All Forum Posts by: Richard Gaddi

@Greg Dickerson thank you for the input, my thoughts exactly. 

@Ash Patel thank you for the tip as well. This could be a question for everyone on here so, if you owned a mixed use property such as this, how would you suggest addressing the inability to pull financing in order to update the place?

@Travis Wilkes thank you for the input! Thats the thing, the commercial units are not paying market rent and struggling to produce any income. This in turn has made it hard to pull any money out in order to update the place. 

I have a good friend and potential client who inherited property from his parents in a good location in San Francisco. The problem is that the property is older and needs updating which he wanted to do by taking some money out against the property. The other piece to that problem is that the vendors down below are severely underperforming due to COVID which has made any sort of financing hard to achieve. 

He would like to keep the property and improve it's situation which is why I'd love to get any suggestions from our BP family. Also, would appreciate any ideas about fully converting it from mixed use to full on residential as well. Thank you all in advance! 

Property details:

Zoned RH2

(2) 2/2 residential units upstairs.

Dry cleaners, salon + laundry mat down below. 

3 story corner building @ 3300+ sqft sitting on a 1900+ sqft lot. 

Cheers to you @Erick Sembrano. I'm gearing up for our first house hack as soon as possible which will most likely be 2nd or 3rd quarter of next year in the bay area. Exciting times ahead for sure.