Hi folks! Happy to meet you all!
I'm looking to buy my first rental property ever in the Bay Area! Being a young engineer in SF, I want to start investing in my own property rather than paying the ridiculous rents here. I am looking to buy a house in the West Oakland/Emeryville area and rent out the rooms to other people starting out in the Bay, as well as live there myself. What I am trying to build is a community house where people can share ideas, make new connections, and serve as a comfortable social setting to come home to. I have the down payment taken care of and I have been touring houses in the area. My budget is < $900k. I should be able to handle the mortgage payments and taxes, even if I have full vacancy.
I am pretty new to the real estate investment world, and I would advice and perspectives on what I am trying to build, the area in which I am doing it, the market right now, etc. Alternatively, if you know the area and are open to chat, I would love to meet up for dinner/lunch/gym/etc. Thanks!
$900K is a comfortable amount for a house in West Oakland. You may even be able to get a fancy new-construction 3/3 for that price. There are even 4 and 5 bedroom Victorians that have sold for that price recently. Multi-family properties are also possible. I'd be happy to answer any questions you have and/or get together and show you some listings. There are some great tax benefits to doing what you're proposing!
Hi @Jason Tu , you would have no problem finding a property with that amount of money in West Oakland. I also just recently purchased a property in the same area (Prescott Neighborhood).
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you