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All Forum Posts by: Billy Kane

Billy Kane has started 9 posts and replied 9 times.

Post: Help with tenant requiring frequent maintenance and replacement of appliances

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello,

I am a landlord in California and I rented my SFH to a large family (8 people) about 2 years ago. In the past two years, I've had to address leaks in the bathroom, replace a refrigerator, replace a washer, replace a dryer, and now a garbage disposal. The refrigerator, washer, and, dryer is older so I can understand, but the garbage disposal was new when they moved in. During the replacement of the garbage disposal I saw a large rib bone in the disposal.

I don't know if these repairs are considered normal wear and tear, but it seem frequent. As a California landlord, what can I do? Can I have the tenant pay for these repairs due negligence or should I just raise the rent on them to cover these costs?


Thank you BP community for the advice

Post: Primary home becoming a rental?

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

I have lived in my home for the last 10 years until last year when my father passed. My father lived with my mother and since I did not want my mother living alone, I have moved in to my parent's home. The problem is what to do with my primary home?


I really enjoyed my home and the home is in good condition. In the back of my mind, maybe some day I would move back there. I have been debating if I should be selling or renting my home and I think I am leaning towards renting it out as real estate is such a hard thing to get especially in a competitive market as mine. One of my biggest concerns for renting the place out is the tenants will ruin my place.

I guess I can raise the safety deposit to mitigate some of that. Would you sell the property or rent it out? It would cash flow about $1K a month if I do rent it out. If renting, what other measures would you do to ensure your property is protected (yearly inspections?) 

Thanks

Post: Multi Family Homes in a County

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello BPers,

I want to know if there is a way to find out all of the multi family homes for a specific county. 

I know I can send a letter to the county appraiser or go the county website, but does redfin or zillow or any other web application allow you to search to 

on all multifamily homes for a specific county (even the ones that are not for sale)?

Thanks.

Post: BRRR Question / Help

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hi BP,

I have a situation and wanted to know if my thinking is right and if this is a good deal:

Purchase price 105K

ARV - 150K

Rehab Cost - 32.5K

Closing Cost / Fees / Buffer - 2.5K

Monthly rental - $1200

Monthly expenditures - $900 

Cash Flow $300

This is only a 2.5% return if I was calculating on the 140K I put in, but if I refinance and pull out 70% of the ARV, I will get back 105K resulting in me putting in only putting in 35K for this house. With 35K and a monthly cash flow of $300, my yearly return will be about 10.2% return. Is this a good deal?

Are there situations where I can not pull out all %70 of the ARV?

Am I buying at a too high price for this to work? 

Is there anything else I am missing or at risk?

Thanks!

Post: Reading the forum via an E-reader like Kindle

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello Fellow BPers,

I enjoy reading the forums, but there are many times like international trips where I don't have  access to the web, but have time to read.

Is there a way I can "download" specific forum topics and read it on my E-reader without internet access?

Thanks!

Post: LLC and FHA Loan strategy

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello All,

Newbie investor here thinking about using a FHA loan for a multi unit. A couple of concerns with this idea is I'm scared about taking on so much debt since I will be only putting down 3.5% and the fact that the housing market is still smoking hot in the SF bay area.

Could I setup a LLC and buy this multi unit and still qualify for the FHA loan? The reason for the LLC is let's say this unit is a total disaster maybe I can walk just away losing my down payment not my whole life savings. I'm not planning to do this, but I want to cover my bases and know all my possible options before executing a plan. Thanks in advance for your input.

Post: New Member from the San Francisco Bay Area

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello All,

My name is Barry and I am a new member from the San Francisco/Bay Area. I've actually signed up on BiggerPockets a while ago, but it has taken me this long to finally get involved.

I've been listening to the podcasts, going to local RE meetups, and I hopefully this time around I can stick to learning about real estate investing.

In terms of my real estate goals, I am looking for either single family or multi-unit positive cash flowing (greater than 10%) properties. Ideally, the property would be in the SF bay area, although I realize that given my criteria and the competitiveness of the bay area, it will be very hard to find. I am open to out of state investments, but still hesitant. 

I am also looking to network and building a team of trusted vendors. I look forward to the BP community and hopefully I actually take a plunge on an investment property.

Cheers,

Barry 

Post: Investment Property with Fungal Damage

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello All,

I am considering on purchasing a investment property, but I am a little hesitant because there is over 30K worth of fungal damage that needs to be addressed. Is fungal damage that bad? I heard that you can never truly get rid of the fungal because it is on existing wood and black mole is very toxic. Also since tenants are living there they can sue you for the mold. I've also heard that even after treatment the fungal can come back and continue to spread.

What do members of biggerpockets think? Am I over reacting to fungal mole or this is one property I should stay away from?

Thanks in advance!!

Post: Deal in SF Bayarea, not sure to pull the trigger

Billy KanePosted
  • Investor
  • South San Francisco, CA
  • Posts 9
  • Votes 0

Hello All,

I am a new investor and I found a property I am interested in. I wanted to get your expert advice before jumping in.

The home is in an up and coming area in the San Francisco Bayarea, close to public transportation however the area in a very ruff part of town with a lots of crime. 

The home is asking for 425K with a rental of income of $2900 a month (I think this is rent controlled and the tenant is currently living there) 

What other factors should I consider before jumping in? The bayarea has been on fire and I know this is expensive but at the same time the math seems to check out.

Thanks