All Forum Posts by: James LaPosta

@Jamie M. thanks for the response! I will pm you for your property manager recommendation. Do you own properties in the area? Would love to connect.

Thanks @Johnson H.! That is all really helpful information. Do you own properties in the area? Would love to connect when I fly over in a few weeks.

Hi All,

My family is inheriting a completely paid off 3 bed, 1.5 bath house in Ingleside San Francisco, right next to the Oceanview neighborhood. We want to turn it into a rental property but are unfamiliar with the local market. I work in Manhattan and house hack in NJ while the rest of my family is spread out along the East Coast. I hoping to connect with other investors that own/manage properties in the area as I will be flying out in mid April to start interviewing property managers.

I have a ton of questions but here are the biggest:

1. Are there any local laws or codes that I should be aware of when converting the property into a rental? Are there certain requirements of a rental? For example, in NJ the house needs to able to reach 70 degrees, fire extinguisher needs to be no more than 10 ft away from kitchen, etc.
2. Are there annual property inspections?
3. How much of an impact does a lack of a parking spot have on rent?
4. Any major leasing items that I should be aware of that are unique to San Francisco?
5. Any property management recommendations?

I look forward to hopefully connecting with some other San Francisco investors!

Hi @Donnell Durden

I am still super new to real estate investing but I did grow up in New Haven and my parents live in Hamden. If everything does work out and you are able to get that property, I would be extremely careful because it is in one of the worst neighborhoods in New Haven.

Although it isn't far from New Haven, most students avoid that area like the plague. Most of New Haven's crime comes from that neighborhood so you will have a tough time finding good tenants. This could cause a large amount of stress and cost you significantly more money in damages, evictions, etc. 

Welcome @Brandon Leong,

Soaking everything up here is definitely the way to go. Make sure you listen to the podcasts as well! Great way to learn on your commute to work. 

Hi @Sunny Suh,

Fantastic posts! Sorry to hear about how much of a struggle it has been but sounds like you have made the most of it. I looked around JC and Union City for a multi family last year but couldn't find any good deals. I am thinking about jumping back in soon but want to read as much as possible first. 

Would love to hear more about your experiences sometime over coffee or at a meet up. Let me know if you'd be interested in that.

Thanks!

Welcome @Simon Sosa!

This is a great community and I bet you will be a great fit for rehabbing houses given your background. Good luck!

Hi @Christopher Gadison,

You already did the tag in your last post just by using the @ sign haha

I am currently looking for a multi family property using FHA in the Union City, West Bergen and Jersey City areas. The market over there is tough but I am looking every day hoping more reasonably priced stuff will come up. I think it will be a great place to invest if you can find a good deal.

I recommend you just load up the BP podcasts and listen to them every time you commute around the city. I listen to them everyday to and from work and they are amazing! Great way to learn while not spending any extra time.

Hope that helps!

Hi @Jason Noah Choi,

I am looking for a multi family using FHA 203K at the moment in Hudson County, NJ. I currently rent in Manhattan and work downtown. Finding properties around Jersey City is extremely tough at the moment for FHA because the market is too hot. I have been having similar struggles in Union City and the surrounding neighborhoods. Homepath seems to definitely be the way to go though. They prefer own-occupants so I would keep looking in your neighborhood! If you want more information on potential areas to look in Hudson County, let me know.

Hi @Tom Volpe

I am looking to do the same thing but having a tough time finding a place where the numbers work. I also recommend that you look a little farther out on the Path train or Light Rail. Prices are just too high to make sense with walking distance of the closer Path train stops. Would love to connect and share thoughts