All Forum Posts by: Calvin Kwan

 Not 25 Whitmore.  Great area though...

Thanks for the reply all.  I understand that I need to move-in to the unit within 60 days, but the issue is the Oakland eviction moritorium.  I wouldn't be able to OMI until that's over.  

I may just have to get a loan as an investment property and just refi when I can move in.  Not the best situation, but I really like the location and want to move into the building long-term.

Hi BP Folks,

In all my previous deals, I've always bought properties that were vacant and moved in to secure a primary residence loan.  I am now interested in a 4-plex that is fully occupied, but would like to OMI (Owner Move-In) to secure a unit to live in long term.  

How do I secure a primary residence loan before I owner move into a unit?  Is this even possible?  Oakland, CA requires a 60 notice for the tenants, so I wouldn't even be able to serve this until I take possession of the property.  But in order to secure the property, I need the loan.  

Thoughts?  Any advise would be greatly appreciated!  

Thanks,

Calvin

Good luck!  Don't be afraid to offer less than asking - it's definitely possible.  I got both my MFs in desirable Oakland neighborhoods under asking.  

Much to unpack here.  The property has been on the market for 48 days, and there's probably a reason.  There's an existing tenant and that will probably drag down the price (depending on his existing rent).  It is also listed as a duplex, but there's also a studio in the basement - I'm guessing it's un-permitted, otherwise it'd be listed as a triplex.  Not sure what your investment strategy is, but there's not much opportunity to add value here as an investment.  If you plan to OMI and maximize return, you may still not get much cash flow, if any, given the asking price.  

As to your original question about asking price, if this were me and I wanted this house for whatever reason, I wouldn't offer asking price.  I'd offer somewhere 10-15% below given the info that I have.   If someone offered asking already, I'm guessing they would've taken it.   

Hard to say without much info on the property?

So you're thinking I should accommodate?  I can fit them, but no option to shift things around :( 

It's not really a fee issue.  It's more a concern that cars will be bumping into each other and the actual building if a 4th car is back there. 

Also, I don't know if I would seem like a jerk if I charged her for her safety concern?

Hi,

I own a triplex in Oakland, CA. and each unit has 1 spot dedicated.  One of my units is a 3bd w/ 2 female roommates currently occupying.  Recently, one of the roommates asked if she could park her car in the parking lot as there was an armed mugging in the neighborhood.  A few months ago, there was another armed mugging right next door.  My parking area can technically fit a 4th car, but it would be tight and make maneuvering for other tenant cars more difficult.

Should I accommodate this request?  The property is in a B neighborhood (near Lake Merritt), but it's Oakland and crime is always going to be an issue.  They are new tenants paying market rent and I do want to keep them long-term.  I would also feel horrible if anything happened from a safety standpoint.  She offered just to park there in the evening, but I'm guessing if I agree to this, it would probably be permanent. 

Thoughts?

Thanks,
Calvin

Wound up selling them for about $500-600 each. Was more hassle to get them restored. Would’ve kept them if I lived there.