All Forum Posts by: Kyle Rosseau

Just came across your post @Ryan D. while I was looking for a list of real estate terms.  Did you end up finding a good source that you could share?

Thanks,

Kyle

Welcome @David Swiatdowski to BiggerPockets.  A great resource.  There are a number of meetups throughout the bay area to meet local real estate investors.  For the East Bay @Jay Martin has a east bay/san francisco meetup (below link).  

http://www.meetup.com/REmeetup/

I am just starting out but an investor in Oakland if you wanted to chat.

Kyle 

Hi Chris

Thanks for the feedback. I am looking into other solutions which include a conventional loan and a private investor to bridge the gap. Could you share your lender that you worked with to make the FHA work. It may not hurt to have a conversation with them.

The other "compensating factors" are helpful.  Thanks for your feedback.  Very helpful!!!

Kyle

HI BP

I am in contract with a 4 Plex in Oakland CA. We are about to close and just got notice from the appraiser that the current rents are projected to be $4,400. Apparently the FHA loan has a self-sufficient guideline that states, "Subject must be self-sufficient. 85% of the Fair Market Rents on all units per the appraisal must be greater than the PITI". Due to this guideline that projected rents would need to be $5400. Based on my analysis of current apartments for rent in the area and my realtors opinion that has rental properties, getting $1500 per unit would not be a problem and would still be considered under market. It looks like, through the appraiser report, that he/she is using existing rents from properties on the market right now (and properties that have long term tenants that are under market). I've talked with my realtor and broker and we want to discuss this with the appraiser and see if he/she would revise based on market rents that we show them (we have existing lease agreements of similar units paying more than $1500 from my realtor). Does anyone have any experience with this and can offer any help?? This is my first investment property and I am so close to closing this deal. This is seeming like it will shut down the deal!!!!

As always…thanks in advance.

Kyle

Thanks Chris. That is helpful. I am going the FHA route so I don't have to tie up so much money right away and can spend some on upgrading the building. I am also considering doing cash for keys. I believe, if I evict the tenant, I would have to live in the property for 3 years. Below website gives some info around evictions.

www.friedwilliams.com/pages/articles/id5003.html

James, property is in North Oakland.  

kyle

Hi all,

I am hoping someone can help me out that has gone through this. I am about to enter into contract on a 4 Plex in Oakland, CA. I am going the FHA route and will have to occupy (owner occupied) the property within 60 days. The catch is that all 4 units are occupied and I am going to have to evict one of them which will most likely take longer than 60 days. Does anyone have a similar experience with FHA loans. Is this a show stopper? What will I need to provide the loan officer to prove my intent is to live in the property but might take longer than 60 days? Any information/help is greatly appreciated. This is my first investment property.

Thanks,

Kyle

Great ideas everyone. Thanks for the responses.  Very much appreciated!  @Jessica S. I also agree that design is important and can attract more buyers. To start out I think I will need some help. 

@Chaz Reid good advise regarding timeliness. I would have to agree. I have also heard of people going to home depot at 6am and approaching the contractors that Arrive early. 

@Michael Roy interesting recommendation regarding Angie's list. I would never have thought about that.  Out west we pretty much use yelp. I also never thought of pin interest. I will have to get an account. Currently I have been going around to open houses and taking pictures of colors, appliances and fixtures to have on file. 

@Greg Behan thanks for the advise regarding contractors. Very helpful. 

Thanks for your input...great feedback. 

Kyle

I am a new real estate investor and new to bigger pockets. I am getting ready for my first flip and have a few questions for the BP community. Apologize if these have already been asked but I haven't been able to find them.

1) When interviewing possible contractors what questions should be asked? Is it possible to get an idea of their billing fees? I would like to weed out the good from the bad and have a couple teed up once I purchased.

2) Once a home is purchased and the remodel has begun how do you all know what colors to paint the walls, appliances to purchase, fixtures to purchase and general landscaping ideas. I am pretty creative but not in this way.

3) For the Bay Area residents are there any discount retailers you go to to purchase appliances/fixtures other than Home Depot? I have heard there are some retailers that sell paint, tile and other material at a discount due to excess supply?

Thanks,

Kyle. 

@Wilhelm Nothnagel

Welcome to BP!  I  also live in the city and moved my investment search to the east bay as the city has become ridiculously expensive.  Hit me up if you want to chat. 

Kyle 

Hi Eric, I second @Angie Schwartz comment.  I attended J Martins meetup in San Francisco for the first time and learned a lot.  I had to learve early but it was still beneficial.  There is another meetup in Feb in SF that you should plan to attend.  I live in SF and just starting to get into real estate investing.  If you want to chat drop me a line and we can bounce ideas off of each other.

Kyle