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All Forum Posts by: Janet Voss

Janet Voss has started 1 posts and replied 36 times.

Post: Condo conversion on multi-family that is joint mortgage financed?

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

TICs are fairly common in San Francisco, or at least they were in 2003, when we bought. There was a law firm that specialized in drawing up TIC agreements. A TIC is a unique structure for holding property in that while we technically had our own units (our building was built as a over under duplex with a soft first story (garage and storage areas and services (furnaces) underneath the 2nd floor living unit with 3rd floor living unit on top. I was in the 2nd story unit. My partner in the building was on the top (3rd) level), we owned the whole building together. In the eyes of the law, there is no distinction between her unit and mine. Once we converted to condos, that informal distinction between her unit and mine became real in the eyes of the law. As a TIC, there were clauses in our agreement about gaining approval for buyers in the event you have to sell. Once we converted to condos, I no longer had to get her approval on any sale. At the time we bought, there were no such thing as fractional mortgages, so we had to apply for a shared mortgage. My partner in the building and I were a very good match on paper. She came with a hefty down payment, while mine was small, however, I had more income and more ability to pay a higher mortgage payment. Our percentages of ownership in the property and our percentages of paying the mortgage were not aligned. Her unit was larger than mine, and we had equal shares of the common space, but because she came in with a bigger down payment, she paid less of the mortgage. To the bank it was all one payment, but internally, between myself and my partner, we kept accounting records of who paid what. Once we converted to condos, we had our own mortgages based on the condo we owned. We did form a condo association and maintained a joint checking account (we had a joint account from the time we bought the building. While we had a shared mortgage, we deposited our shares into that account, and paid the mortgage from that account. Once we converted to condos, we used that account to hold the fees paid the condo association, from which we maintained the common areas.)

Post: Condo conversion on multi-family that is joint mortgage financed?

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

I actually did a condo conversion in San Francisco. We bought a two unit building as a TIC (tenancy in common), and had a shared mortgage. We had some work to do on the building before we filed for condo conversion, and that took a couple of years to finish (as we had the money), so we stayed a TIC while that happened. Once we had finished all of the remediation, we filed for the condo conversion and had the building inspection. After we had changed the building to condos, we each refinanced out of the shared mortgage into individual mortgages. We had legal agreements both as a TIC, and later, as a condo association (with association dues).

Post: New member from Little Rock, AR

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

Josh,

Welcome to Bigger Pockets!

I'm originally from Southern Arkansas, (born in NLR), but am currently in California.  I am pretty sure that I will be coming back to Arkansas within the next few years.

I have plans to invest in Arkansas before I come back, and when I do come back I will likely be remodeling an existing home or building a new home in Central Arkansas, so maybe I'll need your services for one or all of those things.

Jan

Post: Newbie from Little Rock,AR

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

Welcome to Bigger Pockets, Courtney!

I live in California, but I'm originally from Arkansas, and plan to invest back there since California is tough for investing. 

I know that there is an active real estate investors association in Little Rock. 

and Kathy Riedel, who is active here on Bigger Pockets hosts a meetup in Hot Springs.

https://www.meetup.com/Hot-Springs-Village-Real-Estate-Investors-Meetup/

Post: Buy for rental or wholesale

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

@Latesha C., Camden, AR is my home town.  My mom still owns and rents the house that I grew up in.  I can tell you that she has no trouble keeping it rented, because it's a nice, solid house, however, I don't know what she rents it for these days (I was her first tenant 35 years ago, and I paid $250/month then for a 3 bedroom, 2 bath house.  I'm sure she charges more now.  :-)  )  If you're looking at holding it and renting it out, you need to fully understand what you can get for rent in the neighborhood, and whether you can keep it rented.  Rents in Arkansas aren't very high, and I don't know what the economic situation is right now (several years ago, it was pretty bad, but I think it's made some recovery now).

Post: How to "bookmark" interesting topics ?

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

You should choose Follow from the header of the message for discussions you want to keep track of. 

Then on the menu above where it lists General Info, Newest Posts, Trending and Followed, you can go back to see the posts that you are following.

When you no longer want that post to appear, you can unfollow.

Post: craigslist scam

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

@Sarah D., I don't think this is relegated to any particular class of rentals. I found out about this scam happening on CL almost 4 1/2 years ago, when I was looking for a short term rental for myself, and also looking for a new place to buy once my house sold. I couldn't understand how properties that I was seeing on the MLS (for sale) were also being offered for rent for really cheap. These weren't investment rental properties that someone was selling. I was looking in the solidly middle class neighborhoods.

I rent my guest room in my current house to traveling professionals, and I'm on several Facebook groups, and the (travelling nurses, etc.) report this scam regularly.

I will say that anyone who things that they are getting a great bargain on CL, beware.

Post: Interested in moving from San Francisco to Oakland

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

I moved from San Francisco to Oakland 4 years ago, and you couldn't find a nicer neighborhood to live in than mine (Glenview).  I looked in a lot of neighborhoods, and there were definitely some areas I wouldn't have felt comfortable living in, but as @Justin Nero said, there are some really nice and relatively affordable areas.  And if you're commuting into downtown San Francisco, don't just think of being near BART.  There's a transbay bus (the V) that runs along Park Blvd in Glenview (basically 2-3 blocks from my house) that goes straight into downtown San Francisco, as well as several busses that run straight to BART (12th St., 19th St. and MacArthur stations).  

Post: 2nd Big RE Networking Summit Weekend in SF Bay!!! Who’s Coming?!

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

@J. Martin  As I told you in email, I'll be out of town during that time, but don't rule me out, yet.  Maybe I'll make a flying trip back from Nevada, just for your Summit.  Excellent line-up, BTW!  Very exciting.  I'll still help you in any way I can, whether I can attend or not.

Post: How to sell used cabinets

Janet Voss
Posted
  • Rental Property Investor
  • Oakland, CA
  • Posts 37
  • Votes 20

@Daniel Holbrook, is there anything like a Habitat for Humanity Restore in the area?  Here in the SF Bay Area, we have several of those stores, which buy used cabinets in good shape.  We also have Urban Ore and Omega Salvage and Caldwell Builders, who all buy and sell architechtural salvage items.

I just looked it up and there does appear to be a Habitat Restore in Cheyenne.