@Rachel Cail - No luck... Still waiting. Last I read on the Alameda County Supreme Court website is that the court extended the stay of unlawful detainer until July 15th. They will only hear cases where the public safety is in jeopardy. I'm not 100% sure, but I read that evictions will not restart until 3 months after SIP has been terminated by Gov Newson. Therefore, we are looking around October.
When I joined the HOA for the property I noticed the property has work orders towards weed abatement. The previous owner never paid HOA. $22K he owned and he never took care of the landscape. This home is in a wild fire area so we are trying to move forward and say they since the previous owner is allowing weeds this is a fire hazard. We just want to get in front of a judge and explain.
The owner has 7 bankruptcies and 2 foreclosures. Around the time we bought the home at foreclosure he transferred the title to another corporation for a $1. 3 months later that corporation filed for bankruptcy and transferred the title to another corporation. All the names are related. There is a group of people that are playing the system.
The previous owner has a twitter account in which he represents himself a successful real estate agent/business owner/financial expert and her made a mention about us and the purchase of this property. In that post he called us #greedy and said we should have checked the title. Of course we checked the title, and purchased title insurance. The title in now on record under our corporation.
So, this guy has 7 bankruptcies, 2 foreclosures, and owes about 12 companies $4M in debt, and lives in a $2M home. He says I'm greedy?
As far as investing in CA. We only invest in homes around us. We do not do any out of state investing. We own 2 airbnb's in Lake Tahoe on Nevada side, but that is a 4 hour drive so we can still go to the property in case of emergency. We figure there is at least a million dollars to be made all the time, from homes that are listed on the MLS. I have access to the MLS because my wife is an agent. I wrote a script that finds homes that were bought and sold within a year on our MLS. There were about 200 flips in Alameda/contra costa counties.
1. Homes are expensive, and remodel costs are the same as anywhere else in the country. It's pretty easy to make 10% on a million dollar home. We don't have to nickle and dime our remodels. Each project is fun to design custom kitchens and finished items. We don't have to do cookie cutter rehabs with the same low cost Home depot sku's.
2. We don't have to do many of them. 1 or 2 at a time provides a good income.
3. We own a few rentals in the Bay Area. Rent Control seems to always be moving towards more tenant protections, but we are in a high demand market. Low vacancy rate. We are planning on remodeling our 5 unit building, but there are a lot of complications with relocating the tenants and then due to rent control, we have have to offer the same unit back to the tenant once the remodel is complete, at the previous rental amount.
