All Forum Posts by: Amit M.

you never really know what the risks are. In the above example someone was killed and all they got was $1 mil. No point assuming you'll get sued, and they will win, for > $10 mil. Not with small rental props, unless you flip out and go mass murder, than yeah, maybe $10 mil will be awarded. Most small prop owners don't even carry $5 mil.

I'll second j martin's last paragraph: if you intend to go beyond what section 8 agreed to or attempt to remove the tenant (even by gentle persuasion) make sure to consult a knowledgeable attorney. Oakland's tenant/LL operations are second only to SF, and I have heard of tenants walking away with six figure settlements. Remember, the rent board is not on your side! Just be cautious.

I'd think really long and hard about forming LLC's. They are a major pain in the *** to function under, obtain financing with, perform accounting, taxes, etc. In my case my profile is rather low: I own small properties (no parking lots!), they are well maintained, and my tenants are all professions and responsible.

Most liability issues stem from autos and slip/falls on the property. So I have a good umbrella policy that covers my net worth. And I make sure the common areas are in good condition. I think there are some small investors that unnecessarily putz around with LLC's to feel sophisticated about their investments, as it gives them something "important" to do ;)

@J. Martin A suggestion: you may want to c&p the meeting deets on the current page, so people don't have to hunt for it on the previous pages :)

@J. Martin looks like I can make this one. Thanks for taking the initiative to set this up, and near BART makes it a lot easier :)

I'll be interested in meeting investors active in Oakland, as I'm giving some thought to investing there for my next property.

@Account Closed Hi. I talked to your boy Marc, and he seems helpful and friendly :) I also explored the low doc loan option at East West, and it's one I'm considering, depending on my circumstances.

If you can make the meeting, try BART. It's good to get out of the suburban comfort zone a bit! Just drive/park at Fremont BART station. You can pay for the bart ticket with credit card, so no need to fuss with cash. It's so easy a child can do it :)

@J. Martin I agree with you on the expenses sentiment. For me they are almost an afterthought. I have spent on average $300-400/year on my 4 units. All renovated in last few years, high end tenants, high rents per unit, low tenant turnover. Maintenance is very minor. At some point it'll go up a bit with appliances, roofs, but even then it's will be a small percentage of total rents.

I'll be in acquisition mode early next year. Given a bit of thought to E. Bay, if I can't swing SF anymore. Oakland is interesting, but given how variable it is, I think you need to be "all in" (live there, know your areas street by street) and not just casually dabble there.

Although I haven't been to city of alameda in 20 years (!) this 7 units caught my eyes. Location seems solid, and I like the renovate/rent upside on it. It already got snapped up real fast though. Any comments on this deal: http://www.redfin.com/CA/Alameda/2215-San-Jose-Ave-94501/home/1567022?utm_source=myredfin&utm_medium=email&utm_campaign=instant_listings_update&utm_content=address

Plan to meet up with all you folks next month! Cheers.

somebody should Skype/live blog this thing!

Sorry, but me too tired, still have jet lag from trip to the Mediterranean. Next time!

May I also suggest, a location more central to BART, like 16 or 24th street? Lots of cool places to meet there too. Rustic Pizza is right at 24 st BART, for instance. Food for thought (pun intended :)

I think this may soften prices for bldgs that will need seismic work, at least in SF. At a minimum it's a pain in the *** to deal with the city bureaucracy on this issue, and worse, it could be a couple hundred dollars plus in mandatory repairs. Rental props are selling like hot cakes in the city, but this issue could dent prices a bit. Maybe.

glad to be of help :)

I also agree that concord has better appreciation prospects than inland areas, as it's more central to SF and Silicon Valley, plus BART access is a big plus.

Good luck!