All Forum Posts by: Angelou Masters

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.

Yeah they city council will be coming at us full force and they plan on implementing TOPA which is another good reason for selling.  The would never categorize Albertsons, Safeway,or a super Walmart with a guy that owns a local neighborhood store but they throw the mom and pop landlord in the same boat with these major corporations and hedge funds. I just can’t get over how greedy and evil they try to make us seem  for providing a necessary service. The city should build thousands of units and rent them out at cost, oh I forgot the city doesn’t way to be in the rental business the prefer to dictate all the rules and have no skin in the game like mostly all of the city council members except maybe one. Now is a great time to sale..

Now is still an excellent time to sell. I would sell with two empty units and that would give the new owner the ability to pick his own tenant, do some remodel projects , and be able to choose a rent amount that will work for him. Also with Carroll Fife Being voted in as the newest Oakland city Council member the deck is now stacked against landlords and we will now feel the effects of a full court press.  The city council now have 4 very staunch tenant rights advocates on board with decades of experience in that field and they have vowed to swing the pendulum all the in favor of tenant.....

The city of Oakland will definitely let you turn a duplex into a single family and vice versa. I sold a duplex about 2 years ago and the seller turned it into a SFR and did very well on it. My plan was to make it into condos which the city said was fine but I decided to move on to other things I had going on. Just do all the legwork and due diligence you can up front and make sure the numbers will make sense.

Good Luck

can you send me the rates and terms for a refi as well as a new purchase. The loan will be vested in my LLC

One point is great 2 points is also very good for that type of loan. The interest rate is also very good. Try 5arch funding they have pretty good rates.

not bad. I would prob charge a bbn out the same.

This is there so called way to prevent slum lording which makes no sense. I flip houses so I'm aware of the code, the only way around it is to pull some permits before that deptartment gets to you. The permits you should always pull is furnace, water heater, plumbing for a toilet and or faucet and anything electrical like swapping out some receptacles. If not that will ding you for everything that's not up to code wether you are responsible for it or not, and that can get very expensive! It's not fair because most buyers don't know about this code and there are not any real estate disclosures for it yet. It's a long shot but I was successful after receiving the notice once by just pulling the permits and speaking to the lady that runs the department. The last thing you ever want the city to do is inspect your property, because it will hurt!!

I hope I'm wrong but those 4 individual leases can become very problematic and expensive! Oakland's leadership does not believe in any owners rights and with the free legal help tenants get, they might as well own your property.

what’s the status of this property? Is it listed, is it vacant?