All Forum Posts by: Ori Skloot

@Benjamin Herhold

I know people who have done successful owner move-in evictions in Oakland. It doesn’t have to be scary, but you do need to follow the regulations very carefully. You can walk into the Oakland Rent Board and speak with an advisor, they are actually quiet helpful. If you are still looking for a property let me know.

Hi Dane,

Feel free to PM me.  

@Robert Stamper. Yup you can get Line of Credit against an investment property. I just closed on one today (Tnx to @Chris Mason for giving me the referral). Variable rate but right now rates are so low that it’s a great opportunity. Call around to local banks and ask if they offer this product.

Hi Filomena,

Sounds interesting.  I think you should definitely pursue. Off-market deals are very valuable and hard to come by.  It all depends on the numbers.  Ping me to discuss. 

@John Hickey. I love when investors can help communities and make good money while doing it. Keep it up. By the way, bonus points to your strategy if you buy in a qualified opportunity zone. Hold for ten years and then sell with tax free gains.

These are solid points Amit.   Other people have made the point, but to add to you list:

5. Landlords that previously weren’t raising rent each year or raising it slowly are much more likely moving forward to raise rents by the maximum rent ceiling.  

On a side note - I’m curious if anyone can explain the legality of the legislature creating a new law that goes into effect January 01, 2020 but then changes the rules back to March 15, 2019 (any rents increased from March 15-Dec 31 roll back to pre March 15).  In layman terms - how the heck can they do that??

@Alex Zhang. Oh boy...this sounds like a tough one.  I assume that the deal is good enough that it’s worth the potential headache you are thinking of buying.  I have a lot of thoughts about this, and I have bought and passed on many deals in Berkeley.  You have to know when to hold on and when to walk.  Ping me offline and I would be happy to give you my 2 cents. 

@Ike Ekeh Can vary a lot depending on the jurisdiction. I built an ADU in Albany, California last year. I have the exact numbers stored away, so here are some rough numbers from memory. ADU cost about $200k to build in hard costs.

Permits $7,000

Architect (friend) $2500.  Normally $6,000.

Structural Engineer $3000

Surveyor $850

Energy Calcs $250

Hey JC,

Welcome to BP and to RE investing!  I'm in Berkeley as well and invest primarily in Alameda and Contra Costa counties.  Send me a private message and we can chat.

Regards,

Ori  

@Dani Sung

If an owner has given tenants on a month-to-month lease a 60 day notice to terminate tenancy and then I buy that property before that 60 days is up, is the time period still counting down from when the notice was given? 

YES....60 day count-down keeps going.   

For double points, what about an eviction process? If I buy a property that is in the middle of an eviction, do I have to refile because I'm the new owner, or do I just continue with the timeline of the former owner? 

So long as the original eviction filing was done property, you can keep going with the same eviction process.