All Forum Posts by: Katie P.

Since Quest Trust was mentioned several times in this forum, I wanted to let folks know that they are resigning as a plan provider for many account holders as of 7.23.24. Has anyone else received this message? If so, does anyone have recommendations for a new plan provider for a Solo 401K? Also, Solera Bank is (one?) of their partner banks for the plan. Thanks for any comments/additions/recommendations. 

@J Scott Mind my asking who your trademark attorney is? Could you PM me? 

@Ori Skloot I have a client looking in Albany (hey look, it's 2021), and we have looked at SEVERAL homes that have ADUs with no record of permit history or being grandfathered in. BUT the city and county records have a square footage and bath count that would only match if we included the ADU sq footage. How is the city of Albany, now, with statewide ADU laws having changed (how easy to work with, how easy to get such a structure "grandfathered in" without tearing the whole thing down? The electrical and plumbing looks OK but we have no idea what's been done to code from appearances of course. LONG time no talk, hope you are well. 

@Greg Koszkul oh yes, there are many requirements/ hurdles to securing this loan. It's a non-profit, so depending on the NACA office location and length of employment of the loan officer, it can be really frustrating to go through the process. There is no "fast track" for people who know exactly what they need to do/check all the boxes - you are completely at the whim of your loan officer and some of their illogical rules (that are really designed to weed people out).

@Keli Smith regarding NACA? The Oakland office ultimately closed, and the quality of the service is super location-dependent. You're in Virginia? I would find a home counseling session (first step by going to their website) to sign up. You then have to wait a week to schedule a time with a counselor. Even though they cover closing costs and down payment (minus $7000 that's on you), you have to have 6 months' reserve of the mortgage payment in your bank account FOR MULTIFAMILY. =) Hopefully listing agents are more amenable to the NACA loan in your area. If your counselor seems slow or like he/she doesn't care, then I would request a switch ASAP.

@David de Luna of course! I actually knew someone personally that worked for Abode in San Mateo county, and she gave me a few contacts for the East Bay. I work directly with Jesse Roach, who is a housing liaison for several programs. He knows other landlord-tenant-program specialists that do what he does if he does not have clients for your property. I can PM his contact details. 

@Grace Esteban you can get a Section 8 inspector out...but I would of course check with HOA about rental restrictions (not against Section 8 as I believe that would be illegal now, but in general). @Herm M. ive also gotten many responses on Facebook marketplace and gosection8.com.  Since the Section 8 waitlist in Oakland is closed (maybe for years according to the lovely motivated person that always answers the phone) I would imagine the demand for space is high. You may also want to consider contacting a housing liaison that works with programs like Abode and other subsidized rental programs. Sometimes those non-profits act as master tenants and property manage so it can make your life easier and operating expenses cheaper. 

Yup, I would write the purchase contract to have a long close of escrow and only have current occupant in place for 29 days. 

@Kendric Ng how are you financing? Not sure if you have looked at First Republic Eagle Community Program (Lower interest rate & 7,000 credit towards closing costs). The properties have to be located in specific income tracts, so that would be another factor. 

There’s quite a bit of new development in the Dogtown neighborhood of West Oakland. Constant rehab projects in Golden Gate/Gaskill/Santa Fe neighborhoods. 

Santa Fe, Gaskill, Golden Gate  neighborhoods attract many tech workers because of proximity to the more highly priced neighborhoods/amenities you mentioned (and proximity to BART of course.) 

Definitely agree with @Dan H. about being cautious and why, especially if you are trying to hold on to your cash (or only have the 3.5%-5% down). In the cities you listed in the East Bay, competition for "turnkey" homes are non-contingent offers from emotional buyers. You're probably already looking for homes that aren't turnkey, need a little more work than the average/don't have curb appeal, etc. to try to avoid competing with such buyers. 

And of course the problem with triplexes and four-plexes in rent-controlled cities when trying to buy with FHA is that 75% of the rental income rarely matches or exceeds your monthly mortgage payment. Are you or your agent marketing for you off-market?