All Forum Posts by: Shopitha Kumar

Hi,

I am a first time home buyer looking to find a decent home in a good neighborhood for a decent price in Bay area. I see a Trustee Sale listed in Redfin in Bay Area . Property is also a fixer upper . I see property is listed for 900K. I dont see an Auction Date or location or any other detail.

1) How do I find the Auction Date and location ?

2) Is the price listed in Redfin usually the Opening Bid for the property or can it be lower ?

3) What are the challenges in purchasing a Trustee sale property in Bay for a First timer's especially during COVID Times 

Shopitha

I am a newbie and wanting to buy our first home in Bay area. I am also interested in learning about Real estate investments in Bay area market. We are looking at Duplex and Fourplex as that could reduce the monthly cost !! 

While looking I found this interesting property in Fremont. It is Single Family Home with more than 10000Sqft. But it is R-3 Zoned and they have permit to build 4 Town houses . its listed for $1.12M. This property keeps going into Pending and comes back to market (happened 3 times).

1) What are the things to know when buying a R-3 Zoned land and building a house to your liking ?

2) Is it easy to get bank loan for such venture for someone whos primary income is through their full time job ?

@Rick Trivedi : In general how easy is it to sell back Duplex ?

Hi , I am looking at Duplex in Bay area . Idea is to live in one and rent out the other. So this will be our primary home for next 3-4 year. I have currently found a property that is $1.5M . The Rent on the second unit is $2625 ( The main unit can be rented for $3350 as it is a bigger unit , but we need more space). The Property tax is 1.27% . We are looking at 30 year fixed loan at rate of 2.875% and 7-1 arm is 2.25%. We want to live in this property for only 3-4 years and then move out.  We will be doing the property management ourselves and the property seems to have 5% vacancy loss.  The property is in a decent neighbourhood (Willowglen) with less crime rate. The schools are not that great . 

Would this be a good deal ?

Also how easy is it to sell the Duplex in Bay area ?

The Property I am looking to buy is in Bay area. The property has a negative cash flow of -0.4% at an interest rate of 3.5% . If I bought this property and lived in one Unit, I am looking at an interest rate of 2.25% . The other thing is my current rent is $3100. The unit I am planning to live rents out at $2500 ( So I will be saving up on the rent I would pay , if I lived in one unit). The remaining three units generate $5400 in rent. 

I am a first time home buyer and I am looking at 4 plex in Bay Area that are between $1.5 to $1.6M . I am planning to live in one and rent the rest . I am worried about the eviction and rent moratorium in place in California. Let's say 2 of the 4 house has month to month lease and the tenant work is affected covid-19 . How would eviction moratorium affect me ? Would this still be a good buy considering the lower APR (2.25%) and if I can manage for 6 months?

HI,

I am looking to buy a 4plex  and it costs about $1.57M. I am planning to live in one unit and rent out the other 3 unit. The other 3 units are rented out and rental income is $5400 per month combining the 3 units. The property tax is 1.2%. The vacancy rate is about 4% and we are planning to use a property management company that has quoted 8%.  We will be eligible for 2.25% interest rate as this will be our Primary residence. Our current rent is $3.2K and the unit that we are occupying is about 2.5K in rent (which I didnt account in the rental income). This property has a negative cash flow if it a purely investment property( -0.5%)

1) Would this a good investment considering we will be living in this property for 1-2 years ( We definitely want to move out after 2 years MAx)?

2) Is it a good idea to apply for FHA ,request for 5% down & Pay MIP of 1.5% ) instead of putting 20% down if lets say we can grow the remaining 15% down payment money at a 8% rate ?

Kindly share your thoughts !!

-Sofia