Accountant · San Francisco, Bay Area · Member since 2016 · 34 posts · 16 votes
Hello Bay Area BP members,
I moved to Walnut Creek this past September from Oregon, and am eager to get to know the Bay better. I don't really know the market, or the specific neighborhoods well, and was hoping to bounce ideas off local investors and do a little tangible driving for dollars work together to get the creative juices flowing.
I've never visited Oakland, but am becoming increasingly interested in that area, as I've heard some positive speculation for that market.
It seems like there aren't a lot of investor opportunities in Walnut Creek, but I'd be curious to see if any could be found.
If you're in the East Bay markets, I'd love to ask questions and see if there is any way I can help you. I don't know what I don't know, and I would love to be a resource in any way I can!
Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
9y
Welcome to California @Ashley Watkins! I was just in Walnut Creek today vising one of my projects. Nasty weather to be driving in. It should remind you of Oregon! Unless you lived West of the Cascades. I lived in Portland and Eugene for a few years. Be that as it may, what kind of "investor opportunities" are you looking for? I've done a few flips in the Walnut Creek-Pleasant Hill-Concord area, so those opportunities exist.
Welcome to the Bay Area. I work in property management here, but looking at investing in other areas of CA in MF properties. Home values have climbed quite a bit in the past few years here. Oakland has some nifty spaces.
I can possibly help with info about neighborhoods if you have specific questions.
Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
9y
Welcome to California @Ashley Watkins! I was just in Walnut Creek today vising one of my projects. Nasty weather to be driving in. It should remind you of Oregon! Unless you lived West of the Cascades. I lived in Portland and Eugene for a few years. Be that as it may, what kind of "investor opportunities" are you looking for? I've done a few flips in the Walnut Creek-Pleasant Hill-Concord area, so those opportunities exist.
Accountant · San Francisco, Bay Area · Member since 2016 · 34 posts · 16 votes
9y
Thank you for your responses Scott & Ryan.
For the entire Bay, I am mostly having difficulties picturing the process. For as many podcasts I listen to, and forums I read, I have no real world applications to refer to.
I find myself in a cycle of looking at the mls, and going through the BP calculators, but still not feeling confident enough in what the market looks like to know if any of the numbers I input aren't complete garbage.
I'm not sure I would know a good deal if it was on my lap.
I am looking for any opportunity to talk with a local investor to see what their experience has been, and if there is anything you might need that I could help with.
Property Manager · Berkeley, CA · Member since 2016 · 27 posts · 2 votes
9y
Hi Ashley,
My name is Noah, I am an up and coming property manager mainly specializing in short term rental (which I started doing in 2012). I am just now getting ready to make my first investment and have a few sub markets under consideration.
I grew up in the east bay, Berkeley and Oakland area, now live in Richmond.
I think this area is very specific with its opportunities and challenges. Including the very high demand as well as things like rent control with specific exemptions and clauses depending on the city.
Here in Richmond rent control was just voted in but the rent board hasnt been formed yet so there are lots of questions un-answered.
I think I have a pretty good handle on many aspects but the biggest unknowns for me are possible maintenance and repair expenses for the foreseeable future as well as the biggest wild card would be when a tenant might voluntarily move out of a rent controlled unit.
I would be happy to discuss some of these issues with you and you could weigh in on what you think about expenses, accounting etc?
Welcome to California @Ashley Watkins! I was just in Walnut Creek today vising one of my projects. Nasty weather to be driving in. It should remind you of Oregon! Unless you lived West of the Cascades. I lived in Portland and Eugene for a few years. Be that as it may, what kind of "investor opportunities" are you looking for? I've done a few flips in the Walnut Creek-Pleasant Hill-Concord area, so those opportunities exist.
Cheers
Hey im from Antioch,ca i have a construction background. I just started reading about real estate, and im motivated just looking for a mentor or some type of guidance on what to do first. Please let me know if you can. Thank you.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
9y
Expect lower return (ROI ) and unknown short term home values in SF Bay Area and one needs a deep $ pocket. On flips-- it is still possible but you are dealing with the tight supply. Those who expect home prices to jump are getting the cold feet.
On rentals it does not seem to make sense to buy rentals anywhere in SFBA today as one can do much better say in Oregon. Majority buy properties to live in to beat the outrageous rents.
