All Forum Posts by: DJ Cespedes

@Ori Skloot Thanks for the tips. I was thinking that may be a good strategy if all of the units are tenant occupied. I need to study up more to confirm that I can remove that tenant to take over the unit. Not sure what the law is in Richmond. 

In terms of location, any areas in Richmond that you would recommend to look for, or steer away from? Thanks! 

@Kell Caro It most likely is the Home Possible based on what you and @Chris Mason referenced above. I have been considering duplexes as well for a while, but I think unless it is priced right, I may stay focused on Triplexes and Fourplexes since they appear to have the highest potential return and the best chance of having all or a majority of my mortgage covered while I am occupying. That would definitely be a game changer.  Ill keep you all posted on when something comes through. Any meetups in the near future? Thanks man! 

@Kell Caro

Thanks for your input and info! Much appreciated.

I am looking all throughout Oakland and considering all multi-family units that come up since at this point I feel I just need to get in, but as of recently I have been focused on East Oakland and Fruitvale area since I think I may stand a better chance of securing something out there. That said, many of my offers have been beat out in those locations as well.

My lender recently informed me that I am approved for a conventional 5% down loan so I plan to start making my offers with that. However in this market, 5 percent is still a lot to put down, especially when factoring in closing costs, etc. My lender said I would be looking at somewhere over 40k down for a 750k property. I'll have to save up a bit more if I'm going to start making offers with 5% down. Hopefully after this first hump I can leverage the equity in my first property when looking to put down for the second.

Hey BP Fam,

So I live in Oakland and have been on the hunt for an owner occupied multi family unit in Oakland and San Leandro with a budget of around 750k for about a month. All my offers have been beat out. I know part of the reason is that my offers have been with FHA 3.5 percent down, but I have also been beat out by cash offers or high percentages of cash down. Also, given that I am looking for a multifamily unit, all of my options are either out of my budget, or in a less desirable area (where I have also bid and lost).

I have now started looking at Richmond, CA which is also up and coming and currently provides more options for what I can afford. The thing is I dont know Richmond well and not sure what areas I should consider/not consider.

That said, any advice that anyone can share with me regarding where to look to buy in the east bay where I can get a good return on my investment in terms of appreciation and positive cashflow? Thanks!

DJ

Hey @Jamiel Strickland. Any recs would be great! I moved around a lot throughout the city growing up, but mostly from the Westside originally (off of 6 mile and Schaefer). How about you?

@David De Luna So if assuming there is no appreciation, where does a cash flow of only $150 get you? And does that already factor in the NOI-Mortgage? Also, isn't it possible to seek both appreciation and cash flow? Or does one have to choose a path?

Hi Everyone,

I just joined this forum as I am looking to break into the Real Estate business and this seems to be a great resource in terms of community and information. 

I live in California and I am looking to purchase my first investment property and looking to buy in the Detroit area (where I am originally from). I figure Detroit would be a good starting point since I am familiar with the city and still have connections there.  Since I live in CA, I am most likely looking for turnkey rental properties where I can work with a property manager and my involvement would be minimal. 

That said, I am unfamiliar with the process and looking to get some guidance or find an agent who can work with me to navigate the process and ultimately make my first purchase. Ideally.  Are there any recommendations that can be provided? 

Also, can anyone provide any insight on the hottest "up and coming" neighborhoods to invest in? I am looking for high growth areas that are still affordable and can still provide a solid return. 

Thanks! 

Don