All Forum Posts by: DG A.

Hey Dan, is there a specific section on the fair housing act that lays out the exemption you're talking about?

Hey Brian,  I negotiated with the seller,  but he wouldn't budge. Additionally the bottom unit had low ceilings and a funky layout. The foundation was crumbling when you scratched it with your fingernail. So I backed out of the deal.  The seller delisted the property and has not sold it. I feel bad for whoever's living there during our next big earth quake...

If you can speak Spanish I can connect you with a couple guys. If you don't,  communication would be hard. Shoot me a message if interested. 

How much are you getting from the place? How many bedrooms is it? 

Take it with a grain of salt,  but my dad is an agent and just helped me get into contract on this house. https://www.redfin.com/CA/Oakl...

it could cashflow as is with a minor cosmetic rehab. I'm planning on building a studio or 1 bedroom unit in the back as the property is zoned for a duplex. The property also already has a full foundation poured in the back. So framing can start as soon as I get permits.  His name is Israel Gonzalez. I can put you in touch,  just send me a massage. 

Hey Minh,

how did you do on that flip? What were your numbers?  2425 Harrington Ave is literally 4 blocks from where I live.

@Katie it's a 2-story building. That sure would be nice to be able to just cap it...

Hey Guys, 

I'm considering a building that has a brick foundation. It looks good because I think I can get to a PITI of $3857/month. And I have a plan that could get the rents to $5200/month.

The issue is that the building was built in 1903 and has a brick foundation. It's a very old victorian. Has anyone here replaced or brought up to code a brick foundation? What's the cost of that? And What's the process like?

Is a brick foundation a deal-breaker? Or, is this property a gem covered in dirt and a little hard work?

Any recommendations for a good foundation contractor here in the bay area to keep in the back pocket?

You should also consider that FHA 3.5% down requires meeting the self sufficiency ratio. That is 75% of the existing rents have to cover 80% of the mortgage in 3-4 unit properties. Makes 4plexes even harder to make them work on FHA.

Also, if you own and live in a property now, you'll need to have the income to cover both properties with your income + the rents. This makes FHA 3.5% down almost impossible to use to acquire your 2nd house hack.

I've had to force appreciation on my current residence and tap the equity in my current duplex to get started shopping for property number 2.

Most banks allow HELOC funds as a down payment source.

Yes sir. Bought at 422k appraisal as a part of my HELOC application came back at 650k. HELOC is 90% ltv.