All Forum Posts by: Oliver Davis

Hi BP! I would very much appreciate your insight on the following:

I am about to close on a duplex in Oakland, CA. The upper unit is vacant but the lower unit is occupied by a section 8 tenant. Just before listing the property the owner was able to get an approved rent increase by the housing authority to market rent which is why we got into contract. However the current owner has to this point failed to provide me with proof of payment for that new rent ( that just started 2 weeks ago). My concern is that the tenant is about to turn 60 and has been in the unit for 20 years and therefore is a protected tenant. Since this represent a significant rent increase for the tenant's rent portion (even-though what she is paying is negligible for a 3 bedroom unit thanks to the section 8 voucher) I am concerned she may not be able to pay the new rent. Or simply may decide to stop paying considering the COVID situation (or maybe has already not been paying rent as far as I know)

Would you say it should be a deal breaker if I do not get proof of payment of new rent by tenant before closing or not necessarily? What are the main concern I should have regarding that tenant being section 8 and protected per what I described? The trick is that I am under contact at a god price so I would like to make this work.

Thank you!

Hi BP!  I am actively looking for multifamily value-add deals in Bay area and central valley (California). From 2 to 100 units. Please PM if you want to chat.

Thank you.

Oliver Davis

Hi BP,

I am actively looking for multifamily fixer-uppers in Bay area and central valley (California). Can pay cash and close quickly.  If you have anything please give me a call at 310-498-7575 or email me at [email protected]. Thank you!

Lucas and Greg, thank you for your feedback. Good advice!

Hi Bigger pockets,

I am part of a syndication team and we are looking for great multifamily  property managers (experienced in the 20 to 150 units range) in the following markets:

• Kansas city, MO
• Tampa, FL
• Charlotte, NC

Would you have any suggestions?

Thank you very much

I am wholesaling this value-add property in West Oakland. The square footage on record is 2,768 square feet, but I believe it is closer to 3,300 square feet. There seems to be an addition to the original structure that was made without permits. With this square footage (to be verified), this brings the deal to 195$/sf. Check out the deal summary by clicking on the link below:

https://www.dropbox.com/s/iyfkn2e600oobqz/893%20willow%20street%20Oakland%20-%20deal%20summary.pdf?dl=0

Thank you Jason and Wayne for your feedback. Jason, yes I will be using a Hard money loan, so I will check with my lender. Wayne, you are right but then doesnt a standard " Home hazard insurance" work? Or do I need a Builders risk insurance in addition to the home hazard insurance I would purchase in any case when I close on the property?

Hi All,

I would like to know if it is necessary or recommended to get a Builders risk insurance as the Developer/Flipper on a Flix and Flip even if my contractor has general liability insurance and workers comp insurance? I am in the San Fransisco Bay area Market. Thank you very much for your feedback! What is the risk of not having one?

Oliver

Off Market opportunity to acquire a 1 acre lot, 95% close to getting zoning approval to build a 4,500 sf luxury home in the hills of MILL VALLEY, CA

Proforma shows a potential profit of $1.7M with a full build Market value of $6M+.

Lot current market value is around $2M but asking price is $1.4M.

PM me for more info. Thank you

Hi Bigger Pockets,

I am providing an opportunity for a Flipper/Developer/Builder to build a 1090 sf two story Townhome (1 bedroom, with a 2 story living room) in the highly desirable Castro area. Here is the description of the Deal:

The owner of the lot is currently building 2 townhomes on the lot but also got the entitlements and full permits to build a 3rd 1090 sf townhome on the lot. Currently there is a old 2 car parking garage structure that will serve as the base of the new Townhome construction. The Final Map is in the process of being recorded and this Townhome will become fee simple and its separate lot.

The owner is opened to suggestions as far as how to structure the deal with the Developer. Either the Developer would buy the lot from the current owner, or could enter into a JV agreement with the owner to split the profits in which case there would be no upfront land cost. The price is negotiable so the $150,000 is not a set price but just gives a rough idea

The estimated profit for the Deal is $400,000 which then need to be split between the owner and the Developer depending on the type of structure that is chosen.

There are a few other technicalities that I would be happy to discuss.

I will be taking a commission for bringing the opportunity.

Don't hesitate to contact me!