All Forum Posts by: Arnuv H.

Hi, @Arlen Chou - Is there a way to confirm if it will be possible to get an exempt certificate? I spoke to the seller and he is suggesting that he is giving a deal as he does not want to complicate the sale process by requesting a certificate. He is suggesting to meet an attorney to verify that the property will be eligible for exemption. 

@Sam Shueh thanks for your reply. Here in the Bay area, the market is very competitive. Buyers often need to waive all contingencies to get a property. I do not think they will entertain that condition. How is the market in Campbell? Thanks for your input.

Hi All,

I am a newbie here and is interested in investing in Oakland. I am seeking help with the following questions regarding a property i am considering to put an offer:

1. Are condominiums in Oakland exempt from Rent adjustment program?

I am new to this so not sure how to verify this. I was provided with this by the seller: 

If you go to the Oakland rent board website you do see that Condos are exempt from rent control, but you can only raise rent every 12 months. http://rapwp.oaklandnet.com/issues/exemptions/

2. The property I am looking at has a tenant on month to month base lease and had their yearly rent increase this year. So I assume I cannot increase rent when I buy the property till next year.

However, the seller is suggesting that since it is a condo it is not under rent control and a new owner can increase the rent to the market value. However, per the seller, there is an eviction control on condos.

I think the property has potential if they current tenant can be evicted. My strategy is to next year increase the rent to the market value so if the tenant cannot afford they leave or if can we will sign a new contract.

Can you please all give me some feedback if it is even possible or i am getting into a bad deal. Appreciate your help.

Thanks.

Thanks,

Asm