All Forum Posts by: Roy Mitle

Hi

I was wondering why some houses go on market w/o being listed on MLS.

Someone advertised probate sale. And wanted to keep it quite?

I would assume MLS is best for seller because they get top $

We are looking to bid on a townhome but found out that more than 50% is rented out. My mortgage broker says we will end up paying a lot more interest rate if that is the case. Is that true? 

We are under a tight deadline so any help would be much appreciated.

looking for a real estate attorney in SF bay area. 

This is in SF bay area so 50% rule doesn't apply :-).  Newbie here so looking at my first deal.

Price - 500K

Down 25% - 125K

Annual income - 33K

Annual expense (Craigslist) - 26K

(Annual interest - 15K

Tax - 5.5K

HOA, repairs etc - 4.8K)

Income = 7.7K

cash-on-cash = 5.6%

No property management fee needed since I am local. Also no vacancy factor. 30 year fixed at 4%. Insurance<1K. Prop tax - 1.1%.

Am I missing anything in my fundamentals? 

Awesome thread. I am newbie and confused about bay area market for some time.

does the large amount of construction in bay area mean prices are going up or is that bad.

i would think higher construction leads to larger supply and thus rents shouldn't increase. my investor friend says its good since it implies higher confidence in upcoming years of employment. this is held me back for multiple years whereas rents have continued to increase - the numbers barely worked 2 years ago (prices were lower but so were rents), the numbers barely work now (since rents are higher but so are prices).

what is the correct thing? does anyone have any hard data showing how much bay area is under-served. 

i look at the numbers they way others advice - get rents from craigslist. however if the supply increases, rents will go down. 

edit: although if I kick him out I don't think I will get the rent he is proposing to give.

The property is quite good. Even if he is not the right person, I can kick him out and rent to someone else. Do you see any other red flags?

Thanks Kelly

Yes it is legal. IF a tenant runs a legal business in a house, can the landlord get into trouble? I mean it seems strange - lots of owners live out of state and buy properties all over US. 

Why would I be at risk if one of their clients gets an injury just because its my property.

looking to buy a property. the present tenant already runs a business there.

Will I have to be liable for his business -eg he doesn't pay his biz tax and I get into trouble. Or someone gets hurt doing the tenant's business in my property

Hi

First time on the forum so I am hope I am on the correct board.

I am buying my first investment - SFH in which the owner was running his own business treating patients. Owner went into foreclosure. now its a REO property. Bank only cares about selling it for max price. its upto me to have the owner as tenant or not.

I plan to keep the tenant. the numbers work out well. the rent is quite high and he want to continue to run the business at the place. so i don't have to find a new tenant.

Are there anything I need to be careful about? Will I have to be liable for his business -eg he doesn't pay his biz tax and I get into trouble.