and there's also a mirrored full bath here which I have to say the original brass hardware is actually kind of cool if you've been following me for a while you know that I love saving money when I renovate real estate so I would really be tempted to polish up this brass hardware now the kitchen though felt a bit 1960s which would make sense because in 1964 this single-family house was actually turned into a duplex that is two legal rental units the bottom floor as one two-bedroom one-bath unit and in the upper two floors as a 3-bedroom 2bath now in San Francisco there's actually something really weird about two unit apartment buildings in most areas people love two unit buildings people want to turn a house into multiple units like it's a bonus when you hear that the zoning allows you to build units yet in San Francisco thanks to the super strict rent control laws duplexes tend to sell for less than single-family houses because single-family houses are exempt from a lot of the restrictions that rent control creates and it's not super easy to turn a duplex into a single-family house because now you're essentially taking rentable real estate off the market you're losing a rental unit if you turn a duplex into a single-family again even though it originally was a single-family house now I'll tell you exactly what I initially offered on this deal and I know this is a killer deal and it's going to be incredibly profitable in fact I teach you exactly how to analyze opportunities like this typically on a much smaller or scale but the same tactics work in high-end markets low end markets medium and market I'm also doing a special coupon in honor of my quest to buy this house linked below you can use that on the rental renovations and property management course as well as the other courses check those out down below anyway the backyard though for San Francisco absolutely epic and one of the reasons this house of seems to be one of the best of the seven Painted Ladies is that the houses to the left all have their rear views blocked by other houses particularly this yellow one here the houses to the right are blocked by either trees or apartment buildings but this particular house right in the middle of the block happens to have an unobstructed view right across the backyard of that yellow house to the dome of City Hall and the view only gets better upstairs now I can't help myself but think that this house straight-up reminds me of Michael Keaton in Pacific Heights I have to say though I do think that the split bathroom is a little odd see apparently in San Francisco a split bathroom means you have a one room with a toilet and then another with a sink and bathtub and shower I guess they didn't have poo pourri in the 1890s now aside from another 1960s kitchen check out the flooring and the original moldings here not to mention the doors the original hardwood doors are absolutely magnificent and even though this bathroom here looks old it's really incredible to look at by the way I showed this fireplace to my buddy Matt Reisinger and he said this fireplace was an absolute masterpiece - of course the metal insert they put into it now this floor had some pretty incredible views of alamo park yet we're still not even at the top floor and i'm still amazed looking at the beauty of the detail on the inside of the house though and that beauty even extends outside like look at the spindles on the patio thankfully the sellers were wise to keep all of the doors they possibly could because they are incredible now initially the staircase going to the top top floor didn't super excite me but then I saw the staircase posts kind of like oh my gosh you just don't see this anymore but here is the highest view of Alamo Park check this out pretty shocking isn't it so everyone the time has come to reveal my offer to you this house first of all hit the market about two and a half weeks ago for 2.75 million dollars and so when I first saw this thing hit the market I do exactly what I tell everybody to do in my real estate investing course when you see a deal you drop everything and you go to it I literally booked a flight last minute and at the same time got my pre-approval letter so now a lot of you that know me might be wondering wait a minute Kevin why the heck are you breaking your 30-minute rule well let me explain why this is such a good deal and why the heck I would jump on a plane to go buy so here's the scoop but based on my research I believe I could buy this place for somewhere just above three million dollars possibly as high as a 3.5 million dollars but somewhere within that range is probably what this property is going to sell form note it's listed for two million seven hundred fifty thousand dollars but in San Francisco it's pretty much the norm that property sell for more than what they're listed for however the San Francisco market has slowed down so it's not as crazy as it used to be now I do have a confession to make and the most expensive property I own is a 1 million dollar property in Southern California so this is literally three and a half times the most expensive piece of real estate that I own which is mind-blowing but the cool thing is the principles of the wedge deal apply no matter if you're working on $150,000 deals $600,000 deals or in this case basically three and a half million dollar deals it's insane except the risk level is a little different but as we know with more risk sometimes comes more reward so let's talk about that reward part there are three plays on this deal option number one you could convert this a duplex building into condos let's call doing a condo conversion and my guess is that would take anywhere between six to twelve months now just so you know doing