All Forum Posts by: Calvin Kwan

25K above asking for Oakland is pretty reasonable.  Most folks pay much for more :)

I'm curious to know how you were able to get a loan with a non-legalized unit?  Was this a conventional loan?  Any issues with appraisal?  

You should check if your property is zoned for a duplex.  If not, you won't be able to legalize the second unit.  There are also a ton of other requirements to get it zoned.  It's not an easy process - I've inquired with the city in the past.   If you can't legalize the unit, renting it out will be risky for a variety of legal reasons.  Oakland is a very tenant friendly city, so if you rent a unit out illegally, tenants can bring litigation against you, withhold rent, etc.  Your call if you want to take the risk.

One more thing, you might not be able to get separate meters unless you're zoned properly.  That's another thing to consider.

You might want to try to call the city and explain you are just shy of the requirement.   They might give you a different answer.  Let us know us!

Variances are also extremely difficult to get and are only granted in extraordinary circumstances. i called the city not too long ago to see if I can convert my duplex to a triplex. City basically said don't bother. I don't have the lot size required, even though I was just adding an additional front door and wall to divide a unit. 

I think it only applies to SFHs. I looked into it briefly. 

https://www.meetup.com/realestate-376/events/240188830/

I may swing by if I can get home in time.  Anyone else interested?

Thanks,
Calvin

@Brent Tarnow - I just bought off 53rd & MLK.  Looks like we're neighbors - kinda :)

I used Patrick at Precision Sewers to do my sewer lateral.  He does plumbing as well.

And where abouts in North Oakland?  I recently purchased there as well.

Agreed with @Account Closed. If your property is SFR, it may be exempt from rent control due to Contra Hawkins. Check with an attorney to see what your options are.

Can you provide more details about the property? Is it s a SFR or Multi-Unit property? Are you willing to move in to the property to decontrol it?

@J. Martin - Looking forward to the Summit!  

I was looking through other threads and saw that you rented out a kitchen-less unit as a STR. How did that perform compared to your units w/ a kitchen? I'm assuming it didn't perform as well, but was wondering how significant.

Also, you mentioned many times about the need to automate as much as possible.  Are you room hacking your STRs?  If so, with so many different folks coming in and out, doesn't that require a lot of management?  

Thanks again!