I'm new and looking to get into my first investment property. I'm looking to do a traditional house with a small multi-family in the Bay Area. Since Oakland has a significant number of these properties, I was wondering if anyone had any insights as to which neighborhoods are up-and-coming.
In lieu of knowing specific information, it would be great to know some resources so I can do my own research. I'm not sure what I'm looking for exactly. Some of my ideas are locations where future shopping centers are planned, or areas where the city is approving a significant number of permits for residential home improvements, or even land trusts allocated for community restoration.
I'm just trying to form a picture of what Oakland looks like 5+ years from now. Is this a waste of time? What are your considerations when looking at a property?
before you think about becoming a landlord in Oakland do your homework on the local political climate towards landlords in this city as well as the rental laws, proposed laws, RAP etc. The city council pretty much hates landlords.
@Angelou Masters thanks for the ideas. I will certainly look into the laws!
I'll also be living on the property for at least a year. Does that change the landscape any?
They eliminated most benefits of you living there. If you want to evuct someone to move a family member in it will cost xlose to 10k depending on room count. I've been a landlord in oakland for 23 years do your homework! Find the facebook and other landlord groups. Google Carolle Fife, Rebecca Kaplan, Dan Kalb, and there's a few mom that ave tenant activist on the city council. Google moms4housing and look at the views of the council members.
Are you looking for a "traditional house" or a "multifamily". They are completely different.
When are you looking at buying?
Have you been pre-approved with a lender yet?
@Mark Altin you can certainly look up lots of macro data about crime, schools, income, etc. in different parts of Oakland pretty easily by doing some quick web searches. Nothing will substitute actually knowing the area, as the areas where most investors are looking these days in Oakland can vary greatly from one block to the next. A lot of folks are looking at East Oakland because the numbers still work. Especially if you are going to live in one of the units, you may get some good numbers if you move in to a unit that is significantly under-market because of rent control. I think @Brian Garlington has found that kind of deal for his clients where they end up living "for free" in a building they own. I agree with @Angelou Masters that rent control can be a major PITA, but I wouldn't let it discourage you from looking in Oakland. My 2 cents.
East Oakland is literally block by block. Interestingly the number of listings are "down" right now because of very tight inventory. To be blunt, buyers are generally overpaying right now for things on the MLS. Off market deals or things that are miscategorized are where you find the screaming deals right now.