All Forum Posts by: Amit M.

^ I think in state investors should get the golden name tags.

Golden state :) :)

also, SFH's and condos aren't under RC.

Otherwise, you can:

- airbnb, vacation rent

- buy out tenants

- only rent to young, upwardly mobile tenants that aren't interested in squatting in your unit. Choose carefully!

Where is your 3 unit located, and did you buy it with legacy, low rent tenants or put in your own?

@J. Martin

@Account Closed Do you guys have a single group loan on the bldg or individual tics loans? If it's group loan, all three of you must close escrow in tandem, to repay the group loan. That's tricky to do!

Also, first time you refi as condos, get ready for some serious brain farts from the bank. It's hard for them to understand that it's not a 3 unit bldg anymore, and 3 separate condos. I went through this with Wells Fargo, and it took over 2 months to actually get the loan! Also, necessary condo insurance can be tricky, especially if it's an older bldg.

Bottom line: brace for a major pain in the ***! You just gotta stick with it, and also work with other banks in tandem. Try Wells and maybe US Bank. Good luck...

trick is getting out in time. Just ask all the condo flippers that invested in FL, Vegas, etc in the mid 2000's and got their *** handed to them. It's harder than most people think to "get out in time."

Personally I don't want to bother with that boom/bust risk factor when I can make so much $$$ appreciation in SF.

this'll be fun...and so close to me, perfect. Us city folks gets real lazy about commuting anywhere...

Btw I'm with @J. Martin on the 30 yr fixed as strategy. Last year I refied all my props to 30 yr fixed, as I plan to keep them real long time, and just HELOC/pull cash out in the future. It's a great strategy for long term high quality properties.

I'm pinging @Andrew Strauss as I believe he is friends with the owner of the speakeasy. Plus it's in the Bayview, and fortuitously I'm expected to close on my new Bayview 3 unit acquisition on Friday, April 25!! Man, too bad I don't drink, but hopefully the food's good and I'll celebrate with that. Cheers :)

"They expect the increase to continue for 20-30 years."

Trust me, that won't happen. Single industry phenomena alway = boom/busts.

There are substantive reasons why SF and Manhattan had/have/will continue to have very high rents, and it ain't solely based on short term restricted supplies.

What's that phrase...sucker born every minute? Don't be one of them ;)

Keep in mind: a million dollars in equity in prime, blue chip real estate (SF Bay, Costal CA, Manhattan, Hawaii, etc.) is a different animal than a million in boom/bust places like AZ, FL, NV, etc. The question is how secure is that equity. Just look at how banks treat prime RE vs. cheapo rentals/homes in nowheresville. Quality matters.

For the record, my vote is to keep these meetings in the city. I think it's great wrt BART access. That place on a Tuesday is much quieter, so that would help a lot as well. Cheers.

@Account Closed Yeah you're right, it's a copy of the check. So you can easily weasel 3 days easy until they really insist the check is at escrow. Games, games, games!