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All Forum Posts by: Account Closed

Account Closed has started 5 posts and replied 22 times.

Post: Where do you invest for cash flow in Colorado Springs?

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

Thanks @Carole G. 

@Colin Smith - sent you a PM.

Post: Where do you invest for cash flow in Colorado Springs?

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

I'm a Bay Area investor but am bullish on Colorado Springs for a number of reasons and researching the market for potential investment.  I'm primarily  focused on long-term, buy and hold, cash flow investing preferably value-add multi-family.  

Interested to hear opinions from local investors, agents, and others who have knowledge of the market. Thanks in advance.

Which areas of town would you focus on for cash flow investment?

Pulled a random house off of Redfin - what would something like this rent for?- https://www.redfin.com/CO/Colorado-Springs/911-E-W...

What areas of town do you think will likely see the most price appreciation?

I don't see a lot of multi-family inventory online - this fourplex came up - any multfifamily investors in the CS market care to chime in please do -   https://www.redfin.com/CO/Colorado-Springs/1018-Ma...

Post: Eviction Rules in Oakland

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

Thanks for the information @Johnson H. @Chris May @DG A. @Calvin Kwan

Post: Eviction Rules in Oakland

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13
Quick question for the board. Looking at a triplex with 2 units currently occupied and one vacant. Property is located in Oakland. I would like to do an owner move in eviction on one of the occupied units but not sure if that is legal given one unit will be vacant. Does anybody know? Also my reading of the just cause ordinance in Oakland it seems that triplexes are exempt from rent control laws? Any info on the subject or if you can point me to somebody with experience here would be greatly appreciated. Thanks all.

Post: Owner / Relative Move in Eviction Experiences in SF?

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

Anyone care to share experiences with this in SF? 

Specific to the underlined portion below  "However, tenants who would otherwise have protected status may be evicted if the unit is the only rental unit owned by the landlord in the building"- how would this impact a duplex where the new owner moves into one unit and a protected tenant is in the other unit? Doesn't the occupied unit qualify as "the only rental unit owned by the landlord in the building"?   

Topic No. 204: Evictions Based on Owner or Relative Move-In

An owner who seeks to recover possession of a unit for an owner or relative to move in, must do so in good faith, without ulterior motive and with honest intent. Owners may evict for a family member such as a child, parent, grandparent, grandchild, sibling or the owner's spouse or spouses of such relations. The term "spouse" includes domestic partners. However, owners who evict for these family members to move in must already live in the building or be moving into the building at the same time as the relative.

The owner or relative should move into the unit within three months and intend to occupy the unit as that person's principal residence for at least 36 continuous months. If a comparable unit in the building is vacant or becomes vacant during the period of the notice terminating tenancy, then the notice must be rescinded. A vacant, non-comparable unit owned in San Francisco must be offered to the tenant being evicted.

An owner who wishes to evict a tenant for owner or relative occupancy must have at least a 25% interest in the building, if the ownership interest was recorded after February 21, 1991. If ownership was recorded on or before February 21, 1991, then the owner is only required to have a 10% minimum interest. Domestic partners can combine their interests to achieve the required 10% or 25% interest in order to occupy a unit.

The Ordinance generally permits the eviction of tenants from only one unit for the owner's use and occupancy. Where a tenant is evicted for owner occupancy after December 18, 1998, that unit is designated as the owner's unit for purposes of subsequent owner-occupancy evictions, unless the owner's disability or other similar hardship prevents occupancy of that unit.

Tenants who are 60 years old or who meet the disability guidelines for federal Supplemental Security Income and who have lived in the unit at least 10 years, or tenants who are catastrophically ill and who have lived in the unit for at least 5 years, have a protected status and cannot be evicted for either the owner or the owner's relative to move into a building of 2 units or more. However, tenants who would otherwise have protected status may be evicted if the unit is a single-family home or is the only rental unit owned by the landlord in the building, or if the landlord's qualified relative who will move in is 60 years of age or older and each rental unit owned by the landlord in the same building (except the unit occupied by the landlord) is occupied by a tenant with protected status.

Any tenant who claims to have protected status must notify the owner of the tenant's protected status within 30 days of receiving either a notice to vacate or a written request from the owner to declare the tenant's protected status. The tenant must also include evidence supporting the claim of protected status. The tenant's failure to submit a statement within the 30-day period shall be deemed an admission that the tenant does not have protected status. Owners who want to recover possession of the rental unit for owner or relative occupancy may contest a tenant's claim of protected status either by filing a petition with the Rent Board or through eviction proceedings in court.

Note that failure of the owner or relative to move in or occupy the unit for the full 36-month period is evidence of the landlord's failure to act in good faith. Each month the Rent Board selects a random sample of 10% of all notices which state owner or relative occupancy as the reason for eviction, and transmitts this list to the District Attorney for possible investigation. It is also a misdemeanor to refuse to rent to a senior because that person would acquire rights under the Rent Ordinance.

Post: Starting my REI adventure with a duplex in San Francisco Bay Area

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

@J. Martin - thanks, I remember you saying that at the meetup. I will reach out, would love to hear about your experiences as a landlord in Richmond.

@Christopher Smith makes sense - and I like the way you think about your portfolio. How has out of state investing been for you? Thinking of keeping it local for my first investment but to your point I may be waiting on the sidelines for sometime before the math starts to look attractive for Buy and Hold out here. Thanks. 

Post: legal counsel and tax advise in SF/Bayarea

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13
Lisa S. Would love to get a recommendation on CPA/Lawyer in the Bay Area if you have one. Thanks!

Post: Sacramento Area Monthly Estimates for SFH/Duplex Rentals

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

@Samir Pathak Welcome - those numbers look in the right range to me. What about Utilities or do you plan on having tenant cover all utilities? I'm also a new investor from San Francisco looking in Sacramento and outlying areas, we should connect. 

Post: New Member from the Bay Area

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

@J. Martin - Re: buying tertiary areas late in the cycle, I think you are spot on. I love the FRED graphs. To your point about values skyrocketing at the end of the cycle - what do you make of markets like Fresno that have yet to re-capture their "prior peak" - part of me thinks those markets probably don't get back to those levels given underwriting standards are not likely to get back to '06-'07 levels, along w/  a very tepid economy. Would love to see how rents performed in these areas during the crisis and if people who bought rental properties in '06/'07  still came out okay in the end.

@Rahul Bhatt - Not a dumb question at all. A "normal" recession in the past has led to 10% decline in SF RE values, the 07-08 crash being 3x that. Hard to get precise data on tertiary areas but agree w/ @J.Martin there is certainly much more volatility out there. 

Post: Starting my REI adventure with a duplex in San Francisco Bay Area

Account ClosedPosted
  • Rental Property Investor
  • San Francisco, CA
  • Posts 31
  • Votes 13

@Christopher Smith congrats on success in the East Bay. Are cash flowing deals still available out in the east bay or are you just seeing better deals in the mid-west?