All Forum Posts by: J. Martin

Welcome to BP Steve!

We're going to be meeting in the east bay on the 10th in Oakland if you'd like to come out, say hi, and meet some fellow investors. The link to the details is just a bit higher up on this page under East Bay Meetup. Great things on this website too! Enjoy! And hope to see you put there..

Steve, Troy and others bring up good points about leverage, CF, etc. If you have that down, have reserves, I would LOVE to be able to do another FHA deal on a 4-unit. You are right regarding the mortgage insurance. Can't get rid of it like that on new FHA loans.

Regarding the marraige, should be OK, but you HAVE to talk to your lender, as they will be the only one who can tell you for sure. I used a loan broker on my FHA deal, and he was able to call several FHA lenders for me to answer all my detailed questions. Get a local referral on an experienced FHA loan broker or officer and run it through them to be sure. Sometimes they want both spouse signatures depending on property rights in your state, which may lead to your 2 signatures on 2 FHA mortgages..

Can anyone recommend a reliable, affordable handyman who knows a little of everything at an affordable rate in the Silver Spring Maryland area? I have a good friend with a fixer who needs a bit of everything. They are also great people! and very reasonable..

Thanks in advance from a West Coast investor trying to pass on the handyman love... I have an awesome handyman in the San Francisco Bay Area if anyone is looking for one! Thank you!

keywords: handyman, Rockville, Bethesda, Silver Spring, Maryland, rehab, contractor

Michaela had a good link for rent control ordinance (and has a foothold in the Bay). Here's a plethora from the planning dept regarding their thoughts on housing and changing units. Scroll down if you get bored with their background/reasoning. City goals regarding housing are at the bottom. Being great friends with high-up officials doesn't hurt either on a project like this!..

http://www.ci.berkeley.ca.us/contentdisplay.aspx?id=1986

Michaela is right to caution you about the tenants - especially about tenants rights regarding eviction rather than rent control. Presumably you are trying to take rent control units off market. Berkeley does not like that. Look up 'just cause eviction' , 'Ellis Act' , and be familiar with the logistics of the condo conversion process in Berkeley. I've seen $15-30k plus per unit for tenant buyouts in SF and Berkeley. Also look up 'protected tenants' and determine if you have any. They have extra special rights in this area. Have a great - not good - lawyer. Or it could cost you very dearly. Mistreating tenants in Berkeley can come with BIG consequences and future commitments. You also need to consider if they will force you to sell a unit below market rate (BMR). Good luck, and be careful!!

Hi Dennis.

Saw you found the East Bay meetup forum also, and looking forward to seeing you there!

I didn't see Sarah Lam yet though! Hope you can join us Sarah! PS my cousin who did materials engineering at Cal Poly said she recognized your name, but didn't know you..

Small world!

Looking forward to meeting and Dennis, and to see you again Ralph. See you all then!

Bill, Jessica, and Andy, it will be nice to hear more about what you are all on working on. Only

a limited chance to chat last time..

Joe C, hopefully you'll be able to make it next time. Andy was thinking about starting something on Saturdays if that works for some who aren't able to attend..

Amit, glad you could make this one and look forward to meeting you in person!

Last but not least, welcome to BP and to the East Bay Meetup group Tiffany! Should be a good time! Looking forward to meeting you and hearing about your goals.

You guys travel too much! (but at least you get the points! *and the golden suitcase..?)

I'll have to catch you next time Johnson.

Hi Amy,

I'm afraid I can't give you any legal or tax advice, but I just wanted to make sure you are aware of the rent control, tenant protections, and general climate regarding landlords in Berkeley. Search online or ask your boyfriend for the details. SFR may be exempt from rent control, but has just cause eviction protections. Be sure to check.

You can check with a legal professional regarding the property management. But I think "work" is generally in regards to compensation for services rendered. No one is paying you a salary or hourly rate to fix your house. And I think there is a distinction between "active" earned income for your work, and "passive" income generated by investments. But I think you do have the right to maintain your house.. Maybe have your boyfriend collect your rent for you if you are worried about crossing any lines.. Can't help with the rest, unfortunately..

Not sure if Berkeley or Toronto is more expensive, but I know they're both up there! I own rental units about 5 miles north of Berkeley, and use redfin.com to search for properties. Good luck!