Oakland, CA: Fruitvale, Diamond districts

[Michael Prakash]

Hey guys, 

I am a new investor and am looking at some on the market listings for 50 and under units.  I'm looking at the market rents in the fruitvale area of Oakland, it appears that the market rent is increasing for Oakland as a whole, but what are the neigborhoods like since most of the properties are C- to B-.  Are there any investors who have been able to find deals and raise their gross scheduled rent to what the market rent is projected to be ?

[Mike Quin]

@Michael Prakash Read up on the rent controls on in Oakland. http://www2.oaklandnet.com/OAK058514 . Typically if you want to raise rents to market it requires evicting with just cause or paying them big $$$ to leave. You can only increase 1 time per year typically & even that's capped extremely low. This year is 1.7%. Fruitvale is a good decent area though.