Investor · Milwaukee, WI · Member since 2014 · 115 posts · 75 votes
I posted here before of my painful experience dealing with CitiMortgage for my condo conversion refinance in San Francisco.
I just signed closing papers yesterday for another property my husband and I just purchased (also in SF), and am still in awe of how painless the financing process was. It took us 18 days to close - record speed! Everything went so smooth with no last minute surprise.
Anyway, I'm not sure if it is ok for me to post the mortgage person's contact here, but I'll try anyway :)
Her name is Linda Wong, from Wells Fargo.
Hope this helps. I just wished I would have used her for that condo refi!
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Congrats on the new purchase @Account Closed ! I just closed on a 4plex in Oakland a couple weeks ago too.... in 18 days! With conventional financing.. Mine is through a broker at MPR Financial for the second time, but whatever works!
Everyone says it's impossible to get financing, 45 days, too much paperwork, etc.. Ya, it's some work. But not if you have the right people in place..
He's starting on a refi for my Richmond 4plex too now.. Get in while the rates are low!
Looking forward to hearing about your deal at the next meet up Joanna.. Just FYI, Johnson H is having one in SF on the 19th, although I don't think I can make it, because I'm scheduled for another in Mill Valley..
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Congrats on the new purchase @Account Closed ! I just closed on a 4plex in Oakland a couple weeks ago too.... in 18 days! With conventional financing.. Mine is through a broker at MPR Financial for the second time, but whatever works!
Everyone says it's impossible to get financing, 45 days, too much paperwork, etc.. Ya, it's some work. But not if you have the right people in place..
He's starting on a refi for my Richmond 4plex too now.. Get in while the rates are low!
Looking forward to hearing about your deal at the next meet up Joanna.. Just FYI, Johnson H is having one in SF on the 19th, although I don't think I can make it, because I'm scheduled for another in Mill Valley..
San Jose, CA · Member since 2011 · 160 posts · 167 votes
12y
I am looking to pull some equity out from my rentals thru either HELOC or second loans. Talked to First Republic but they only do 65% LTV, that's exactly where my current loans are at. *Doh!* Anyone have suggestions? The two rentals I want to pull from are in Roseville and Santa Rosa.
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
@Account Closed - Congrats on your new purchase! You'll have to tell me all about it during the meetup on 6/19! Glad you found someone experienced and got it done for you. The hassle you told me about with Citi sounded like such a pain!
@Manch Hon - I would contact US Bank and Wells Fargo as they handle lots of HELOCs. Wells Fargo is one of the largest HELOC providers in the nation. However, I read that they are changing things up and will go P&I on a HELOC instead of the usual Interest Only for the first 10 years.
Thank you! I was so bummed that I couldn't make it to your get together. Was dying to see your new purchase!
I couldn't put in words how happy I was and still am with the way Wells Fargo and Linda Wong and Renee Mickelson helped every step of the way.
After that Citimortgage nightmare, I have even more appreciation dealing with people who are very professional with great work ethics. Those citimortgage people I woked with, disappeared on me in the middle of things, when we were like 3 weeks behind the original closing date!
Too bad you won't be there for the 6/19! But hope to catch up soon. I don't know how you could have that much energy between full time job and all these deals going on. And I can't believe you are puchasing the 4plex right now! Hahhaa.. keeps me inspired tho.
@Johnson H.
Yeah, avoid Citi - that's my best advice to anyone :)
Very excited with the new purchase. We closed today but it's uneventful since the seller rents the place back until end of July.
Actually we were not planning to buy another place, at least not per last month. But after joining the BP nations we got pretty inspired. And @Amit (hey how come I couldn't tag Amit?) buying in the Bayview sealed the deal for us. We went ahead and bought. This buying stuff is addictive, I tell ya :)
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
Is everyone in SF jumping on the Bay View bandwagon? I'm going to have to look into this myself too!
The market is going real crazy these days, a rehabed home in the outer Sunset sold for $1.55 million recently, way over its asking of $1.1 million. I have lived in the Sunset my entire life and this is the first time I have heard of a home in the lower 40th Avenues go for more than a million! It's bonkers out here, makes me want to go out and secure my primary residence before everything in San Francisco gets too expensive for me!
