All Forum Posts by: Collin Chan

We moved out of our house after owning for 6 years and rented it out so technically it was our first rental property but at that point, it had positive cash flow ;)

Thanks.  Looking forward to connect!

Collin

@Drew Rehman Your property might vary a lot in Santa Clara but I'm assuming it's older.  Likely you have the water heater in the garage like most CA homes.  Possibly your washer and dryer are also in the garage if it's an older CA home which means you have electrical and maybe plumbing.

For the most accurate costs, a contractor can help you and it depends on your construction but there are many homes in the Santa Clara county that are the split level homes and rooms are built over the garages. It's going to be more like a home construction than an ADU.

@Drew Rehman Where are you located? ADU builders might very based on location and depending if they can ship it to your location or not.

Yup get pre-approved and work on all the aspects of the loan upfront to reduce the lead time to close the loan.  Have all paperwork ready and make sure there aren't any missing info they need to approve you later in escrow.  It can shave many days off closing a loan while in escrow and you can make a cash offer in parallel. 

@Jonathan Farber is your intention to add value then refi or are you just trying to win an offer with all cash deal?  I've done an all cash offer and got lending approved during close of escrow.  This will keep costs down by having one close.  

@Kiera Underwood close.  I made $3.00 an hour stocking shelves and sometimes the cash register at the counter.  It was my uncles Pharmacy/convenience store on Market St. in SF if you're at all familiar with the downtown area, it's not the best for a teenager to work. :)  He actually owned the commercial real estate along with a lot more but I didn't know then.  It's now the VIP area of the Orpheum theater.  I was there last year to watch Hamilton so he was extremely smart with real estate investments.

Thanks @Jon Crosby

I ain't gonna lie but alcohol does wonders :).  Everyone is different but for me it does help me have some liquid courage when talking to strangers.  

If you don't drink alcohol, try to make a friend on BP or meetups through email which is easier for some introverts (I've had friends that were very shy in person but text people like mad).  Once you've made a friend, try to go to events together.  It's easier when you know someone.

Collin

@Jon Crosby were you affected by the new STR rules last year or are you outside of that restricted area in South Lake Tahoe? I've noticed a lot of homes for sale that were previous vacation rentals but curious on if you have any insight into what is happening there.