All Forum Posts by: Osazee Edebiri

Osazee Edebiri has started 15 posts and replied 315 times.

I’m amazed how casual LL’s are about this sort of thing, be it moratoriums, or now this. We’re not supposed to be too political on these forums, but frankly if we don’t get political there will be no Bigger Pockets some day; Government will be the only LL in town as they keep exerting more and more control over the populous via intentional dependency.
Sure that’s extreme in the moment, but the notion of not being allowed to do background checks was pretty well unheard of not long ago. Now you’re hearing of it all over the country. It doesn’t take long. Inflation only makes programs like section 8 more and more common. Do we really want the government as our business partner? Cause that goes so well…

If anything Bigger Pockets should consider spearheading a lobbyist outfit, as much as I hate the very notion of lobbying. But you know the saying; If you can’t beat em, sometimes you have to join em sadly. The longer we just shrug and act like we’re immune to all this nonsense because it’s local or because there are workarounds, the sooner this industry hits a wall and the concept of renting will by default go through a government application.

I definitely believe background checks should be allowed, but on the grander scale isn't there a reason market segmentation exisits? What happens if SF and Oakland instantly clean up their acts and become cities where only A class or B class citizens can live. The thousands of people would have to go somewhere and it wouldn't be pretty.

There are people on the ground in cities like Oakland that are fighting current BS policies like the moratorium, but ultimately other ideas need to come forward and be executed in order to balance out the housing situation. I would love to start with less convoluted legislation. So many new laws are proposed every year, duplicative overlapping, and ridiculously confusing. The government often doesn't understand how to operate the new laws and policies. Hence **** show.

Maybe some lobbying would be good @David S.

1 Vote

I would keep the Florida home and wait till the market starts going up again to sell. There are concerns about renting your home long distance, at the end of the day it is one SFH that is new, which means low maintenance. So as long as you get a good tenant in from the start it shouldn't be that difficult to maintain. Plus, If you have that much equity in it there that means you actually have room to learn how to operate your long distance investment, should any issues arise.

Take equity out if you don’t have enough savings and purchase a House Hack in SD.

1 Vote

Miami, Florida

Interesting post @Reggie Smith thanks. If you’re interested in C- and D areas, I am curious why not focus on the ones in your city in Oakland?

Is there a reason OOS is more favorable?

0 Votes

Pittsburgh, Pennsylvania

Quote from @Brian Fitzgerald:

Hi Cheng,

I have lived and am familiar with both Oakland and Sacramento. $600k is a healthy budget and in the bay area this will get you one property where in Sacramento you can get 2 or 3 and carry smaller mortgages depending on your strategy.

Also Alameda County currently has an eviction moratorium in place and Oakland had a very strong Rental Board. In the greater Sacramento area we do not have either currently. There is a rental board and systems being built but no where near what Oakland has.

Rental rates in Oakland will be higher and can continue to growth, in Sacramento you will receive smaller rents but the market is generally more stable and will generally also have appreciation in the long term.

Should you find something in and would like a market rent analysis please feel free to reach out as I would be happy to do this for you for free.

Best regards,

Hi @Cheng Zhou

I am very familiar and opporate in both markets. I like what you said to @Chris John, about narrowing down a market. I find a lot of newbies get so bogged down in searching for a market that it can lead to delayed or in-action.

To add to what Brian said. Both markets did over 10% appreciation, with even 20% plus appreciation in some areas of the cites or greater Sac area since you mentioned Roseville and the like.

Sacramento you get more property. Oakland will likely produce greater returns over time.So it really comes down to what makes you feel more comfortable, more potential cash flow now or more appreciation later?

You also would have numerous options that I would be happy to help you explore more, when it comes to how you structure the deal. For example, Owner Occupied, Cash, or Investment loans.

1 Vote

San Jose, California

Quote from @Joseph Harrison:

@Osazee Edebiri

Would you happen to have a contact number for the One Brokerage?

Thanks

Yes I’ll message you.

0 Votes

Quote from @Deanna Luna:

Hello everyone. I need to reduce my mortgage costs! It's my largest monthly cost. I don't have any other costs I can reduce. I am looking into converting or building a new mini ADU from where my current detached 1 car garage is. I also while not convenient (I have a small 2 bed/1 bath) I think I am going to have to suck it up and rent out my other bedroom. Any ideas other than having a full time roommate? STR, MTR? I am currently unemployed and always home so having someone around all of the time is not ideal. I live in the Oakland area. Thanks, Deanna

Hey Deanna,

I am own rentals in the Oakland market and help people do all kinds of rental strategies through out the bay. So if your question is specific to STR or MTR because it sounds like you don't want to have a permeant roommate, I would say it depends on where your home is located.

I can guarantee you STR's will not do well in all areas of Oakland. MTR will be more viable in more areas than STR.
Feel free to connect with me and I can answer more questions for you.

0 Votes

Quote from @Joseph Harrison:

Hello all!

Seeking help to obtain a HELOC or LOC.

Have tried unsuccessfully with my primary bank (Bank of The West) and PNC.

Primary residence carries no mortgage and investment properties have great equity.

However, both banks were very conservative and have countered with 50k line of credit.

Factors that that they stated adversely affected:

1. Proportions of loan balances to loan amounts too high..?? (I definitely questions this.)

2. Too many inquires in 12 months…

(lol there were 2.)

