Too Cheap (Sunset)


#341

Hey, 699K!!!


#342

Tenant occupied


#343

Yummy!!! :money_mouth_face:


#344

No pain, no gain, right???


#345

A lot to gain. Where’s the pain?


#346

Wait, weren’t you the one mentioning somewhere that now that you are in the lap of luxury that you are no longer interested in working so hard (like having to evict tenants, etc)???

Come on, @myo, this is up your alley…


#347

Sunset tenants I don’t mind evicting all day long. I’m just sick of having to evict tenants in cheaper east bay neighborhoods…


#348

And I would think this one would be perfect for a real owner move in situation. Again, all bets off if a protected tenant…


#349

There’s always the Ellis act…


#350

Sure, but then what is the regs on that? You have to keep it off the rental market for what, 5 years? I would rather consider a buy-out option first and then see where it goes. 5 years can be an eternity…


#351

Ellis act is where you kick out tenants and then start renting illegally… :rofl:


#352

Well, if the ousted tenant finds out, you will be in a mess that could have been avoided in the first place. Take the path of least resistance…always!!!


#353

Um… yes, everything will have to be done very stealthily… path of least resistance is to flip it right away…


#354

I suppose that happens more often than not…but again, I am actually someone who wants to do an exchange of rentals first and then move-in. Nothing to hide…


#355

Are you seriously getting rid of your Oakland rental… your property tax just increased multi-fold even though you get to delay paying capital gains…


#356

For sure, property tax will go up but unless someone tells me otherwise (who has actually done an exchange and determined not worth it on a tax basis) I would think I would come out ahead after all said and done. We were estimating that with all that depreciation taken over the years that my tax payout to Uncle Sam/Cali if simply cashing out would be at least a few hundred grand. Do you know how many CRXs I can buy with a few hundred grand???


#357

I always try to avoid taking a lot of depreciation and pay more taxes up front every year…


#358

Well, its the chicken or the egg again. Please keep in mind that when I first bought in Oakland, it was a two unit that I traded up to this. I didn’t have much money to work with. I needed all the tax breaks I could get, and certainly the cash flow from 4 units helped out a lot from the beginning. I did more than my share of sweat equity ok? I recall painting an apartment after Friday work and staying overnight there using a sleeping bag so that I don’t waste time driving all the way back to SF and then coming all the way back out.


#359

Poor you… the most work I did for a rental was maid cleaning… didn’t have enough time to hire a maid to tidy things up…


#360

Well, you were brighter and had deeper pockets to access (income), which is a credit to you and the others who didn’t have to lift a paint brush ever at their properties. Nope, I am your plain jane hands on owner who did a lot of it myself (stuff that I can handle of course)…