All Forum Posts by: Marcus Griswold

I was contacted by a company who wants to collaborate with me to purchase and resell houses - a wholesaler and company who works with lenders to access funds. Two concerns arose. 

1. The company is asking for a 15% fee on  top of the interest rates offered. Fine I don't know if that's standard or not. 

2. The bigger one. The agreement provides Limited Power of Attorney. It states the company can apply, accept and process any loans, LOCs or credit cards (and any other credit instruments) on behalf of me with my information. And to sign on my behalf to conduct business. 

Any thoughts from seasoned experts? My ultimate goal is to collaborate to invest in, and sell real estate but I don't want my credit blown away here. 

For those of you considering Oakland and ADU as a house hacking strategy, some notes from some east bay ADU advocates:

"On June 29, 2020 the CED Committee approved 64 amendments to the "Tenant Protection Ordinance" (TPO) as well as Rent Control and Measure EE (Video link of meeting at: http://oakland.granicus.com/MediaPlayer.php?view_id=2&clip_id=3681). I fully expect the Council to adopt these changes at the next scheduled meeting on 7/14/20 (Agenda posted at https://oakland.legistar.com/Calendar.aspx).

Highlights (lowlights) of these changes Include:

• Applies all TPO provisions to new construction (removes existing exemption including ADU's)

• Prohibits conversion of parking to ADU's (Illegal for the City to regulate under State Law, see attached legal opinion letters from CA for Homeownership and Bridge Realtors)
• Creates numerous new causes of action for tenants to initiate civil lawsuits
• Allows tenants to add roommates unilaterally even if prohibited in a lease. For example, tenants have the right to move-in anyone they choose up to: 2 persons for Studio, 3 persons in 1bd., 4 persons in 2bd.
• Owner is prohibited from performing background and credit check of any new roommates
• Late fees are capped at $50
• Homeowners are prohibited from making any changes to their own property without tenant approval (such as common areas, backyard, walkways, laundry access, etc..)
• Homeowners are prohibited from making any changes to the original lease
• Tenant need not provide notice to property owners of required maintenance, but may proceed directly to litigation if they assert the owner showed a disregard for their "comfort.""

Definitely money and then after that fear of making a mistake and losing money!

Relatively new investor in San Francisco Bay area and looking for a nudge. I can't afford to invest here at the moment. I have a house in Maryland that's rented and not quite enough in to refi (19% invested), a small buildable retirement property in Florida, and a potential conservation sale in Washington. 

I've probably made mistakes with all of these and am hoping to get a better sense of where I can spend my time and money. I've read through quite a bit on BP and still have that fear of what will work. Here are my potential options I am looking at. Any thoughts?

1. Direct mail for vacant land (I've spent a lot of time going through the materials on this, but struggle to figure out the seller side. Buying property is easy it seems)

2. Out of state investing in markets where I could find near turn key property for less than $50,000

3. Wholesaling houses (know least about this)

4. Trying to find property in the Bay area I can afford and living in it then renting out rooms and building an ADU.

5. Finding properties through auctions.

Any and all ideas are greatly appreciated. I'm way too analytical I think.

Marcus