All Forum Posts by: David Lam

@Gary L Wallman When your property has the potential to appreciate 200k - 500k plus in under five years in a hot market, you'll understand. That equity can be used for even more investing and snowball your portfolio even more. That $500/month cashflow for a couple of years out of state doesn't even touch that. I'm so glad I didn't invest out of state.  The appreciation factor is amazing. 

Hmmm, is it just me that I would be okay with paying that 40k depending on where the duplex is located in LA? Plus it will be an empty duplex aftewards? Score! Appreciation is crazy, that 40k will be a penny's drop in the future. LOL. I heard someone demanding for 325k in the Bay Area and getting it! Average buy out cost in SF is 48k according to the article below. 

https://socketsite.com/archive...

@Susie Wyshak Got it, this would be for Oakland. 

Hello, does anyone have any experiences to share in regards to converting a nonpermitted unit recently in Oakland? I heard the city has relaxed the rules for ADU. Is it worth the process and risk in your experience?

Unfortunately, the property in question also has knob tube and wiring throughout. Any recommendations for an ADU consultant, resources, or suggestions are welcome.

Hello, does anyone have any recommendation for an ADU consultant in the Bay Area on how to bring an unpermitted unit up to code in the East Bay, specifically Oakland? Unfortunately, the property in question also have knob tube and wiring throughout. Would like any recommendations, resources, or suggestions.

I recommend Isaac Jacobson of Jacobson Law PC, he was referred to me by Tobener Ravenscroft LLP, who only represents tenants. I had a property I was interested in the Bay Area with a long-term tenant on one side and consulted him before making an offer. He was very helpful and I learned a lot from our discussion, including being a landlord in Oakland. Ultimately I decided not to make an offer on the said property after the discussion. It will cost you some money, but better safe than sorry.

Thank you @Keri Carpenter and Hayden! Happy to hear that your properties have done so well Keri,.  I will PM you the properties I had in mind. 

I agree, it's only one year, I am single and eager to build up equity soon. Unfortunately, other areas in Oakland are so competitive, and the numbers don't make sense which is why I was looking into East Oakland. I did look up Airbnb in East Oakland, and surprisingly there are some properties that are doing very well, even in the hood, so I was toying with the idea. Definitely, a lot to consider. 

@Brian Garlington Thanks. Glad it worked out well for you. I will definitely take a look at your posts. 

I drove around at night tonight, around a property I was eyeing. Seemed peaceful alright. Then, not even 5 minutes passed of me driving in the neighborhood and I heard a gunshot nearby. Did you get used to the gunshots? Have you personally witnessed a murder? Wouldn't this scare off potential tenants, even section 8 ones? It is reassuring to hear the police do come by. 

I talked with neighbors of houses I was interested in East Oakland and they told me, yes, they hear gunshots often at night, and they have lived there for many years. However, I have heard of people purposely shooting their guns at night too in the area to keep housing and rent prices down and scare away people.  

Hello BP! I'm considering investing deep East Oakland, specifically the areas between the Coliseum and San Leandro. I was thinking of house hacking in the short future then possibly short-term rentals or Section 8 later down the line. However, I have heard horror stories about the homeless that can park out there and the police not coming to assist, gunshots, disrespect for your property, human waste lying around, and drug houses, and more. The quality of tenants may suffer as a result.

Is it worth it? To hope that gentrification would eventually kick in and create a safer neighborhood? Back then, West Oakland was a no-go zone. Now it's experiencing a renaissance. Does anyone have any personal anecdotes to share?