All Forum Posts by: Anthony Gayden

On Tuesday, August 13, the Sacramento City Council will likely vote to enact a rent control ordinance. 

Here are the highlights:

• - Landlords will be prohibited from raising rent more than 6% plus the “consumer price index” percentage for the West Region per year. For this June, that CPI percentage would be 2.7%. So in this hypothetical the total allowable increase would be 8.7%.
• - Landlords will never be able to increase rent more than 10%.
• - Landlords will be prohibited from evicting tenants unless 1.) tenants stop paying rent, 2.) are criminally charged, 3.) are illegally selling drugs, 4.) fail to give landlords access to the unit, or 4.) otherwise violate their lease.
• - Landlords will be able to evict tenants if they are making certain repairs or selling the unit and provide the tenants an extensive 120-day notice.
• - The ordinance will not apply to single family homes unless they have been converted into a duplex.

In my opinion, this ordinance seems totally reasonable. The 6% increases are fine. The only sticky point will be the fact that landlords will no longer be able to evict tenants for whatever reason. 

What are your thoughts?

Hello,

I recently purchased a quadplex and one unit is vacant. My PM recomend to repaint the unit. I got quote at around $3/sqft which is average. The unit is 1150 sqft 2bed/1.5 bath, ceiling about 7.5 ft, two stories.

How long would this take to paint? I am thinking about painting myself along with a handyman. I am hoping to paint it in 3 days over the weekend starting at 7 and paint till 7. Any idea how long this would take? Any advice? Is primer necessary? Thank you!

Hello guys,

I need your advice on my situation.

We are a process of building a house with a builder and we are about to install cabinets. and  This is not a normal construction process it is like the builder gets a loan and finishes and sell it to buyers.

the issue is that the builder just sold right side of the lot and they are trying to extend driveway and to add a garage.
if the builder extends driveway and adds a garage then the neighbor's car will come and out only 15~20' from my dining room and my children's room

when I picked my lot out the builder side realtor told me that we will have about 50' between our property and neighbors.
because I had the same concern that what if they extend or add a garage then I would not have enough space between me and the neighbor.

I told the builder about my concern and  he said there is nothing wrong with doing that if I don't want that lot they can't give my deposit money back(they don't call it as earnest money)

I also contacted the realtor and he is avoiding a clear answer.

What should I do with this situation?

@Anthony Gayden

Thank you Antony for Your advice, I will keep doing search about multi family properties.

What does a lender consider or will look on to? I imagine that it would be harder to get a loan for multifamily properties than for si for homes?

I really appreciate your time and valuable advice, Thank you Antony!

@Anthony Gayden

You are right! I can completely understand the concept that it’s still just an idea in my head. That would kind of turn me away as well if the roles were reversed. Actions always speak louder than words in these situations.

If the roles were reversed in your situation, what would it take for you to hop on board with REI? Curious to see if maybe there is something that I'm not thinking about.

We are both math people so if I can sort of coax her into looking into it with me based on that it could be a small win. But after that I’m sort of drawing blanks. I have gotten some other ideas from this thread but if there is anything else you haven’t seen yet, I’d be curious to know what they are!

Thank you for responding to the post!

D’Andre

It does NOT matter how many conventional mortgages you have. In the Non-QM world, we do NOT calculate personal DTI (Debt Ratio) or look at personal taxes, or look at personal income. The only metrics we focus on is the ability of the property to cash-flow to cover its underlining debt; the credit of the borrower and in some cases your liquidity (do you have 3-6 months of liquid assets) after you close on the property. That's it!! Now you should be aware that Non-QM loans are more expensive (i.e. 20% down payment, Up to 2 pts lender fees, and slightly higher interest rate if your credit is below 700 or the the property DSCR (debt service coverage ratio) is below 1.3.

ADVANTAGES of NON-QM
1-Can make loans to legal entities, family trusts etc.
2-Can consolidate various mortgages into ONE portfolio loan
3-Do NOT need a job, income to apply.
4-Non limit on the number of mortgages you can have
5-In some instances can cross collateralize property

@Tom S. thanks so much man!  Super helpful.  

As I'm reading and learning, I keep thinking, 'so why not just buy like 40 properties all in a row, rack up $3M in debt and cashflow like $20,000 per month, ya know?  But obviously banks wouldn't be crazy about that idea, haha.  Sounds like it just takes time.

I have a few off market buildings for sale in JC, but most of them have rc tenants who are not interested in moving. Any suggestions on how they can be persuaded to move out legally?  Its not that I want to displace people from their homes, just trying to find ways in which these deals can be value add opportunities for my buyers.  Thanks!

What should my first investment be with a little bit of money or not money?

I have been reading books, including Rich Dad Pour Dad, I have been listening to the BiggerPockets podcast, I have been doing other resourcing, I want to move forward in real state investing.

I own a Painting company, And I am convinced that Realsatate investment is the way that I want to go.

Any and all advice are appreciated!

Best.