All Forum Posts by: BeBe Cheng

@Johnson H. @Account Closed wants to come?

Did you guys hear that Oakland minimum wage increase started yesterday from $9 to $12.25?  That is 36% increase.  SF minimum wage is the same.  It indicates there is a need in order to live in Oakland.

You should stick with your screening policy firmly. It is easy to hand out the key than getting it back.

A flipper bought a short sale from the owner who agreed to move out in 45 days after closing escrow. They refused to move out after closing and filed a lawsuit against the buyer. They settled. But the flipper had to pay $12k lawyer fee and the previous owner got to stay in the house for 6 or 8 month extra. That means the flipper can not work on the project and at the same time he was paying the "rent" for the previous owner to stay in his house. The flipper was right legally. But he is a loser timely and financially.

I have be burned when I gave people second chances not just once. 

Best,

Also this year I loaned all my fund to my flipper. They are killing it in J. Martin's words. $580k in San jose may sell $850k, $890k may sell $1.25mil in Berkeley. They also have a deal in hayward from last year in at $850k expecting to be out at 1.2 mil to 1.3 mil depending on their luck.

Yes Sir @J. Martin 

Bought a 1/1 SFR with a detached one car garage and a bonus storage room in east oakland at $100k in April 2014. Rehabbed $15k. Rent $1350. The current value is around $180k ,may be $200k. Changed my mind no to flip it.

Bought a 3/1 SFR in east Oakland at $150k in 2014, rehab $50k, rent $2100. Next door house 4/2 same size asking $385k.

Bought a 3/2 condo in Stockton in 2014 at $70k. Only cleaning was needed. Rent $950, current value $100k.

Bought a 4/2 SFR at Martinez for my sister to live in it at $380k in end of 2013. Pulled the carpet and hired cleaning people. The house was fully remodeled before we bought it. Current value is north of $550k.

Which tax bill bigger is not carved into the stone.  Read the supplemental tax bill line by line.  Call accessor's office if there is a big number on the bill or multiple large numbers on the bill to seek explanation.

I got a tax over payment refund around $1800. My tax bill is about $1300. That phone call saved me so much money. You never know if there is an error buried in the tax bill.

Good luck!

@Julie M. Welcome! We learn together.

@Anja Brey Try Norris Group.  I never did anything with them.  I just went to their website.

There are so many crowdfunding platforms also.

There are so many investors in Bay Area looking for fundings.

@Jamison Schweitzer If the grand deed did not get recorded, the property will not show up under the new owner's title search.  The buyer really can hide the assert this way since the buyer really did not own this property on the record yet.  Am I right?

@Jamison Schweitzer thanks! So the sale price already decided when the contract signed? The property is in CA. The price already at least doubleed now than the time the contract signed.

@Guy Gimenez got it. Thanks