All Forum Posts by: Robert Rayford

@Brian Garlington, Your correct, the rents out in the East Bay or Suburbs are going up along with the purchase prices. I am surprise that no one mentioned the fact that with Covid more people are working from home. The movement from the Cities like San Francisco , Oakland and other larger metro-areas has a lot to do with the reasons people move to those areas in the first place. Everything is right down the street within walking distance. Like the coffee shops, eateries, bars and such. With Covid restrictions most of these places close down during uptakes. If your going to be stuck in the house most of the time you might as well have a large back yard and a little more space like in the suburb. You get more for your money and legroom for the next round of super bugs. Between me a my business buddies we have over 200 doors in multiple zip codes, the ones further from the big City are now renting faster, a full 180 from 1yr ago. So for the investors that bought in Pittsburg, Antioch, Brentwood, Tracy and especially Oakley 7-10 years ago are seeing the margins grow on the rental return market.

I bought a house in Las Vegas 5 years ago and the prior owner left her husband in his room for weeks in 100+ temps after he passed away because she wanted to collect a couple more s.s.i payments. She was a hoarder and had about 20 cats from what the neighbors said. The smell was eye watering and intense. After removing 5 40yd dumpsters we stripped down the interior cleaned with bleach and as @Jay Hinrichs said we sealed the entire interior with Kilz. This included the concrete slab. 

As far as the belongings each state has different laws concerning this. Here in California we have to wait for few weeks before throwing out. I usually just get the tenant to sign a doc of abandonment once I express that they will be charged for debris removal. I your case I would call your local tenant advocate group for advice.

@Jared Rine, I have a great property in Pittsburg for you if you're still wanting to purchase there. This is a fully assumable loan with owner financing. 

@Nathan Killebrew , "everytime a frog jumps he bumps his rear" writen by me. The meaning behind this is we know sometimes moving forward there are obstacles and challenges in our way but we move forward in order to succeed.

So I have this SFR here in the Bay Area, CA. and the property has a assumable mortgage/OWC. I am thinking of putting this property up for sale. The plan would be to sale at a premium since there would be no qualifying for a new investment buyer. Here are the numbers, take a look and chime in with anything I may have missed or need to add.

Class C Neighborhood, Pittsburg, San Marco and Oak Hills area

-3bd, 2 ba. 1396sf, Lot 10,700sf

-Offered at $470k

-UPB $331,751 @ 5.5% with a balloon in 5yrs

- 30yrs Amortization

-Section 8 rental allowance in the area is $3052/mo

-Standard Rental $2451/mo

Has anyone else heard of this type of opportunity or this type of deal here in the Bay Area ? 

It's been a while since a wholesale deal has come across my desk for the Bay Area or East Bay. Non the less any other type of creative financing like this. Is this a rarity or the norm ? I do know years ago when I first started this would be a dream deal. But now that I am on the other side of the deal I was wondering if this is a plausible scenario........

This is not a foreclosure nor a Deed in Lieu, DIL . I am refocusing on another targeted market and adjusting my Business Plan thus the reason for the possible liquidation of this area holdings.

@Ari T. Give Ticor a call.

Call REI Guard ..... wwww.nreig.com

any interest......?

any interest.......!