All Forum Posts by: Calvin Kwan

Yeah, i'm guessing it's common.  Is it an issue though?  The sqft seems to be the same - it just went from a 2/2 to a 3/1.  

Hey BP'ers!

Looking to buy a house in Berkeley, CA. and have a quick question regarding the property title & assessor records. My title rep pulled a property profile on the house and it shows as a 2/2. The MLS (pulled from public records) shows it as a 3/1. We walked the house and clearly there was an addition added at some point.

Is this an issue that the title report and MLS doesn't match? I tried to look for any info on the Berkeley Assessor's website but couldn't pull any bed/bath info for the house.

Let me know what you think?  Will this appraise as a 2/2 or 3/1?

Thanks,
Calvin

The best deals are had when you are able to add value to the property.  I've never seen a turn-key property in the Bay Area where you will cash flow positive in any meaningful way.  

Personally, I will only invest in areas that I am willing to live in.  That being said, I buy run-down fixers that will scare most investors off in good neighborhoods.  It's possible to cash flow positive in the Bay Area - you just have to put in the work and find the right deal.  

Search posts from  @Arlen Chou and all the other old school BP bay area folks.  They may not flaunt it, but they've all done it.  

Awesome, thanks!

 Good to know about the drywall.  Thanks for the heads up. 

 Oakland, CA.

Hi, 

Just wondering who everyone is using for their landlord insurance policies.  I got a great rate with Hippo a few years back, but unfortunately, they're no longer issuing landlord policies.  I just got a quote from YoungAlfred.com and they quoted me $175/month for a triplex w/ 500K liability.  My property is a built in 1895, so it's been more difficult to find insurers.  

Thoughts?  
 

Hi,

I accepted all the terms on of the seller's counter offer for a property in Oakland.  There are multiple offers from what I understand.  The counter offer expires at 4PM this afternoon.  I submitted my response at 10:50AM, but haven't heard back.  I reread my counter acceptance and I believe my agent may have made a mistake.  

In paragraph 6:

Acceptance of Seller Multiple Counter Offer:  Buyer's acceptance of this Seller Mulitple Counter Offer shall be deemed revoked and the deposit, if any, shall be returned to Buyer unless by 5:00PM on the fourth Day after the date Seller signs in paragraph 5 (if more than one seller, then the last date) (or by 10:50AM on 4/28/2022) (i) it is signed in paragraph 8 by the Seller, and (ii)a copy of this Seller Mulitple Counter Offer signed by Seller in paragraph 8 is personally received by the Buyer or Buyer's agent...

Does this mean that the experation date of my acceptance is at 10:50AM on 4/28?  Did my agent make a mistake?  I submitted my acceptance at 10:50AM. 

Thanks,

Calvin

Got it. Thanks for the confirmation sounds like I'll need to refi first, then build the ADU. Thanks for the heads up.

Hi, 

I am targeting 4plexes in the SF Bay area for purchase in the coming months.  Up to 4 units I understand I can use a conventional primary resident loan, but above 4 units it requires a commercial loan.

If I were to buy a 4plex with a conventional 30yr loan, add an ADU, would I still be able to refi with a conventional residental loan? With the ADU be considered a 5th unit, pushing me to require a commercial loan?

Thanks,
Calvin