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All Forum Posts by: Edwin W.

Edwin W. has started 36 posts and replied 67 times.

Post: LandVision Subscription Discount

Edwin W.Posted
  • Investor
  • Dallas
  • Posts 70
  • Votes 3

Would anyone in the BP community be interested in getting Landvision for $1842 with nationwide access for one year? I'm in contact with the account rep and need 20 people that are ready to sign up to get the pricing.

Post: Oakland 4-plex Rent Control Owner Occupied

Edwin W.Posted
  • Investor
  • Dallas
  • Posts 70
  • Votes 3

Hey everyone,

Does anyone know if  4-plexes in Oakland that are owner occupied exempt from rent control?

EW

Post: Buying Subject-To in California

Edwin W.Posted
  • Investor
  • Dallas
  • Posts 70
  • Votes 3

Hey BP,

I'm looking to do my first subject-to transaction since the house I have under contract needs very little work. The C.A.R. contract was used as an all cash offer. But decided doing a Subject-To would make sense. The seller is also aware that there may be a due-on-sale. I want to know if I would just add in the addendum that the "Seller is aware that the buyer is buying the property subject- to the existing mortgage? Also, what other documents/contracts and disclosures will I need? And will any California Title Company be able to handle this type of transaction? I also heard to check with the seller if there is a prepayment penalty on the mortgage or something like that. 

Thanks,

Edwin Wong

Post: $474,725.00 Wealthier Today...

Edwin W.Posted
  • Investor
  • Dallas
  • Posts 70
  • Votes 3

@Austin Fruenchting Congrats man! How did you source this deal?

@Account Closed Thanks for chiming in. I do not have experience owning apartment complexes in other states. I have not educated myself on private lending as of yet, but will definitely do so by reading books and networking with other private lenders. 

Yes, Oakland is a rent control city. You are right that rents are way below market value. ne of the units is way under market rent. It's a 3 bed 2 bath and its about $950 month in rent. My mom can get extra income by renting it for $2000-$2500 that also have 3 parking spots. But the tenants has been there throughout my early childhood years. There's also a 2 bed 1 bath in one of the other units renting for $950. 

What options do you suggest for an almost retired couple?

@Arlen Chou Thanks for chiming in. I know that you are a well established investor with properties in West Oakland and San Francisco. I'm doing real estate wholesaling on the side while working a full-time job. I want to help my parents in creating passive income through by investing in income producing assets like apartments on privately lend on other people's deals based on their track record. One of the units is way under market rent. It's a 3 bed 2 bath and its about $950 month in rent. My mom can get extra income by renting it for $2000-$2500 that also have 3 parking spots. But the tenants has been there throughout my early childhood years. There's also a 2 bed 1 bath in one of the other units renting for $950. 

Good morning All,

My mom owns a 4-plex in the Bay Area. She is currently living in one of the units. Zestimate according to Zillow is over $1.2 million. It's a 11 bedroom and 7 bathroom. Current mortgage amount is $290K. My dad is getting ready to retire soon. What are some of the best strategies for her to make passive income using the equity?

I have thought about some of the below options:

-refinancing to buy another huge apartment complexes in other states

-using HELOC to privately lend on new construction projects at 10 -15%

I would like to hear from the more experienced lenders and investors.

Thanks,

Edwin 

Post: JV Wholesaling in Portland

Edwin W.Posted
  • Investor
  • Dallas
  • Posts 70
  • Votes 3

Hey everyone,

Im doing direct mail marketing in the Portland area. If there is anyone in the Portland area that would like to do JV deals, please let me know.

Edwin 

Hey @Jonathan Orr 

My plan is to work with big international developers who have their own acquisitions guys in the US and to go out shopping for what they're looking for. Some of these developers are not familiar with the entitlements and would pay a premium for projects that are already entitled. Do you think it is possible to wholesale these entitled projects to these developers who have over a Billion dollars to spend on projects that are spread out across the West Coast?

Hey @Jonathan Orr Thanks for chiming in. You seem to know a lot about new development. If I want to reach out to some developers in the Bay Area market about wholesaling land development and commercial properties, what should I say when I reach out to them? Should I reach out to the person in charge of land acquisitions?

Best regards,

Edwin