All Forum Posts by: Calvin Kwan

With the passage of Measure Y, the OOC exemption goes away in Alameda County immediately, correct?  How does 10 allow you to be exempt in 12 months?  

So you purchased this property for appreciation? Did you run the numbers and know you were only getting 3% CoC going in?

I wouldn't trust comps too much.  Trust the hard facts and the actual numbers.  Assume tenants won't move out, given they are in a great location and probably priced out of Oakland.  

Like many have said, it is completely possible make 1% rule in the bay area.  It just takes work, patience and knowledge.  You don't have to go out of state, unless you really want to.

Mind if I ask how you analyzed this deal before you made your purchase decision?  Only asking because the numbers don't quite add up.  You can take your downpayment and buy 2-3 properties in the east bay that will cash flow $2K+ each.  

Also join EBRHA.  They have weekly seminars where you can get a ton of education.  

Like Saj mentioned above, learn the laws.  They can work for you, or against you.  You'll have many more options if you OMI and look for duplex/triplexes.

Hey Sunday,

Would love to connect. I just finished rehabbing my duplex in NoBe that rents at market. 

Curious to pick your brain on your rehab process and maybe share notes. 

Let me know if you’re interested!

Thanks,

Calvin

Have you tried Fairy?  I've been seeing their ads and the rates seem very reasonable.  I have someone that charges $35/hour, but she's very thorough... a bit too thorough :)

Look for 2-3 plexes as they are more investor friendly, especially if you OMI.  Also, learn the rent control laws and you should be able to make it work.  You'll find plenty on this forum who are cash flowing in the Bay Area and making the 1% rule. 

It might be a good idea to do a bit of homework before actually reaching out to an attorney.  Are you part of EBRHA?  They have tons of resources and folks you can reach out to for questions.  Most attorneys charge in the range of $400/hour.  Daniel Bornstein is popular here in the forums.  I use Scott Harris at Harris, Rosales & Harris.

The tenants shouldn't be able to challenge rent increases unless it is above the annual CPI. Is your mom qualified to bank rent? She can also pass through CAPEX, though not as advantageous as before. Definitely find out if the tenants are protected status or not.

Think you might need to provide more details.  What are the rents?  Make up of the units?  How many units?  Price of the property, etc.

List you unit as a short term rental on Airbnb for 30 days or more. Plenty of people do that.