Is everyone in SF jumping on the Bay View bandwagon? I'm going to have to look into this myself too!
Well, you and I know @Amit. I just met someone else yesterday (online, responding to my rental ad) who just got his offer accepted last Friday. Our friend is putting a bid on a house there as well.
I guess bottomline is, where in SF can you get a remodelled 3-bedroom house wiht nice backyard for under a Mil? BV has great weather, access to 101, 280, not far from 80 only a T-line away from the DP (Dogpatch) and Fi-Di.
We are definitely very happy with this buy. Renting it out for now, with the thought of moving in in the next 2 years!
San Jose, CA · Member since 2011 · 160 posts · 167 votes
12y
I just bought in the Ingleside neighborhood. Rehabbing it right now. With regards to BV, how about the whole southside? Like Crocker, Excelsior, Outer Mission?
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
@Manch Hon - Ingleside is good closer to City College. Closer to 280 gets rougher. When I looked out there in 2010 for investment purposes, I didn't find any cash flow. Now that rents have increased dramatically over the past two years, I'm sure your new investment will bring you a good yield. All of those places you listed have traditionally been a bit rougher than the Richmond and Sunset district but not as bad as Bay View. However, real estate is local and I think the area around Josiah Ave and Lakeview Ave is great.
Investor · Milwaukee, WI · Member since 2014 · 115 posts · 75 votes
12y
"not as bad as Bay View"
@Amit (I still can't tag him) - I'll push @Johnson H. to his side and you can smack him, ok? :-b
I feel the need to defend my investment here: BV is changing. It's very dynamic, diversed, and have 100X better weather than the Sunset or Richmond. It is the DP in the making. Or even the Marina, although personally I like DP better.
Just 5 years ago when I was working in Fi-Di, I was a bit scared going to DP, in fact didn't know the name DP then. It's a trendy place now. The new brewery attracted all kinds of crowd from SF and the surround areas.
@Manch Hon : Our real estate agent actually suggested to go to Ingleside, Excelsior and those other areas you mentioned. Somehow personally I have more faith in BV's future. I could be wrong mind you, but I just started liking BV lots.
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
@Account Closed . I think Ingleside is more established and might be more stable growth in value. But I think Bayview has more upside.. especially if it really takes off..
DP nearby and the whole push down from AT&T park downwards can't stop.. And I'm sure you've seen the Shipyard development.. It's all great geographic location for freeway access to Peninsula and downtown SF. Are they taking the T line all the way down there? I love that the just renamed the Bay Point project "Shipyard", then they tilted the map 90 degrees in their advertisement, so you can't tell where/what it is.. lol
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
Hey @Account Closed, I didn't mean to make you think that I was knocking investing in the Bay View area. I mentioned that traditionally, it has been a rougher area than the Sunset and I meant that in a personal safety context, not in an investment context. I know the area is changing and it makes investment sense to invest in some of those areas. The Dog Patch has changed dramatically over the past 10 years and its a very trendy area. The prices and the rents you can get in Bay View is great. Especially if you purchase close to the light rail, I think it would be a fantastic investment.
I just want to point out that Bay View is still a rougher area compared to other parts of the city in terms of safety. Its definitely changing for the better but its no Disneyland in many parts of the area. I personally know friends that have live in the area that have been robbed on the street multiple times, their houses robbed during the day, and gunshots heard at night time often. That said, my house has been robbed in the Sunset so it happens everywhere but a bit more in Bay View vs Sunset. That said, would I personally invest in the Bay View area if I see an opportunity? YES! Would I want to live there? Probably not, I am a wuss. :)
San Jose, CA · Member since 2011 · 160 posts · 167 votes
12y
Heard that Hunters' Point is gentrifying fast... Need to check it out more. But wow, didn't expect to see so much upbeat comments on BV. But yes, it's the last affordable bit of SF, and by affordable I mean half mil for a SFH.
And yes, lots of things going on there now, left right and center. I'm very optimistic with this newly revived 'hood.
