All Forum Posts by: DG A.

Look into the American Dream mortgage loan from US Bank. It's a mortgage product they provide to be in compliance with the community reinvestment act. The loan allows a 3% down payment, has no PMI, and allows you to buy up to a duplex.

That's the loan I used for my first purchase, and now I can use FHA 3.5% down on my 2nd property. Though, with all the appreciation over the last 3 years since I bought, I've got 200k in a HELOC and I may not need to use FHA 3.5% down.

Get it where u fit in,  as soon as u can.  Hope this helps!  

@Steven Groshong $2700/ month for that location is high. You would be more likely to get that in San Antonio. Or closer to lake merritt. Maybe even fruitvale. Further south than the 50s in the avenues is a different pricing scheme.

Why will it close @Chris Mason?

if their birthday is on their lease that gets you one. The other is not so simple. I'm learning what it means to house elderly tenants. I would not buy a house with elderly tenants in place again. I've learned a lesson the hard way now that Oakland has eliminated the ability to get to market rate rent as an owner occupied duplex owner. 

That's correct.  You could not OMI unless,  as the owner, you have protected status. I would avoid offering on buildings with elderly or disabled folks. 

no you cannot just terminate the lease,  the property (even single family homes)  are subject to just cause for eviction. 

try out Mario Mazzamuto  and his team at http://sfbayappraisal.com

I went to a seminar/ talk he gave with David Greene on flipping houses. He's experienced and has solid experience. I'm planning on working with him and his team in the future, and I'm in Oakland too.

Where you there last night @Dustin ? I was. They printed out some of my forum postings from 2 years ago and passed them out to the city council. There's a lot of context that's missing.  And it's troubling to be vilified for learning the existing rules,  how to operate within the rules,  and build wealth for yourself and your family. 

It really looks like,  barring a technicality from the legal review,  they're going to eliminate the exemption. 

Hey Oakland Investors, 

As you know, or are finding out now, the Oakland City Council is going to vote to eliminate the rent control exemption for duplexes and Triplexes on Tuesday February 5th 2019. 

I've got a unit in my duplex that is subject to rent control and is rented out about 45% of market rate rent. If Oakland City Council votes to eliminate the exemption (which they most likely will) then that unit is going to stay rented very far below market rate.

There's a handbook from the City of Oakland that mentions Fair Return rent increases: 

Necessary to Meet Constitutional Fair Return Requirements: A landlord may submit evidence to show that without the requested increase he or she is being denied a fair return on the investment in violation of the Constitution. To prove entitlement to this increase, a landlord must show that the return on the investment is less than the return that would have been received for an investment of similar risk. At a minimum, proof of the amount of investment, evidence of the return from other investments of similar risk and an analysis of the rate of return from the rental property, including any appreciation in the value of the property, are required.

I'm wondering is there anyone on here that has done this before? Do you know anyone that petitioned for a rent increase to get a fair return?

Questions for you, if you're out there: 

• What was the process like generally?
• What forms did you have to prepare and submit?
• Did you have to do an appraisal to measure appreciation?
• How did you calculate your rate of return?

Gig economy for a licensed agent. I'm interested too