things in San Francisco is really expensive you can't pick up the phone and call a handyman for fifteen bucks an hour you're usually paying somewhere around forty to fifty dollars per hour for a handy person and a licensed contractor is gonna cost you between eighty to a hundred and ten dollars per hour so let's say for the condo conversion you spent six to twelve months doing the project and you spent and this sounds crazy five hundred thousand dollars that's two hundred fifty thousand dollars per unit decking these units out and making them awesome you can now sell the units individually for probably somewhere around 2.4 million dollars averaged out each that might be like two point one for the lower unit and may be somewhere around two point seven for the upper unit that would mean I would literally be able to make four point eight million dollars minus my expenses of three point five to purchase five hundred thousand dollars to fix up and the holding costs for the property in the permit fees and all the things associated with that you would literally walk out of there after 12 months with eight hundred thousand dollars in the back heck if you waited 12 months in a day you could call this long-term capital gains and pay significantly less taxes or just 1031 exchange this and basically never pay taxes the problem is to pull this off you need at least 25% down which is a lot of money plus you need to fix up money your you're knocking on the door of needing somewhere around 1.4 million dollars in cash to do this deal which is crazy and it's also kind of risky because what if the market turns your $800,000 profit could evaporate but I guess that's true in any market and 800,000 dollars of profit going in that's still pretty good I mean even if you walked out in oh my gosh worst case scenario had a $300,000 profit that's still a pretty dang nice year of war and don't kid yourself with real estate we all know it's a side hustle you're not working on it all the time now the second option is actually returning this property to what's known as its highest and best use and that's a single-family house this conversion is actually down zoning you'd lose a unit so you're probably spending some around $700,000 and two years of time or renovating this property but if you put that seven hundred grand in you could probably sell the actual house itself for somewhere between five point one to five point five million dollars and the potential profit on a deal like that would be somewhere between $900,000 and 1.3 million dollars and again you could 1031 exchange and never ever pay taxes there's some additional steps involved in never paying taxes but we talked about those all the time on this channel again though you have the risk of waiting two years and you have to ask yourself what's the San Francisco real estate market going to do over the next two years and another election cycle now number three on paper is the worst option but it's the safest play if you're trying to minimize the amount of money you're putting out until let's say you had more money and you were able to go with option one or two a condo conversion or the house conversion that's gonna make you the most money on this deal and that's the long-term play but in the short term if you wanted to in theory you could probably IKEA kitchen this up fifty grand into each unit rent them out as is the problem with that is you probably only fetched about forty five hundred dollars for the bottom and about six thousand dollars from the top which you make it a little bit of painted lady premium so you probably have rents somewhere around eleven to twelve thousand dollars coming in however your total payment on this property with 25 percent down would be somewhere around sixteen thousand five hundred dollars which is not what I recommend you do in my real estate investing course I always teach you how to find those deals to make sure when you're putting twenty five sometimes thirty percent down at least you're making a small amount of cash flow in addition to getting a really good deal because I don't think there's any disputing that even at 3 to 3.5 million this is a really good deal like but you don't want to be sitting around holding a negative cash flow of four and a half thousand dollars per month for a very long time at all you want to get this thing off the books fix it sell it flip it move on now straight up I'm a little bit nervous about this deal as much as I'm confident in my offer and I know I'll make money it's a big project I obviously wouldn't fly out there if I didn't think I could make money on this deal but now you know the numbers and the math behind this my preferred option is turning this into a single-family house but I've got some more research to do with the city of San Francisco definitely a lot more work to do in general and let's see how this wedge deal ends up comparing to other deals if I get it now I have one more thing to reveal to you but first I have to sincerely thank the listing agent Jeremy a really amazing guy high-quality high-caliber agent incredible person thank you so much for getting me into this house I know you didn't want to be on camera but I hope you don't mind the shout out also I always encourage you to surround yourself with professionals and a huge thank you to Rob Orlando also a real estate agent top producer in San Francisco who helped educate me on duplexes in San Francisco rent control condo conversions and all the other extra time you took with me and thanks to Noah for setting up that connection I'll never forget our runescape days together know what you love it and so folks with that I have one thing left to say wedge life
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