All Forum Posts by: Shiloe B.

In my experience, the information on RealtyTrac is outdated at best. They inlcude older listings in order to inflate the numbers of "current" defaults.

If you are looking to buy at foreclosure auction, most municiaplities release their lists two weeks before the auction. If you are looking to buy after foreclosure, those homes will be listed on the MLS.

RealtyTrac data is best used if you want to wholesale homes that are in pre-foreclosure, but that information is also available at your local assessors office.

Oakland is 7'-6" minimum for habitable living space. You can do baths at 7'-0".

They require a little more height than the statewide code, not sure what their reasoning is behind it. 

Nice to e-meet you @Kyle Zaylor. I'd love to get together with some fellow Oaklanders. Let's make that happen!

I'm seeing that the increased housing prices are making new construction viable again, especially in an urban infill situation where you can get the land at a good price. In the easy bay, I'll echo @J. Martin, definitely seeing more second story additions, and other creative ways to turn the surplus 2/1s into 3/2s.

Down south is another story. I've seen more tear-downs in Palo Alto this year than I can count. Also full basements because the square footage doesn't count toward FAR or max lot coverage.

I like OKC. Very low barrier to entry and a healthy economy. There is a lot of retail growth, especially near downtown, and the historic neighborhoods have been steady for decades.

I like to offer tenants the opportunity to provide a list of repairs they'd like made when I take ownership of a new building. It gets you off on a good foot with the new tenants, and usually these are small things that just haven't been addressed by the previous owner.

Then, after about 3 months, issue a rent increase to get closer to market rate. 

Your tenants will then either pay the increase, or give notice to leave. I don't like to make major upgrades (like replacing the flooring) until the units are vacant. 

I can't pull comps, but I know Tulsa well and would be happy to give you my two cents on a specific neighborhood. 

Given that it is fewer than 4 units, you would be able to purchase the duplex using a conventional loan, so you can put down as little as you would when buying a single family. 

If you have good credit and put 10% down, your monthly payment with PMI and taxes rolled in would be about $520/month.

I read the New York Times, but get most of my new online. 

I use the 50% rule of thumb for initial calculations -- that is 50% of the rental income will go toward expenses.

The monthly income to asking price looks good, so the next step is to calculate any major repairs required. You can do this by having a thorough home inspector come out after getting into contract, or if you are comfortable, set up a walk-through with some experts on your own. 

I like to check:

• Roof
• Termites
• Sewer lateral
• Foundation
• Plumbing (copper or galvanized)
• Knob and tube wiring

Good luck, and keep us posted!