All Forum Posts by: J. Martin

@Jeremy Moura and @Vincent Townsend,

We're meeting on the weekend to volunteer and talk about real estate in Oakland if the two of you want to join us! 

https://www.biggerpockets.com/forums/521/topics/43...

You're right that most meetups are on weekdays. We'll do some occasional weekend ones also. Or start your own! Put on the events section in BP after you get your pro membership or put it on Meetup.com :) 

Come out and say hi to some other investors! 

@Account Closed has dipped his toes into that water. But a lot of these companies want to lease. So someone needs to own and can lease at a higher rate. There are some new MMJ real estate meetup groups popping up and some local commercial RE agents specializing in this market.

4/22 @ 10AM -  ***VOLUNTEERING FOR EARTH DAY!***

https://www.biggerpockets.com/forums/521/topics/43...

This is the third year I've organized a clean-up event for real estate investors, and we've had a great time helping clean up the community together :) Bring your friend, spouse, children, and anyone else you can bring to come together, enjoy the time with, and lend a helping hand :) Check out the link above, and come join us! :)

Hey Real Estate Investors! 

Let's help clean up Oakland!
** RSVP and get final details at this link:**
https://www.meetup.com/REmeetup/events/239064202/

This is the third year I've organized a clean-up event for real estate investors, and we've had a great time helping clean up the community together :) Bring your friend, spouse, children, and anyone else you can bring to come together, enjoy the time with, and lend a helping hand :)

Check out some prior year volunteer pics here: 
https://www.biggerpockets.com/forums/223/topics/18...

I've been gone for several months traveling the world 

www.jmartintravels.com

But I'm coming back to hang out in Oakland and help organize some volunteering while I'm in the US! Bring some money for food and drink after, and a great attitude to help volunteer :) See the link below on the map for projects around Lake Merritt.. Let me know what you're interested in on a post below, and I'll post the final details here before the event! :) It will be around Lake Merritt in Oakland either way :)

http://www2.oaklandnet.com/Government/o/PWA/o/FE/s/ID/OAK026214#volunteer

We'll grab some drinks and food after and chat about real estate :)

Hopefully some prior attendees like @Arlen Chou , @Mel Selvidge , @Kyle Zaylor and others can make it back out :) If you're in the East Bay somewhere in Richmond, Berkeley, Emeryville, Hayward, Fremont, or San Francisco, come on over and help us out! :) And tag a friend! See you soon!

- J

@Eric Upchurch,

Books in hand. LLC fees paid. Now what?

I agree with @David Faulkner. Typically better to get conforming mortgage (Fannie Mae guaranteed) outside of an LLC. Yes, they can evoke the due on sale clause if you transfer to an LLC. Happens occasionally, but not frequently. Don't get caught with your pants down! I agree, just buy in your own name, and get an umbrella.

Other option for LLC is if you're buying multifamily (5+ units) or commercial properties. All the commercial lenders allow (and frankly, expect) you to finance the property in an LLC.

*Specific strategy #1: Most multifamily investors find a building with rents that are below market, then increase rents and rehab to get to a higher rent level, then do cash-out financing on that new income. 

If you're buying 1-4 units, the financing is better outside of an LLC. But if you get a commercial loan on your 1-4 units instead, you can use an LLC. Just don't try to jam all your properties through the LLC because it's the hole you already have to jam something through. Do what makes sense..

@Arlen Chou is right that you can still hit 1% in the Bay Area if you're going to work on some sort of transition type play. Usually there is some issue that needs to be solved. You can still get it in Richmond if you get to market rents. And Arlen gave you some specific examples. Generally, same story as the multifamily. Need to get to market rents. 

Good luck with whatever you choose! Go to some local meetups and see what others are doing! :)

Daniel,

Unfortunately, you're in a sticky situation, because the 2.0% rate will no longer be valid as of the effective date of the rent increase, July 1, 2017. You can see from my copy and paste from the Oakland RAP website that this is the case with the July 2016 cutoff. I'm not sure what date they make the CPI announcement for rent increases from July 1, 2017 to June 30, 2017. But at least wanted to give you the info, even if it's not fun :-/

"The annual CPI rate for rent increases effective July 1, 2016 through June 30, 2017, is 2.0%. The rate is not applied to rent increases that take effect earlier than July 1, 2016."
http://rapwp.oaklandnet.com/issues/rent-increase/

 Osazee, 

The meetup link is on my profile. Join the group, and you'll get the updates! :)
Looking forward to meeting you soon!

@Paolo Ruggieri,

I agree with others that it is a bit of a job. But I managed more than 10 of them myself while I was still working a full-time job. So it's doable. But as @Mark Graffagnino said, check rented.com (basically to connect homeowners with short term rental operators). Also, you can try searching on Craigslist or Google, then vet them. Airbnb said they will start allowing superhosts to manage other owners' listings for a %, but they haven't rolled it out in most cities yet. Just testing it. 

@Ariel Smith, 

Thanks for the shout out! Gotta keep your people happy :) I've been expanding .. Have more units in Mountain View, so hit me up!

Xin,

Is this in the Bay? Or somewhere else? 

DISAPPEARED
It's less typical here in the Bay Area, depending on tenant class, but have heard of people just taking off without saying anything in low-end areas and the midwest. Especially if the deposit is small and/or they are behind on rent. 

INSPECTIONS
In the standard California Association of Realtors lease that most CA landlords use,  there is a clause that allows for entry w/ 24 hour notification, including to inspect the unit for maintenance purposes. Typical areas of water intrusion might include below sinks, at windows etc. So you can reasonably see most of the unit.

I have cleaners that see the entire interior of my units on about a quarterly basis. I would not send them in that often for a long-term unfurnished rental. But have that ability in my businesses.

TENANT NOTIFICATION
By the way, a typical lease requires the tenant to notify you if there is something leaking or damaged. However, difficult to prove whether they knew or not, and difficult to enforce/get damages for them not having told you. Probably not worth the effort. 

CONTRACTOR
@Daniel S. is a contractor here on BP and a good guy :)

@Alissa Kronovet, 

Welcome to getting more active!
Most of the meetups I go to are in the South Bay. I used to have a meetup every month in Oakland or SF, but have been in Asia for a few months, and lost my venue! Will have one soon. :) 

@Maya Clark, 

Same thing. Follow @Chris Mason and @Dave Visaya's advice on searching and keyword alerts. And come out and say hi at our next meetup too :)

I have a few properties in Oakland and Richmond and various other business interests around the East Bay and South Bay. Love Oakland!!! :)