All Forum Posts by: Sean Walton

Building new has a lot of variables and could lead to a very expensive education if you don't factor in all the costs. Interview some local contractors with good reputations on costs per square foot based on the level of finishes and quality you want. See if it is cheaper than buying an existing place after figuring all the holding costs, land purchase, utility hook up, school impact fees etc. If it still makes sense find some vacant land or a tear down house and hire a good architect or partner with someone who has done this before

I think most of the rooms for rent are from tenants filling a vacancy not landlords renting the room individually. I checked out a place in SF 11 years ago where the landlord was doing what you are talking about. I didn't like the idea that the landlord could approve anyone to move in without tenant approval. You could consider marketing to college students who are used to paying by the room but would probably be friends already. Just make sure parents co-sign the lease You could also consider Airbnbing but that will be much more hands on.

@Albert D. I agree with @Ray Thorsen it may not be a permitted use in R-2 so you would have to get a conditional use permit. You probably don't want to re-zone because of the time and money involved especially if you plan to rebuild apartments.

A parking spot may only be 113 to 180 SF depending on layout compact or standard but you also need circulation unless you plan to do a valet lot. You can hire an architect or parking consultant to give you the most efficient layout. If you knew the exact layout of your future building and you didn't want a basement it might be worth using the foundation as part of your parking surface but cars dripping oil on your future indoor space might cause issues with flooring adhesion later.

The solar payment centers are great but you still need someone to patrol every few hours to make sure people are paying. And also keep someone posing as an attendant and taking people's cash. This happens a lot in San Francisco not sure about your area?

It might be better to joint venture with an experienced builder to get rebuilt sooner in exchange for giving them a cut of monthly rents or some other deal. The opportunity cost of not having your property at its highest and best use for 2 or 3 years while you educate yourself can add up. And no better way to learn than shadowing the people doing it on your project with skin in the game.

The fastest way to find a buyers list go to your next courthouse steps and get cards from all the investors there. Also ask them what kinds of homes they are looking for. Or just post your deal on BP if you are in a hot market. Most state real estate boards have a standard purchase and sales agreement but you want to have your lawyer reviews it and makes sure it has an "or assigned " clause. If you sign up for Miquelon Quarles podcast mail list he will send you his 3 page contract geared more towards buying virtually. If you sign up for his coaching program which I did you get his 9 page contract and a wealth of information. I know coaches/gurus get a bad name and for a reason but this program is a steal on sale this month for $797 and there is no upsale. He owned yellowletters and offers a call center for a fee but you are under no obligation to use either

There are usually building code minimums you need such as a direct exit to outside, 7'-0" ceiling although anything below 8' is going to seriously hurt your rents. You may also need a large enough window or door as a 2nd escape depending on the size of the unit and local code. Does it have a window? Most cities require natural light and ventilation although I'm not sure who would rent without one. Look up your local rules on in-law units also known as accessory dwelling units. In areas with tight rental supplies cities are making it easier to add these

Will you be on title for your mom's house? Is there a plan to transfer it to her eventually? Double check but I think for FHA loans you are considered a first time buyer if you haven't owned a home in 3 years. I would keep an eye on your debt to income ratio. That may keep you from qualifying for your next loan. If your mom is in essence a renter I would think a conventional lender would see your mom's payments as rental income so that would help with the debt to income issue.

Hi All,

    here is a link to the event page. See you all Sunday April 30th 6:00pm at Louie's Bar for the 2nd of these happy hours. 55 Stevenson St., SF, CA

@Calvin Lee, @Steven Stokes, @David Kanter, @Alvin Sun, @Joshua Ferrey, @Alok Jain, @Jason Tanseco, @Haseeb Awan, @Hunter Snyder, @Andreas Ernst, @Michael Knudsen, @Nick Wilby, @Andy A., @Brite Zhou, @Ryder Meehan, @Johnson H., @Samir Pathak, @Alex Chau, @Adam London, @Ori Skloot, @Andrew Muff, @Saikat Bhadra  hopefully I tagged everyone else in the event post.

https://www.biggerpockets.com/forums/521/topics/43...

Hi All San Francisco Real Estate Investors,

   We had a great little networking meetup last month and I want to keep these things regular. I won't be pitching anything just getting some smart people in the room to discuss what they are doing in real estate. Local or out of state, new or expereinced it doesn't matter. Please bring your business cards. Feel free to invite others

6pm Louie's Bar on this Sunday April 30th. It is close to BART but on a side street just south and parallel to Market Street.

55 Stevenson St, San Francisco, CA 94105

@Puran Zach Grewal, @Ralph Forde, @Mark Pedroza, @Eduardo Zepeda, @Ali Goss, @Gagan Chawla, @Matt Sanford, @Sasha Josephs, @Ariel Smith, @Katrina Razavi, @Pratik P., @Dana Dunford., @Chris Mason, @Houston Garcia, @Andrew Clemenza, @Jason Hsiao, @Sherwin Gonzales, @Rollan Dizon, @Account Closed

Chingju Hu you got a ton of responses and I didn't have time to see if anyone mentioned this but if you don't have a rent controlled unit your rents will go up over time but your mortgage would not have. Your primary in the Bay Area in the long run will keep going up so just because it doesn't cash flow day one doesn't mean it won't in 5 years when you want to move on or travel the world But I like your plan to buy in other markets until you build up more cash flow. Check the BP meetup section today I'm organizing a happy hour in SOMA May 6th

@Nick Mercurio I use listsource.com. The nice thing is you can see how many people are on a list based on your parameters before you buy the list so if you have a specific neighborhood you can draw a polygon around it and say give me all the multi-families with 90% equity with an assessed value of 1 million or less. Play around with different parameter. You probably also want to filter out trusts (trusts indicate a more sophisticated investor not a mom and pop) and duplicates you don't want to mail the same person multiple times. It is usually $0.29 per lead. If you are planning to outsource you mailers yellowletters can buy your list for $0.15 per lead.