@Johnson H. Actually I had never been to BV (aside from that Speakeasy brewery), until just a month ago when we started looking, and we were SCARED to get out of the car. Just didn't know what to expect, you know. And turned out, it's a nice neighborhood, peeps looked 'normal' to me. But yes, crime rate probably is higher, and there is shooting here and there, but it's nothing different than Potrero Hill where we have our investment as well. And of course in the Mission where I lived for quite a few years, there were some shootings happened just 2 blocks from my condo. And one time I was looking out my window and saw a transaction going on right at the stop light. Just remembered this again when we were watching breaking bad last night.
But I hear ya about not wanting to live there. I wouldn't at this point, because we can't walk to nearby restaurants since there aren't that many yet (my husband said, not really walk, more like RUN). But, I'm very optimistic that there will be a few within the next 2 years. Because once it starts going, it will go fast. And again, SF is small, only 7X7. You can't really go wrong :)
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
@Account Closed - Glad were on the same page about Bay View. When the sun is out, its not that bad of a place. However, I would not want to walk those streets alone at night!
Bay View has the cheapest real estate in San Francisco and is following the rest of the market in terms of rising values. Every city I've been to, there is always good areas and bad areas but with SF so small, maybe there won't be any bad areas one day? I wonder if continuing demand for living in SF will continue to increase rents, causing the area to continue to gentrify and make Bay View on par with the Sunset one day? It is going to be an interesting decade to see what happens and very lucrative if it does.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
12y
interesting discussion. Yes, bayview is definitely gentrifying quickly, although still a bit rough. But look at the mission. Yuppies spending north of $1000 psf to be a block away from 16th st BART, and that area is still rough! I think the question is more, is it ROUGH, or rough lite? Just avoid walking alone late at night, and you'll avoid most problems. I've been in bayview dozens of times by now, and don't think twice of walking around daytime. Same with the mission. You also need to get used to areas. A lot of people may look rough or bad, but really are not. I'm just glad that other people think this way!- those are my future tenants and home buyers that will help improve the neighborhood :)
As for the other hoods mentioned, Crocker, ingleside, excelsior, outer sunset, etc., yes they are all improving as well. I just made a strategic decision that bayview has the most upside potential, due to a variety of factors.
And btw, the HP shipyard is being branded now as "the shipyard." They dropped hunters point for the obvious bad name association....and of course some SF "activists" and local political hacks complained about it! This city is so good at sabotaging anything other cities would love to have.
I'm aware of the toxic controversy, but not too worried about the it. A- it's a complicated issue, and there will always be someone crying foul (especially in frisco!) B- once people start moving in, en mass, it will become a proof is in the pudding/less of an issue. C- my sh*t's in Bayview anyway, which is over a mile away from the alleged toxics.
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
@Johnson H. , what's all this comparison with the Sunset!? I lived out there for years! Cold! Quiet! Only a few retail strips. Takes forever to take train downtown. Beach is freezing. Adios! I hope Bayview & Shipyard never get that boring! I was more thinking an influx of fresh restaurants, some more music and bar venues, some art & pedestrian stuff.. I think it could blow up like dogpatch, or even the mission way down the road.. Not exactly the same vibe.. But the same $/ft..
Is your comparison to the crime aspect for Sunset vs Bayview?.. Or maybe I'm just too optimistic about it..
@Amit M. , what would you ballpark there in 10 years? $1,000/ft?
@Account Closed ,
Anyone care to wildly speculate on this forum, just for sh!ts and giggles...
San Jose, CA · Member since 2011 · 160 posts · 167 votes
12y
Too see where BV is heading I think just look at the neighboring Silver Terrace. It's a bit further down the gentrification road and there is a large and growing Chinese population there.... It's often the case that immigrants are the gentrification pioneers. Lost a bid on a ST house back in March. Price is surprisingly (to me) robust.
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
@Manch Hon - Candlestick park will be demolished in the future with new developments built after that. I think properties closest to the Candlestick park would be a good investment that would rise after the new retail, housing and entertainment venues.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
12y
@J. Martin is your recent SF acquisition a flip or buy and hold? Interesting that you're in SJ and buying in SF. Do tell/share the deets on your objective :)