San Francisco, CA · Member since 2016 · 23 posts · 7 votes
Hi everyone!
My name is Pratish. My wife and I have been talking to friends and family about rental property investing for a while but only now are actually trying to do it. We're hoping to close our first rental property soon, in Daly City just south of San Francisco where my wife is from. We are currently based in Philippines but have close ties to Bay Area.
This site and the book on rental property which led me here have both been very helpful particularly for me as a newbie. Hoping to learn lots and have interesting discussions with others on this journey. Talk to you soon!
Thanks,
Pratish
Investor · San Francisco, CA · Member since 2016 · 15 posts · 4 votes
9y
Hi @Pratish Halady, it's great to meet you. I'd avoid Daly City if possible, given the lack of demand to live in Daly City. Most locals view Daly City as a transitional move, while trying to get closer to the city. For multiunit rentals, I would focus on the Richmond and Sunset districts within San Francisco. Feel free to DM me for more info.
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
9y
Hello and welcome to this website! It is great if you have some friends in San Francisco that you can count on to help you with with your investments. I initially try to find something close to them. At the very Owning rental property with an outside property manager is a long term investment with a small quantity of units (about 18) that will allow you to demand regular income and expense reports and have an electronic method for rent deposits will minimize your need to travel. You could probably afford to hire some of them part time to reimburse them for what they do.
Learning is crick in real estate and should go on forever. The more you learn, the more confident you are likely to have. Try to stay as close to San Francico downtown as you can afford. If you want to inest around some other city and help your Eportfolio like Dallas Texas where we live. It is just diversifying with your investing. Posititive cash flow can help your future and is typically a part of investing in MF. Partnerships and syndications could help you.
I am 60 years old and have my share of opinions. The bulk of my experience has been the construction business. I also have a little in real estate though I never did do that full time. I held an active real estate broker license for about 30 years. Part of my learning about real estate came from my college courses which also contributed to my broker license. If I can help in any way please contact me through BP at any time. I am on there just about everyday while I medically recover.
Real Estate Agent · San Francisco, CA · Member since 2016 · 16 posts · 3 votes
9y
Hi @Pratish Halady and welcome! BP is the place to be if you're just starting out. I'm an investor myself in the San Francisco/Bay Area. If you have any questions I am happy to help. I know how overwhelming it can be in the beginning.
Investor · San Francisco, CA · Member since 2016 · 15 posts · 4 votes
9y
Hi @Pratish Halady, it's great to meet you. I'd avoid Daly City if possible, given the lack of demand to live in Daly City. Most locals view Daly City as a transitional move, while trying to get closer to the city. For multiunit rentals, I would focus on the Richmond and Sunset districts within San Francisco. Feel free to DM me for more info.
San Francisco, CA · Member since 2016 · 23 posts · 7 votes
9y
Thanks very much everyone for the warm welcome!
Michael Lee thanks for the advice. Indeed we are focusing on that area because we have a lot of family nearby and some of them have been investing in that area for a long time.
Very much look forward to learning from and discussing things with you as we get into this!
San Francisco, CA · Member since 2016 · 23 posts · 7 votes
9y
Hi @Nicholas Wootten, thanks for that advice. That is interesting and I hadn't thought of it that way earlier. In terms of area, more specifically the location we went for is in the St Francis heights area a bit farther south which I think is a bit nicer than the northern part of Daly City (e.g. the Crocker area).
My rationale for this area was (1) it is close to SF but does not suffer from all the rent controls and tenant friendly rules in SF itself, and (2) since it is close to BART, might be workable for someone working in city or in Bay Area but more value for money.
My in-laws actually live in Richmond which is very nice. They rented out the upper unit of their house but had so many problems because of the rent controls and tenant friendly laws, so I'm just trying to stay away from that.
Curious to hear your take on that area and my rationale, given your experience doing this in the city. At this point I might be already in, but still good to know as I try to rent it out. Thanks so much!
Investor · San Francisco, CA · Member since 2016 · 15 posts · 4 votes
9y
There's definitely still a demand in Daly City and it's much more landlord friendly, but the rental growth or equity will not increase as fast in that specific area.