All Forum Posts by: Ana Marie B.

Agree with @Dan H.. Buy, renovate, live in property for some time, refi for a lower interest rate, rent out. 

I did this and cash flow nicely.

@Jordan Meyer - To answer your question, yes there are tech-driven property management companies with lower fees in the 5-6% range. Check out Onerent, for instance.

Unfortunately while their concept is a good one, they still have to streamline their operations IMO. If you do a search for Onerent on BP, you will find posts from myself and others.

My 1st investment was a 3 bdrm/ 1 ba single family house purchased in 2010 for $460k in South San Francisco, CA. Property is now worth around $900k - $1M and rents for $3600/ mo. Cash flow is $1400/ mo.

@Account Closed - You’ve gotten some great advice on this thread so far. All I will add is a personal story to highlight the cons that everyone is cautioning you about.

My retired grandpa and his new wife owned a house in Sacramento, CA. They added their daughter to their loan for whatever reason. The daughter used the equity from the home to purchase herself a nice $1M house. She could not keep up with her mortgage payments. She lost her house and so did my grandpa. This caused a riff in the family. He and his wife were forced to move to North Carolina to live with their son and later a trailer park where they now live.

So when you ask, “What’s the worst that can happen?“ this is one of the answers. 

@Bryan Beal - I respectfully have to say that your original post (I didn’t even bother reading the rest of the thread) makes you sound like a very spoiled and selfish individual. 

I wish there were a “thumbs down” button on BP.

@Paul Sandhu - I believe in the paranormal and would suggest you inform potential renters, because I would appreciate a heads-up if I were in their shoes.

I also agree with the other comments about leveraging the situation and marketing the property as a haunted house. Many thrill seekers out there who would pay for the experience! Not sure if this is a short term rental, but that’s one option (after this health pandemic that is). 

Hey @Mark Weinstein - I hear your pain and just want to reach out and let you know you’re not alone in this struggle. There’s no easy solutions unfortunately. 

Do you have family you can turn to for support during this time? 

Good you’ve already applied for unemployment. I also suggest applying for SNAP food benefits in your state in the interim so you have access to nutritious food. Also do an online search for food pantry distributions in your area. Our pantry sites in the SF Bay Area are doing drive through pick ups due to COVID-19.

Good luck to you. We’ll all get through this.

@Mike S. - Your last paragraph really hit the nail on the head. Well-said/ articulated. 

@Jacob G. - Sorry for what you went through. Wish I saw this post earlier, as I would have voted to “reject” based on the details you provided. One major red flag is any applicant stating they need to move in “ASAP.” 

@Kevin Chen - I also live in the SF Bay Area and primarily invest OOS (out-of-state) in Seattle, WA, but also have a rental in So. San Francisco, CA. If cash flow allows, I do recommend new investors hire a property manager for OOS rentals to ensure compliance with local rental laws and, frankly, for peace of mind. I don’t like being woken up by my tenants at 11 pm for habitability concerns. 

Good PMs can be a challenge to find. I researched extensively online, asked for referrals from other local real estate professionals (mortgage brokers, realtors, etc.), and interviewed several businesses to find my OOS PM.