All Forum Posts by: Brian Batista

@Spencer Thomas No, I can't Parcel the units because they will be in the backyard of a narrow lot (25' wide with only 4' access to the rear yard). California's SB9 Bill makes it possible but my property doesn't meet the requirements. Unfortunately a HELOC wouldn't help much I only have about 8% equity so far, I purchased the property a year ago. It seems I'll have to explore more hard money lenders/construction loans to get my project done. Thanks for your input.

As the title suggest, I'm an architect who owns an Owner-Occupied duplex in West Oakland, CA on a large lot. I have developed plans for an Owner-Builder project to add two more units to my property. My original intent was saving up money and waiting for interest rates to fall in the next few years, but they only seem to be going up. It occurred to me that it might be a good idea to post on here and see if anybody is interested in providing a private money loan for the project for about 1-2 years, interest only payments with a balloon that I would pay off with the added value after the Refi. I'm open to discussing any terms and I think my experience and profession would allow me to complete this relatively quickly and at a reasonable budget. Please message if interested and for more details, TIA.

Hi Everyone,

I'm seeking referrals for contractors in the bay area. The project will be a 1200sf home remodel + detached 700sf ADU in East Oakland and I'm looking to get bids sometime next week. If anyone has any recommendations that would be awesome.

Thanks in advance

Thanks for the response but I'm not looking for a meetup or a networking get together, I am looking at a potential subto deal with an FHA loan and need a referral for a title company or otherwise who can service the transaction.

Hi Everyone,

I'm looking at maybe taking over an FHA loan subto for a condo in Oakland, CA. The seller's title company says they won't do a subto on an FHA loan. Does anybody have a title company that is familiar with doing subto on FHA loans?

Thanks!

@Dave Foster Thanks for the helpful feedback, Dave! Youre example for selling @500 and buying @1 Mil, would the same logic apply if the proceeds go towards a down payment? I'm guessing your example assumes I would come in with the other 500k, correct?

Using the estimated actual numbers, his proceeds will be about 250k to 1031 and I have about $50k of my own money to put in on the down payment for, let's say, a $2 mil property. Does he then take title to 12.5% and I get 2.5%, since the remaining 85% would be financed? Or does he need to take a *minimum* percent equal to his equity, therefore we would be able to split it 50/50 when the title is transferred in a TIC situation?

Sorry if this is confusing, just want to know we will have a clear path before getting too far down the rabbit hole or getting anyone's hopes up, but it sounds like it is possible.

Hi All,

I have a question about the 1031 process. My brother-in-law is under contract to sell his single-family investment property, and will be netting about 225k. He is interested in partnering with me and using the proceeds to 1031 into a down payment on a large multi-family property, the situation would be one where he is funding it with his 1031 proceeds and I am doing all of the leg work and we will split equity and profits 50/50.

From a legal perspective, how would this work? Would he need to buy the property initially under his name, and then at a later date and after a seasoning period transfer it to an LLC that we are both members of? Is this even allowed? I am assuming we can't create the LLC and do the purchase under that because it has to be the same entity that is both relinquishing and purchasing.

Would it be easier to just have it all in his name and we split the profits "behind the scenes"? Or is it possible for him to add me to the title after that fact?

Any advice would be greatly appreciated! Thanks in advance!

Hi Everyone,

Wanted to test the waters and see if there were any investors in the area who would be willing to do a very casual meet up to discuss creative financing in the area. We could maybe meet for a local happy hour somewhere and discuss strategies, leads, potential partnerships, etc...

Hi Everyone,

I am looking for recommendations of a good agent in the Bay Area who has experience with investment properties in the Bay Area, specifically rehab properties. My goal is to use an FHA203k loan to buy a property, rehab the home, and do either an attached or freestanding ADU to convert it to a multi-family property where I can House Hack for a year before refinancing into a conventional loan. I would prefer an agent who has experience using this loan product because from what I can tell it is very nuanced and many are not familiar with it.

Thanks in advance!

-Brian

@Andrew Postell @Will Pritchett, Thank you both for your helpful feedback. The fact that you're having to leave more cash in deals lately is very useful information to know. It's something I am anticipating going into this, which is why I am looking at more affordable markets so it won't impact my ability to continue investing in more properties afterwards. I have reached out to Robert Finn, hopefully he can help me figure out if this is the market for me!