All Forum Posts by: Teddy Smith

Hi All,

I own a fourplex in West Oakland, and I live in one of the units. For my first two years here, I've managed the property, but for a variety of reasons I'm preferring to hand over these responsibilities to a property manager.

I'd want a property manager who can easily fill vacancies with good tenants at close to market rents, handle regularly raising rents each year, handle all tenant issues and also provide good recommendations for plumbers, roofers, etc. when work is needed.

Does anyone have a good recommendation?

Thanks in advance.

Hi All

I have a large garage in my single family in Oakland, CA (approximately 400 sf) that I want to convert into an ADU, preferably a 1 br. Want it permitted and separately addressed and separately metered, ideally.

I'm hoping to get some guidance here. It looks like I'll be able to borrow $100k to build it, and I've gotten quotes from 3 contractors and one came in at $80k, one at $130k and one at $200k.

I'd love to go with the one at $80k, but the range of pricing has me worried because if the $80k guy doesn't come in at $100k or less, I don't have any extra money.

Does anyone have any advice on how much this should cost with a reasonable contractor?

Recommendations of reasonably priced licensed GCs are welcome.

And more broadly I would like some feedback on if this is a good idea, if building a separately permitted and separately addressed ADU of 400 sf for $100k or less is doable.

Also feedback on doing it unpermitted and why that's something I should consider.

@Brian Garlington appreciate the input. Do you happen to have a contractor you'd recommend who could do this?

Hi All

I own a triplex in Oakland, and I have one of the units coming vacant soon, and it's a large studio that I wanting to convert into a 2 bedroom or 3 small bedrooms and then rent it out month-to-month to travel nurses, as I think I could drastically increase the revenue renting it this way.

I've tried googling temporary walls in the SF Bay Area, but I'm not finding any good options.

Does anyone have a handyman or carpenter who they could recommend to do this work?

Work is needed ASAP.

Thanks for the help, guys.

Hi All

I'm writing because I bought a property in Oakland last year with an FHA loan that includes 2 building on one parcel / title: one is a single family 2 bedroom, 1 bath with a huge unfinished garage (essentially 3 cars deep), and one is a triplex, and the 2 buildings are connected by a small back yard.

The triplex is currently fully rented out at $4,250 per month in rents (essentially market rates)

And I'm currently living in the single family.

I write both to seek advice / opinions on what to do with the property, as well as potentially get a reference for a real estate attorney to help.

My goal is to get them cash flowing as much as possible, as well as increase my equity.

My plan would be to get a lawyer to help subdivide the buildings into 2 titles, and then get a conventional loan for the triplex and a fannie mae homestyle loan for the single family, and use it to get additional funds needed to convert the unfinished garage into a 1 bedroom unit and then rent that out, and move out of the top unit and rent it out.

The thinking behind the sub-division being that the 2 buildings separate are worth more than the 2 on one title.

And the thinking behind the fannie mae homestyle loan for the other unit being that I want one more door and I want to use someone else's money to build that additional unit.

Thoughts?

Advice?

Hi 

I own a triplex and a single family in Oakland, and I could use a good real estate attorney to help me manage my properties. I just bought both properties last year, and I could use some help with things like writing leases and also just generally making sure I'm protected. Does anyone have a good recommendation?

Hi All,

Reaching out for some help.

First time landlord, 6 months into taking the keys (live in landlord--4plex and I live in one unit and rent the other 3), I have my first tenant who is late on rent.

She texted me this afternoon saying she won't be able to pay until Monday or Tuesday.

For reference, when we signed the lease she asked if there was a grace period on late rent, and I said no, and that it would be $25 late fee for each day late.

Any advice on how to handle this?

As well as any Alameda County specific advice? I've been told by many that it's not a landlord friendly county so I don't want to do anything I'll regret.

Hi All,

I just had an offer accepted on a 4-plex in Oakland, CA using an FHA 203k loan. It has some work needed, and I'm looking for a contractor who has some experience with FHA 203k projects to work with.

All recos are appreciated.

Thanks,

Teddy

@Bjorn Ahlblad greatly appreciate the input, Bjorn!!

are you saying that $15k for termite work would be the price on a more-or-less healthy property, and that if there's more substantial termite infestation, that it could very well be substantially more?

Hi All,

I'm a newbie trying to put together my first deal. I've put an offer in an a 4-plex in the East Bay of the SF Bay Area.

Redfin lists it as being worth an estiamted $1,070,000, and I offered $1,000,000, mostly because the disclosures list out $80,000 in needed foundation work and another $15,000 in termite work. (I am using an FHA 203k loan so I could conceivably address these issues right away).

They countered back at $1,050,000.

My realtor is telling me that I don't really need to take care of either the foundation work or the termite work, that the building is livable and rentable in it's current condition.

And that by not taking care of the work now, it doesn't expose me to any add'l liability if something were to go wrong due to not addressed these disclosed issues.

A couple questions: first, is what my realtor is telling me accurate? 

Second, if so, does anyone have an opinion on what I should do about the counter?

with $95k in known work needed and with the FHA foreclosure moratorium set to end at the end of next month, which will likely cause a decline in prices, I'm inclined to stay put at the $1,000,000 offer, but I'd be curious to hear some opinions of more experienced investors.

Let me know.

Any feedback is appreciated.