All Forum Posts by: Calvin Kwan

@Kimber Lockhart

Hey Kimber! Just shot you a colleague request. Hoping you can share knowledge in the Richmond area. I already own property in Oakland, but am looking in Richmond. Would love to pick your brain 😊

Where’s the location?  Perhaps link us to the ad?  2500/month for 3/1 sounds reasonable for most of Oakland. 

Do you currently live in one of the units now?

Has rent been increased in the last several years?  Your'e entitled to bank past rent if there has been no increase.  Otherwise,  not sure the RAP board is going to sympathize with you.  Oakland is extremely tenant-friendly.

Hey Guys,

I have a duplex in North Oakland w/ both units renting at market prices, if not a bit higher.  Lease terms are about to end, and I'm wondering if it makes sense to ask tenants to renew their 1-year lease.  Normally, this wouldn't be a concern, but I'm on Craigslist and see similar units renting for less.  If I ask for a lease renewal, I'm worried that the tenants may start looking at other options.  I want to keep them on board w/ a new lease, but I don't want to rock the boat and possibly lose them.

Should I let the lease transition to month-to-month and not say anything?  Or should I try to lock them in for another year?

Thanks,
Calvin

My one tip:  Numbers don't lie.  If the math doesn't work, walk away.  This applies no matter where you plan to invest.

Landlord can probably get the 1.2M on the open market, regardless of the occupied units.  Crazy... I know.  

House-hacking should still work if you're willing to stay in the 2-3 plex for 2 years or if you invest in a SFH.

I've been thinking about this a lot as well.  Since Measure Y passed last year, you can no longer decontrol 2-3 plexes by owner occupying.  That was a major blow for a lot of folks who used that strategy to house-hack and move rents to market rate.

The only way I can see house-hacking work now is to possibly find a vacant property, or house hack for 2 years until you can raise rent through the RAP (though you would still need to petition the increase). Another option would be to look for SFH opportunities, since there still more flexibility with regulation there.

Let me know if there are other ways that house-hacking in Oakland can work.  Hopefully there brighter minds out there than me.

Ahh... ok.  Correct, it's 2 years after OOC.  I forgot, do you still have to petition or notify the rent board if you want to raise rent on OOC unit beyond CPI?