Buying First Property in East Oakland
Hi everbody, I'm ready to take the plunge and purchase my first property in the Bay Area. My plan is to buy a small multi family in East Oakland and live in one unit while renting the others.
I grew up in the Bay Area and just moved back after five years out of state. Growing up I avoided deep East Oakland because of all the horror stories I heard, i've been surprised to hear from some folks that the area is starting to turn around.
I wanted to get some opinions from local investors about what its like to live/own in East Oakland. Is it a nightmare trying to be a landlord in this area?
I am married to a (I think) beautiful woman and I want to be able to go to work during the day and feel like she'll be OK if shes at home.
Originally posted by @Andrew Brewer:Hi everbody, I'm ready to take the plunge and purchase my first property in the Bay Area. My plan is to buy a small multi family in East Oakland and live in one unit while renting the others.
I grew up in the Bay Area and just moved back after five years out of state. Growing up I avoided deep East Oakland because of all the horror stories I heard, i've been surprised to hear from some folks that the area is starting to turn around.
I wanted to get some opinions from local investors about what its like to live/own in East Oakland. Is it a nightmare trying to be a landlord in this area?
I am married to a (I think) beautiful woman and I want to be able to go to work during the day and feel like she'll be OK if shes at home.
Hi Andrew,
Drive around at midnight. No one can answer the "will we feel safe here?" question but you and your wife. :)
The #1 thing you hear about is car break-ins. Don't leave anything valuable and visible in the car, or containers (backpacks etc) that could contain anything valuable. This can be tougher if you have a hatch-back.
Hey Andrew, I also grew up in the Bay Area.
If you have your eyes on single property, I would suggest driving through the area to determine what you feel comfortable with. You can take a morning and drive through East Oakland and take notes on which areas you feel comfortable with and areas you want to stay away from. Depending on the street and quality of your structure, that will really determine the quality of your tenant. I would also suggest screening you tenant if you weren't already planning to!
California is a tenant friendly state, so I would be careful with rentals. If the tenant knows how to work the system, It can be easy for them to stay in your property rent free for a long period of time. That will definitely give you a headache!
It really is street by street and really dependent on the neighbors. Like others have said, drive at night and talk to as many neighbors as you can. I know that Coliseum, Fairfax, Lockwood-Tevis, and Havenscourt, just to mention a few neighborhoods, have seen massive influxes of people. I am constantly shocked by how much homes are renting (and selling) for. If you have a particular property in mind, feel free to send me the general area and if I know it, I can share my opinion.
Crimereports.com
In addition to doing slow drives through unfamiliar neighborhoods at night, I would suggest you and your wife familiarize yourself with the local landlord and tenant laws! Oakland has been described as a complicated area to be a landlord in so you may benefit from the head start!
https://www.tobenerlaw.com/category/oakland/ & http://rapwp.oaklandnet.com/
Congrats on the plunge! Link up with a great local lender that can knock multi-family loans outta the park and be diligent in your search!
I'd check in with @Account Closed who invests actively in east Oakland.
Perhaps some sage words from the Saj...(hi Saj ;)
I’m pretty sure you’ll be okay safety wise if you tend to MYOB. Get in good with your neighbors and you will be untouchable I assure you. The only thing you have to worry about is car break ins. Also you should never appear to be well off. Live humbly and simple, get in good with neighbors, be cool and you’re in a safe zone.