All Forum Posts by: Calvin Kwan

Interested in the response to this as well.  San Francisco has tons of in-law units that aren't permitted.  I'm wondering what the liability issues are with these properties.  What could happen if there was a tenant dispute?

Thanks, Arlen!

Hey Guys!

I saw a great piece of property over the weekend in a non rent-controlled part of the bay area.  There is a current tenant in the unit paying way below market rate.  If I were to purchase this property, how difficult would it be to raise the rent to market rate?  They are on a month-to-month lease.  Would it be as simple as providing 30 days notice?  I'm assuming I can only do this after I've closed escrow.

Thoughts?

Thanks,
Calvin

The agent community seems to be pretty small, so it may cause some uncomfortable situations.  The last thing you want is running into your agent at an open house with your other agent!  AWKWARD.

I am in a similar situation as you are.  I was working with an agent that serviced a particular area, but was also looking outside the area.  Honestly, I just decided to try to go at this alone with openlistings.  There's more than enough info out there to find properties and I don't want to feel tied down to one agent.  

This would be super helpful, Nick!   Looking forward to this.

Thanks,

Calvin

Hey Guys,

I'm looking into some rehab projects in the bay area and would like to some good recommendations for General Contractors.  Basically, there are a few properties I'm interested in and would like to hire a GC to do some pre-inspections.  Any recommendations would be greatly appreciated!

Thanks,
Calvin

 I'm thinking that landlords can still go through the same screening process - credit reports, background check, etc.  They would take the highest rent based on qualified tenants.

I think in a hot market like the bay area, there isn't a shortage of qualified people looking to rent.  Many who won't mind paying a few extra bucks for a unit they want and avoid the hassle of rental search.

I'm curious to know if this would even be legal...

 Couldn't that just a requirement for bidding?  That your bid is at least 3 times your income?

I living in the bay area where there is a shortage of good rental units.  I rent, and the last couple of units I've gone to see have always had over a dozen applicants.  What would the drawbacks be to setting your rental price with an OBO or "asking price"?  Worst case, you get your asking price.  Best case, you get someone willing to pay more, or even a bidding war for your rental unit.

This would be similar to ways property is sold.  Thoughts?  Is this event legal?

@Arlen Chou

Both units are in the East Bay.  Property A is in East Oakland and Property B is in Berkeley.  Both are duplexes and post construction figures.  

I see Property B as higher potential because it is near a school and transportation.  The comps show great rental and resale value.  It just needs to be fixed up, but to what extent, we won't know until inspection.  That's my main concern.  I could pass on Property A, but if Property B has major issues, or I am outbid, I would be out of both properties.

I feel pretty confident about my offer for Property A.  I am pretty close to their original counter offer.  I am not certain about Property B, in terms of final offer price and construction needs.

Thanks!