All Forum Posts by: Hung Dao

I know legally I don't deserve it and it's not the seller's fault. I really regret listening to my agent and waiving the contingencies. I was told the market was still competitive and the seller is only interested in selling and not in the business of taking deposits. The house was sold to the 2nd offer for 10k less which is 1% less. I guess I will reach out to my agent, the seller agent to negotiate in good faith and see how it will turn out. 

I was in a contract to purchase a home in SF Bay Area. I waived all contingencies with my agent suggestion. I made the EMD of $33k and was in the middle of financing. I got the appraisal done. 7 days after the offer was accepted, I got news that my company was doing layoff and I decided to back out. I got laid off a month later.

The seller doesn't want to return full deposit. I just found out my escrow has no other activity and there was another escrow opened. The home was later marked as sold in MLS.

What's my recourse in getting the EMD back? In case there's no agreement from both side, what would happen to the escrow? Will it ever expire and where does the money go?

I want to negotiate in good faith because I wanted the house but suddenly could not afford it. Is there any way to get my EMD (fully or partially) back?

Happy to answer any questions to help out. I'm really in a pickle here and it's stressful.

Does it also mean that there will be more buyers, more overbidding and the market price will increase?

@Amit M. After talking to seller agent, the tenants are section 8 veteran which allow them to rent shared unit

The house is well kept from the property manager

Is there anyway to figure what type of tenants they are after a small chat?

I will confirm with SFHA about veteran section 8

Yes, from the contracts, it sounds like 2 persons instead of 2 families. They're sharing the kitchen and bathroom. We both have agents and the seller is an investment LLC. My agent said it would work though I'm looking for 2nd opinion.

What worst could happen in this case? The housing authority would cancel one of the contracts and I will have to look for another roommate?

Do you have a link to see the section 8 maximum rent allowance for 2 beds?

From the disclosures, there are 2 separate HAP contracts. Utilities include PGE, water and garbage. My capex is just an estimate on the remaining life of several items, some are just replaced, it's not precise but should be conservative.

As you can see, this doesn't cashflow nor this is a good location. I think I'm buying for the potential to expand later. 

Would love to have blessings from Brian Garlington, Amit M and other folks on this thread. Thanks.

Hi everyone, I'm planning to pull the trigger to become a first time landlord in San Francisco and had my eyes on a SFH in Bayview neighborhood. The 2B1Ba house currently have 2 section 8 tenants paying market rate at $4500. Here are the numbers:

Asking price: $850k, seller is motivated to sell at asking price

Mortgage, tax and insurance: -$4,080.24

Utilities: -$265

Basically I have a bit more than $100 each month for deferred maintenance. I think the existing section 8 tenants would help with uncertainty in the rental market and is recession proof. Also as a first time landlord I don't have to look for new tenant. There is potential expansion to add a legal bonus room or a unit but I don't consider it now since I don't have the capital yet.

Do I miss anything? What are the risks that I didn't see? Also pls give thoughts and advice. I live in the city and want to try it here first before looking elsewhere.

I'm looking to buy a rental property and there is one house which numbers seem to add up for my scenario except for one thing: there are high voltage power lines running through the lot (more on the backyard and less on the house). At first, I didn't notice that since the lines are really high up. However, there is a huge tower 3 blocks away that could be seen anywhere in the neighborhood.

It's a cookie cutter neighborhood so many houses nearby do have the same situation.

I read that besides being a fire hazard, the magnetic field might cause health issue therefore affects price appreciation. Should I walk away from this house? Everything else was perfect.

What about buying to build and live in Santa Rosa? Assuming I have plenty of time to buy and hold and eventually move in to retire there, will the numbers still add up? Would you recommend to buy a lot in Benzene water contamination area to bring the cost down?