All Forum Posts by: Diane G.

@Barry Washington

Why do you even want this deal?

Let’s say your net rent is $250 per door month... that converts to $48K per year, which is just enough to cover the principle and interest payments.... even without renovation....

@David S.

Thank you for your kind words.... there was no competition at the time actually, it was on the marker for 3 months and no one wanted it because it was listed w the googlelite tenant in it ...

The previous owner was OOS, and the PM he hired has been raising the rent annually according to Rent Board allowed %, and hence created the impression that this was a rent control unit.... no one cared to do a 10 minute research to find out the truth...

So I bought the unit, raised the rent to $2900 (but still $400 below the market ).....

Even since I bought this one, there has been at least 2 other similar cases in the last 5 months..... you are talking about condo in PAC Height or Noe, listed w tenants, sold for low $600K.....

It really is NOT that hard...

@Dan H.

OK, good investment with negative cash flow, how about that?

:-)

I guess my point to show that with limited capital ($75K in my purchase), you can get a good investment in San Francisco, right off MLS......

You just need to have a criteria, be watching MSL every day..... Easy as that....

Why fly 5000 miles to get a property that gives you $100/month profit?

@Dan H.

well, i do think it is a good investment, especially when you consider the instant $100K equity upon purchase because the OOS seller did not know the true worth the property....

On expenses, HOA covers exterior, inside is just remodelled (as you can see from the link), no PM or vacancy in practical sense.... So I did not even bother to calculate those....

The reality is I bought the condo, had a $100K paper gain from day 1, cash neutral now.... If I incur capex down the road, the rent would be higher too.....Then you are talking about quality tenant, some Google employee making $220K annually....He set up ACH from day 1 and I have yet to hear from him since then.....

Again, this is all to say why need to go OOS?

https://www.zillow.com/homes/1925-Leavenworth-St-Apt-1-San-Francisco,-CA,-94133_rb/15066062_zpid/?view=public

@Dan Heuschele

For all these 0.39% discussion, I found below on MLS 5 monthly ago.... With 17% down, rent covers PITI, HOA, and I am cash neutral.....

And rent is about $400 below market.... I inherited the tenant....

So OOS is not the only option even if you live in SF.....

https://www.zillow.com/homedetails/Leavenworth-Condominiums-San-Francisco-CA-94133/15066062_zpid/

@Brandon P.

I noticed that too - that tenant moves a lot ...

I own some properties in SF and most tenants stay 5-7 years.... and I used to own some property in Phoenix and there tenant moves every year....

Not sure why.....

@Bjorn Ahlblad

Lol... yeah, hope I am as lucky as you are

Hi - So I got a 2nd opinion, and this 2nd plumber believed there was NO broken pipe, but instead just clogged pipes....

He did a "hypo jet" cleaning for $400, and I am waiting to see if problem returns in the next 2-4 months... I guess that is really the only way to know what was truly the cause of the plugs in the first place, right? 

During the "hypo jet" cleaning, there were lots of finger nail size particles that looked like small stones, but turned out to be just grease.....disgusting... Lol

Thank you everyone....

@Tina Goodview

sorry, just seeing your message today...

I am not familiar with Oakland rent law, but in SF, I know Andrew Zack is very good, but he seems to handle mostly high profile cases.... But I guess you call up his firm and talk to them... They have 10+ attorneys.....

Thank you everyone for sharing your knowledge, it really helped me out....I got a 1st quote at $3100 from this plumber that fixed the toilet a few months before.... His proposal is 

Kitchen line reroute
We will start by drilling a hole in the kitchen wall & by garage
door. We will install 1 1/2 ABS pipe from the kitchen across
the wall strapping the pipe every 5-10 feet. We will install a
clean out by the kitchen for future maintenance. We will cut
the sheetrock in the garage and cut out a 2 foot section to
install a 4 by 2 wye which will be used for the connection of
kitchen drain. We willl patch the sheetrock and seal the holes
created.
5 year warranty

Waiting for a 2nd quote now...

Thank you again, everyone,.....