All Forum Posts by: Account Closed

@Eric Black be careful bud. You’re supposed to be paying CA state income tax on that TX income

The City of Oakland is very tough to work with. They’ll likely want you to rip it all out and start from scratch. I wouldn’t bother. Above posting said it’s a risk due to insurance not covering, etc. Also consider being liable to having to pay a tenant all back rent as you’re not legally entitled to collect rent on illegal units - short term or regular tenancies. 

Legalizing illegal units in SF makes more sense as the land value is so high there is a ton of upside in paying to legalize. In Oakland you’d pay replacement cost and not create much equity. 

Those are all great cities for long term appreciation. Hayward in particular due to its proximity to 92 and access to high paying Pennisula jobs. 

I suggest you buy a small multi family (2-4 units) and live in one unit, renting the others, rather than blowing all your savings on a condo which you’ll be fully responsible for. Rich Dad Poor Dad can help explain this concept further. 

@Johnson H. "you get paid to hold here"  - couldn't have said it better myself! 

How much are you paying in rent? I think a house hack is a great way to enter the Bay Area real estate market... especially on a 3/4plex. Buy it right and you might live for free forever. 

@Peter Kozlowski reach out to @Chris Mason. He can show you Fannie and all the options available. He’s local, and frankly, the best in the business. 

Once you buy your multi here and see the power of Bay Area real estate, you won’t bother with the OOS pipe dream. 

 It makes a lot of sense, especially if you are currently renting in a high cost area. 

Try sticking to 3/4plexes as those will cash flow a bit easier. If you buy it right, you should be able to live for free/cheap. 

Can’t go wrong with a) long term fixed rate debt, b) Prop 13 keeping your property taxes low over the long haul, c) tenants paying off your mortgage, and d) great appreciation in the Bay Area 

 "Does anyone have any insight into Clayton's podcast?" Shouldn't we be asking you that question? You were a guest on his show a month ago. 

@Lawrence Cole buying a house and planning to sell in 5 years is a risky and not financially savvy strategy. That ship has sailed.

Duplexes rarely cash flow here in the Bay. Stick to 4plexes. Same loan as a duplex and another 2 tenants to cover the mortgage. Oakland has plenty that would cash flow after some value add. 

@Scott Schultz you’re paying for it. One of the downsides of multi-family. Not to worry, the many up-sides will outweigh this occurrence