3. Time since most recent account opening is too short..???

(Don’t know what this means??)

4. Too few accounts currently paid as agreed…

(ummm..ok…all accounts in GREAT STANDING! 800+ fico!)

Any help is greatly appreciated.

Thank you!

The One Brokerage should be able to help you out, they specialize in Investing and are Investors themselves.

0 Votes

Quote from @CJ Wilson:

Quote from @Matt K.:

Quote from @CJ Wilson:

Hi BP!

I’m researching the schools in a zip code I’m interested in using www.greatschools.org. Do you generally include the charter schools in your analysis or mostly focus on public?

It'd depend on the value you're placing in the schools. Most places have a popular school/district with the residents, but it's not always reflected in the ratings. You'd have to dig on social media and local blogs etc.

But generally speaking as long as the schools aren't actually terrible, it likely won't have a huge impact on the property or it's already priced in.

Ok thanks. I'm looking in West Oakland where the public schools seemed to be rated pretty poorly. You mentioned checking social media or local blogs, how do you go about finding that information?

Hey CJ

To add to what @Matt K. said if you are looking into West Oakland it's not an area people move to or invest in for the schools. I am curious about what you are looking in to the schools for too?

West Oakland is area people like because it is very convenient to go places from. SF is easily accessible driving or by Bart, but West Oakland is cheaper.

All the neighborhoods or cities with good schools will noticeably cost more.

0 Votes

Oakland, California

Quote from @Matt A.:

I own a one single unit condo in Oakland, CA and am having trouble finding an attorney to hire to assist me with the following three things. The ones I reached out to only seem to work on large multi-unit buildings, not single unit condos. Any recommendations toward an attorney I can hire for a small single unit condo project like this?

1. Review contractor's contract (before I sign it) for the renovation I plan to have done on my condo. The review is mainly to verify the contractor can't charge me more than the amount I believe I agreed upon with them.

2. Verify that once the above renovation is done (and I've installed various appliances I have in mind), the condo will be up to code enough to be able to rent out to a tenant. If the attorney can not verify this themself, I'd probably have them verify whichever property management company I hire is certified to verify this.

3. Verify I'm using the correct lease paperwork to rent out the unit. If the attorney can not verify this themself, I'd probably have them verify whichever property management company I hire is certified to verify this.

Thank you!

HI Matt,

Your first two questions pertain to holding your contractor accountable to do a good job or quality work. So really you just need to go with a reputable contract. Reviews and recommendations from others. An attorney is not going to verify work is done to code. You can higher an inspector for during the work, should you want to verify that. Or if you contractor pulls permits, you can use the city to help you verify.

Question 3 - Just go with what the property manger uses. I see so many differently leases on a regular basis, all that is really important is that you attach the documents that the city of Oakland requires with those leases. Makes Oakland leases so long 😫

0 Votes

Oakland, California

Quote from @Oswald Oswald:

hi,

This is my first post on biggerpockets, so not sure if I my post has all the info that one needs to answer the question here.

I live in East Bay Area, California and I am planning on buying my first home. I have about $200K saved up and planning to buy a condo(about $850K) and later as I get married in a year or two, upgrade to single family house and have my condo rented out.

From my preliminary research, I have found that condos' HOA fees work against their resale and price appreciation so I have my reservations to make a purchase right away. Also, upgrading later to single family house (about $1.5 M) will require enough savings for downpayment.

So here is my question:

Should I buy Condo now and save on my rent only to buy Single Family Home later OR should I continue to stay in a rental and then make a purchase of single family house in a year or two.

Hey @Oswald Oswald,

Congratz on planning your first investment.

If you already know you can afford to purchase a home around 850,000 then you may have more options than you think.

I would definitely stop paying rent since your just throwing money away.

I House Hack a town house here in the South Bay amongst my other investments, and even with the 530 a month HOA fees it's a solid investment.

Somethings people don't consider about HOA's is what is the HOA bringing to the table. In mine water and sewage are wrapped in, so I have to worry what my roommates/tenants are doing when it comes to showers. As well as, landscaping, most exterior repairs (gutters, new fences, paint, etc) are covered. These are expenses you would have to take care of yourself on a SFH. Good HOA's also preserve the standard of quality in your community.

With that being said 850k is enough to purchase SFH's with an ADU of duplex in some cities of the East Bay. I do this for my clients regularly. So it just depends if you have narrowed down what city you wish to live in or if you are flexible.

This also means that if you are not ok with living with roommates in your house, you can purchase a house that has more than one unit to live in and rent the rest of the property out. When you upgrade to the later home you will get more rent from this current property upon moving out. Also you if you are comfortable living with roommates you can capitalize even more.

As Erik mentioned above it is also a good time to purchase because we can now negotiate more and get seller credits.

0 Votes

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All Forum Posts by: Osazee Edebiri

Osazee Edebiri has started 15 posts and replied 315 times.

Post: California is at it again.

Post: Relocating for work. Should I sell my home or rent it out?

Post: Looking to start investing in the Pittsburgh area

Post: Buy rental property in Oakland or Sacramento

Post: HELP!! HELOC or LOC…

Post: House Hack - renting out a room short term or mid term

Post: HELP!! HELOC or LOC…

Post: Include Charter When Analyzing School Districts?

Post: Need lawyer to review construction contract and residential lease

Post: Condo vs Single family home