All Forum Posts by: Matt K.

 A lot of hospitals are struggling with the lack of things not covid related and some locally have/are started furloughs.

There's zero benefit here, they just trying to muscle you and control the situation.

Plus a long term lease doesn't even offer you anything in terms of security, they can break it with little consequence. Even if you took them to court over it AND won, you'd still have to collect...

Id pass on this offer and simply wait for the best qualified candidate at the listed price. No need to speak past that and say something that could be interpreted for something it isn't...

Crunch the numbers... What makes the most sense?

Oddly enough, putting just under 20% got me better loan rates then putting all 20. I also prepaid my PMI as it was bit cheaper then monthly.

But looking back, I'd of been better off not doing that and then doing a refi. I was able to get enough equity to get rid of PMI AND I dropped my rate about 1%. I'm probably going to refi again and get another half percent...rates are so low right now I'd borrow as much as I can and keep the cash.

get your license and get refferal fee... Same idea less money they a whole sale deal but likely more deals.

and likely more legal/ethical but that's another topic lol

If you're working with an agent ask then for a refferal....good agents know good loan officers and who to avoid.

Your loan pretty straight fwd but plan on 25% not 20.... Assuming you have good credit and income should be easy.  Also make sure you're upfront about down payment if it's not cash you've had sitting in the acct for a while...

Message me the address, I'll help you out. No promises but I might be able to come up with something...

I did something similar, went 1031 into KC and was best thing I've ever done. Even more so now with the constant challenges landlords face here in the bay area and CA in general

With that said, I didn't know what a 1031 was when I did it...I learned about during the offer of property being sold. Step learning curve for DIY, but EASY if you involve pros. I was fortunate to have a good QI and it was a life saver.

All the markets are the same, but I don't mean what you think I mean by this.... IF you can become an expert then it'll be easy. Pick one and own it....go visit it pretend your moving and it'll be simple.  Refferals are key to speed this up, BUT they're not a replacement for doing your own due diligence.

Don't get caught up in a spreadsheet....as you likely know from Oakland life doesn't operate in absolutes like a spreadsheets and each market has a personality...get a feel for it and trust your gut.

Lastly, consider and evaluate travel time. I'll use KC for example, I can get there from any bay area airport (and sac) in a reasonable amount of time. It could be as short of under 4 hrs direct or about 6 with layovers...and you'll lose 2 hrs to time change.  So, if you had to go out there for something you could do it same day IF had to.   

If you go to other markets, you're looking at over a full day of travel plus time zones...makes it quit the commitment to go there. Not the end of the world, but something worth looking at.

I could go on and on about rents and balancing debt... but speaking KC specifically you'd probably be close to 1% rent to purchase price, more you spend (bigger deals) the better shot you have at improving that as there's significantly less competition.  But again, nothing like Oakland prices.

Happy to speak in depth... Just message me .

 I'm also in KC with a soon to be listed rental.... I highly doubt you're going to see that kind of vacancy unless something is wrong with you unit.  People are looking for change, not a ton of rentals available and I'd wager things will stay steady as we head into the summer.

If you're willing to take such a large discount to fill vacancy do some math and find a lower monthly price to really set yourself apart as a plan b.

What I wouldn't want is a tenant who can't pay rent feel like there stuck in your unit because they can't afford to pay a penalty. They'd likely have motivation (financially) to return the unit pristine to get back their deposit and it'd lower your turnover costs significantly. Also would be great way to get them out quickly, sooner out sooner clock ticks for deposit return.

Evictions on the other hand... Going to take time an money. Not impossible, but I wouldn't be surprised to see it drag on for months with a backlog and probably reduced capacity once they're started back up.... Which who knows when that will be.

If you read this far, your value here is getting them out asap...low turnover costs by them leaving it clean...and then listing asap.

 I don't think it'd be many air bnb unless they were furnished, it'd be too hard/costly for it to make sense to get rid of everything needed for airbnb to get it rented.

I wonder if it's more of a these were supposed to be sold (vacant) but now they shifted back to rental as inventory levels creep up? Or are these listings all from professional PM companies, maybe they were waiting for more guidance from higher power in regards to SIP. I know this impacted some of my realtor friends as each company /office had diffent guidance on how to proceed...

Not the bay area, but one thing I noticed in KC was sudden rash of lower priced units on Craigslist were mostly scams. Ripped off from Zillow/hotpads for much less....quick glance you'd probably not notice unless you googled address.  The other ones were typically inferior units (mostly outdated units bad location but with in a good location if that makes sense).

There were only a few legit lower priced ones that were mostly mom and pop landlords who probably didn't do good due diligence or care...