All Forum Posts by: Tom Smith

Is there any minimum length to do a 1031 exchange on a property? Let's say you but a owner-occupied rental property but then decide that you want to move to another state to do another house hack in 3 months. Could you 1031 the sale of the property into your new property if you just owned for 1-3 months? Is there a minimum amount of time you need to own the property for 1031?

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Originally posted by @Chris Williams:

Average, yes, around 750. But the range goes wide - I've seen rooms go for $1200/month easily. Not even super-high-quality rooms either, if the neighborhood's any indication.

Okay so I am wondering if the cost of rent for rooms per month is roughly the same across the US and varies less from location to location. $750/mo isn't very high compared to the high house prices in the Bay Area right? Room rentals in Texas are around $500-$750/mo but the salaries are (much) lower. Can anyone offer some insight into this?

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Originally posted by @Chris Williams:

Dang, where are you looking?

Here in Fremont we had 2 rooms open in my place (I rent here too). I listed them at $800 each and only received a scattering of BAD prospects. Flakes, people with serious financial troubles, and one guy who wanted to move his girlfriend AND his dog into the room!

We eventually got people in at $750 each, but it took 2 months and way too much stress. (I considered it good practice for screening future tenants.)

If you're seeing cheap room rent in places like Oakland, Berkeley, or San Jose, that could be from A) larger houses with lots of rooms, B) older homeowners looking to supplement income, or C) homeowners looking to attract college students or startup employees.

It's also possible that enough people have left the Bay Area that it's starting to affect rents.

Craigslist rooms & shares sorted from lowest price to highest.

So would you say the average private room for rent is $750/mo in Fremont? Is it easy to get renters for rooms as you said it took you 2 months?

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Why is rent for private rooms in Bay Area so cheap ($500-750/mo)?

I am looking through craigslist rooms & shares and many people are advertising private rooms for rent in Bay Area for $500-$700/mo. Why are the room rent prices so cheap? Are private room rental prices not as competitive due to high supply and lower demand?

These are rooms in extremely high housing price places such as San Jose, Palo Alto, Fremont, etc.

I am looking at the Houston rental market too and the prices are basically the same for private room rentals $500-$700/mo.

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Why is rent for private rooms in Bay Area so cheap ($500-750/mo)?

These are rooms in extremely high housing price places such as San Jose, Palo Alto, Fremont, etc.

I am looking at the Houston rental market too and the prices are basically the same for private room rentals $500-$700/mo.

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Why is rent for private rooms in Bay Area so cheap ($500-750/mo)?

These are rooms in extremely high housing price places such as San Jose, Palo Alto, Fremont, etc.

I am looking at the Houston rental market too and the prices are basically the same for private room rentals $500-$700/mo.

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San Jose, California

Why is rent for private rooms in Bay Area so cheap ($500-750/mo)?

I am looking at the Houston rental market too and the prices are basically the same for private room rentals $500-$700/mo.

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Originally posted by @Chris Mason:

Originally posted by @Tom Smith:

Originally posted by @Miguel Dormany:

@Tom Smith no sorry there is no way of knowing ALL homes the realtor has sold. MOST of the homes yes, but not every single one.

Okay, how do you find out how many MLS listing homes a realtor has sold or helped a buyer purchase? Does Zillow give you all of these listings?

Let's say a real estate agent tells you they sell 10+ homes a month. Is there any way for you to confirm that this is true? What if they said they sold 50 homes in X area. Again, is there any way to confirm that this is true?

One of the agents I work with has a cell phone app that ties directly into the MLS, that does this. She uses it to poach clients from agents overstating their experience.

IRL if an agent sells 10+ homes a month, and isn't a builder's in-house agent, you will know because they will be one of the "Big Names" in the market. It's not unusual for a seasoned agent making a decent income to only sell 10 homes a year.

The hierarchy from "most transactions per year" to least transactions per year is: escrow (lawyer if you're in a lawyer state), appraiser, lender, real estate agent. It's in the neighborhood of 5x as much current relevant experience (measured by closed transactions) at each level. It's actually quite interesting that typically the folks with the most transactions under their belt are the folks that you as a consumer have the least contact with, and the least experienced folks are the ones you have the most contact with. Assuming similar levels of success/experience/etc, an escrow officer looks at 5x as many transactions as an appraiser appraises homes, who in turn appraises 5x as many homes as a lender lends on, who does 5x as many mortgages as a real estate agent sells homes. This is ballpark (meaning there are cases where it's 3x or 10x) holding ballpark constant years in the industry and success, and excluding outliers.

EDIT: Actually now that I think of it, appraisers are probably kill my little 5x theory. I'll leave them in because ninja edits are rude, but it's probably more like 30x for them.

That's great information, Chris. But can you actually verify/confirm the # of houses any real estate agent claims to have sold in the last month, year, or lifetime? For example, if an agent says they sold 100 homes last year, is there any way to confirm this?

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Originally posted by @Miguel Dormany:

@Tom Smith no sorry there is no way of knowing ALL homes the realtor has sold. MOST of the homes yes, but not every single one.

Okay, how do you find out how many MLS listing homes a realtor has sold or helped a buyer purchase? Does Zillow give you all of these listings?

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All Forum Posts by: Tom Smith

Tom Smith has started 37 posts and replied 64 times.

Post: Is there any minimum length to do a 1031 exchange on a property?

Post: Is there any minimum length to do a 1031 exchange on a property?

Post: Why is rent for private rooms in Bay Area so cheap at$500-750/mo?

Post: Why is rent for private rooms in Bay Area so cheap at$500-750/mo?

Post: Why is rent for private rooms in Bay Area so cheap ($500-750/mo)

Post: Why is rent for private rooms in Bay Area so cheap ($500-750/mo)

Post: Why is rent for private rooms in Bay Area so cheap ($500-750/mo)

Post: Why is rent for private rooms in Bay Area so cheap at$500-750/mo?

Post: Is there a way you can find out ALL the homes a realtor has sold?

Post: Is there a way you can find out ALL the homes a realtor has sold?