Accountant · San Francisco, Bay Area · Member since 2016 · 34 posts · 16 votes
9y
Thank you for the replies.
@Sam Shueh, I definitely understand where you're coming from. As a prior Oregon resident, I agree that the Oregon market is more suited for rentals and appreciation. I've kept my eye on a few markets, and have been seeing inventory sit much longer than previous times. Maybe the market may be turning?
@Noah Hoffman, I heard about the Richmond rent control at a recent REIA meeting. It definitely does make things difficult for future rental opportunities. I also heard somewhere that the rent control only applied to multifamily units, or am I mistaken? If I go with that area, I was going to go with a single family for that reason.
After speaking with local agents and lenders, I know what my short term steps will be. I am going to be getting out of the renter's market next Fall, and have the financing to do so. Only need to narrow down the area I'll be looking in.
Thank you for all of the response! This really helped me make some huge steps forward!
How is your search going? I used to live in Concord.....and still have a rental there. Coming from Oregon I'm sure you're still dealing with culture shock at Bay Area prices but there is a way to do what you hear about in the BP Podcasts.
1. Get approved for an FHA203K Loan (Only 3.5% Down) and find a fixerupper/foreclosed/HUD property in the East Bay.
2. Find a Realtor that has their own investment properties so you'll both be on the same page.
3. Buy a small MultiFamily (#Cashflow) Duplex/Triplex/Fourplex that you can BRRRRRR and properly screen good tenants.
Investor · San Diego, CA · Member since 2016 · 351 posts · 141 votes
9y
@Ashley Watkins A belated welcome to The Bay! As I'm sure you're finding out, competition is intense here and deals can be tough to find. The MLS can bare some opportunity, but I've noticed more and more investors explore off-market strategies for finding deals where the numbers work! In terms of areas to Invest in, there are solid opportunities for house flips all around. Oakland has changed dramatically over the past few years, prices literally skyrocketed. Try to keep tabs on the BART extension. SF and Oakland residents are moving further and further away from the city centers, as long as they have BART access back into the city. Neighborhoods near a BART station definitely have potential ! Places like Walnut Creek, Concord, and 'East' East Bay have been improving their downtown areas and establishing a more appealing place for people to live! Best of luck on the Investment Hunt !
Accountant · San Francisco, Bay Area · Member since 2016 · 34 posts · 16 votes
9y
Thank you, Alex, for your advice! I have definitely noticed some of the things you have mentioned. I have honed in on Pittsburg as an opportunity I am exploring. If all goes well, I should have offers in and accepted by the end of this summer.
Oakland, CA · Member since 2011 · 55 posts · 28 votes
9y
I've been finding some beautiful multi-family deals in Vallejo and East Oakland lately - a few even almost hit the 1% threshold. Pittsburg, Antioch, and Vallejo are good for SFRs as well.
Welcome to the Bay Area BP folks! I have some property in Oakland, and like it out there.
@David Lecko has an app to make all the logistics of driving for dollars and sending out mailings very easy. Check out his profile for the details. Free download.
And I definitely recommend getting out and meeting people in person. Jeff Pollack above and a bunch of others from BP are coming out to share this weekend if you can make it. Check out my profile. Sunday is focused more on the SF Bay Area and how people are doing deals here.
I also own some property in Richmond if you are interested in learning more.
single family homes and condos are generally exempt from rent control, per Costa-Hawkins CA state law.
Accountant · San Francisco, Bay Area · Member since 2016 · 34 posts · 16 votes
8y
Thank you J! I was very excited about the summit this weekend, and while I wanted to go, it is smack dab in the middle of tax season for me, and I'll be working all weekend. One of the many reasons why I'd love to get a passive income (or at least more passive than this) is because of the long hours I'm currently dealing with.
I've made it to a few REIA meetings in SF, but only in off season. I'm still trying to figure out how to balance this job, and networking.
Realtor · San Francisco Bay Area, CA · Member since 2016 · 123 posts · 48 votes
8y
Ashley Watkins
Welcome to the Bay Area! I still find many interesting neighborhood after 10+ years of living here.
It's also quarter-end for me but I'm going to the summit...hell or high water ;)