All Forum Posts by: Derek Okahashi

David Faulkner profound... thank you

@Anthony Wienke former marine? Aside is actually pretty inexpensive compared to every where else but i think that is due to the higher crime right and other stats. Might be a nice deal to live in Coastal SoCal if you don't have kids. 

Minh Le I've heard of banks holding REO properties for 12 days for first time home buyers. Do you know how and why use newbies can find these deals specifically? Go to the local banks? Agents? Redfin and Loopnet alerts?

Saj Shah have you seen the 4 unit on the East side going for a million+? Each unit rents at 1275 according to loopnet. Thatnstill seems maxed out and like a bad investment. Every multi fam I see in the bay is listed this way. Do you have any properties, multifams, or tips on finding a deal?

@Account Closed

Just sent you an invite and message but figured I should ask questions here for the benefit of the greater good.

I get what you're saying about the other units allowing us to break even or maybe even just supplementing. I'm finding it hard to even achieve that in the short time I have been monitoring Alameda. For example, there's a duplex on San Jose and Oak, one block off of Park. It is listed for 898k and it seems properties in Alameda go for at least 10% over what they are listed at. So at nearly 1m on a 2bed/1ba duplex that is only renting at 2500, it seems your one tenant would only cover half of your expenses if that. 

How do you make multifams in Alameda make sense if they are so expensive

David Faulkner what do you suggest then for us beginners in California? I live across the. At. Ridge from SF in a town called Alameda. All of Northern California is crazy. It seems that a house hack on a tri or quad is a good idea but they seem to all be selling so that the numbers don't work and there will be no cash flow. Thank you in advance

Aloha Hazel. I am in a similar situation. I live in Alameda but work at Stanford. I would be interested in a multi family in UC or Fremont but the numbers don't seem to work. I am new though so who knows what is possible. I'd love to link up or chat sometime to share ideas

Aloha everyone. I recently sold a business and am a few years in to a good job. We are finally at a point to where we are thinking about what to do with our money rather than just trying to get stable in life. My wife and I have a 3 year old and a 3 week old. We recently looked at some new condos and at $799k for a 2 bedroom in Alameda, it both lit our fire and discouraged us.

I am a veteran and prequalified for the max VA loan through USAA. We are looking at the potential of a tri or quad to be able to stay in Alameda or another nicer area for our first investment. It would take probably a $1mil+ property though. I know there is some leniency with the "LTV" on the units that we wouldn't occupy? I need to learn more about this. Either way, it seems the market keeps you pinched and hard to cashflow. It will probably take an off market deal or I heard on one podcasts of a couple in North Jersey getting an REO within the first 12 days while the bank was holding it as a part of a first time home buyers program.

Besides house hacking I am trying to learn more and more about turnkey investments. Seems that if you had to deal with a vacancy in say Memphis it'd be pretty easy to absorb the hit while making Northern California money. 

Any advice is much appreciated and maybe I'll see some local BP members around Northern California. 

Mahalo,

Derek (we're from Hawaii originally) 

@Glenn McCrorey I just spoke with USAA yesterday and their funding fee was 0.5% and since I have a service connected disability rating through the VA my funding fee will be waived each time I use the VA loan. I am a complete newbie and just learning but I thought I'd try to contribute. Much aloha!