All Forum Posts by: Ana Marie B.

@Kiersten Vance - Would you happen to have the direct website address for the State administrators classes?  I'm also very interested in RCFs. I haven't been on the State website in a while, but when I last visited, it was difficult to figure out which specific course to take.  I recall there being several.  Thanks in advance!

@Account Closed - It's fantastic that you're starting so young and already pursuing your MBA!  I'm more of a conservative investor who doesn't have wealthy friends or family to borrow from/partner with. So my advice (if you're in a similar boat as me), would be to work and save a decent amount of $$ first.  You'll need capital to qualify for a loan, afford a down payment, handle maintenance issues, etc.  

I wouldn't suggest interest-only mortgages unless you're a bit more experienced because those can balloon if you're not careful and I've seen many people get into big trouble with that.   Just my $0.02. Good luck to you!

Always view real estate investments as a business.  It is not a charity.  Hence why I am against renting to relatives.  

Unfortunately, this will make for a very awkward holiday season.  So sorry you had to learn the hard way.  But shame on your parent(s) for putting you through this!  

@Chris Mason - You hit the nail on the head.  Thank you for your tips!   Our realtor went to view this property and basically "forbid" us from purchasing it (she's a close family friend).  Turns out her expert eyes saw a lot of issues with the renovations to the back unit, namely that the unit was built directly on top of the concrete and the windows are "death traps" -- basically too small and thus not up to code.  

We decided not to move forward with this property.  Our agent expects an experienced contractor or investor with loads of cash to make a low-ball offer on this house.  She doesn't think any bank would finance this.  Our hunt continues...!

Hi BP Fam! So my husband and I came across a lovely property in the SF Bay Area that is zoned as a SFR, but is designed as a duplex -- 2/1 + kitchen in the main house and 2/1 + "kitchen" in the back of the house (both units separated by a locked door). Listing agent placed the 2nd kitchen's stove in the garage, but said once property is sold, stove can be returned to the 2nd kitchen.... There is a separate entrance to the back unit. The property was recently tastefully renovated as well. Neighbors told me that the former owner used to house his in-laws in the back unit.

Owners state in disclosures that renovations were done w/out permits, but that they "believe" work was done to code.  No offers on the table thus far, likely due to the property being overpriced (~$900k) and the "duplex" layout that catches families by surprise.  

My husband and I are interested in selling our home and purchasing a duplex.  We would then live in one unit.  My questions are:

• How much does it cost on avg. to convert a SFR to MF?
• What are possible repercussions to renting out the back unit despite the property being zoned as SFR (i.e. lawsuits, neighbor complaints)?
• Given the above details, would you make an offer? Why or why not?

Thanks in advance and sorry for the long-winded post!

@Marcia Maynard - I really enjoyed your initial post.  I think it's a great thing to see a landlord who has business sense and a heart, especially for senior citizens!  I strive follow a similar path as I continue to grow my investment portfolio.

Oh that's great!  Should be a breeze finding tenants!  

Nicely done, @Account Closed! What part of Seattle is this MF located in? Really appreciate the thorough description of your BRRRR process. Before and after pics look great, too!

I agree with @Patrick Liskare. The HELOC. And want to add that HELOC rates can be under 4%. I just accessed one a couple of mos. ago from a credit union @ 3%.

@Marcia Maynard- Thank you so much for your valuable insight! So helpful and I will definitely check out the Tenants Union site.