All Forum Posts by: Luke Mccandless

Hello, my family has a mixed use commercial and residential property in bonnersferry idaho we are familiar with the residential real estate side but need help with the commercial! We are having issues getting good comps and knowing what to offer out current tenants at lease renewal?! We are thinking of implementing a RUBS system to move utilities on to the renters. Or should we keep control of utilities and try to lower the cost? The down stairs units have no windows and have been difficult to rent. Should we do 5 year leases? If so what is the usual annual rental increase?

No tenants, it is vacant and correct $1600 for a 2 bed in Oakland (As long as the renters pay and there are no issues / repairs!)  I will need a Standard 203 due to the amount of repairs needed.  

@Kel Richards  I'm using Jones for the loan but many lenders work with 203k they are just not as common in the bay due to the sellers market. I am seeing prices falling and stuff sit on the market though. There are lots of condos in Hayward sitting right now in a price range of ~425k as well and that is a deal for that close to Bart and the peninsula.  

Thank you @Amit M. ! It's a big step for me but much better than just buying a home and betting on appreciation! 

Thanks @Michael Kistner

I'm looking into a duplex in Oakland that will need repairs and doing a 203k loan (Market has slowed so this is possible). The payment will be $4,664 PITI and MI The lower unit will rent for $3100 and I will live in the top unit. I plan on moving out in one year and renting my unit for $2300 I realize the cashflow is not great but the property is in good area and I hope to be able to refinance the loan to lower the payment as soon as possible. I make an ok income and hope to have raises going forward. Other things to consider are how anti landlord Oakland is and with prop 10 in the works...I am not sure how much longer living in the Bay Area makes sense.

One other option, you can withdraw funds for 60 days without being subject to the 10 percent penalty tax. If you need the money for 60 days or less, an IRA withdrawal can act as a short-term loan if you can refinance the property after the repair then put the money back in the IRA.

See https://www.bankrate.com/investing/ira/rule-allows-penalty-free-ira-withdrawal/ for more

Do all the cars come with the property ha! 

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