OK, to be serious, managing lower end tenants is quite different from the professionals we tend to deal with day to day. It’s not necessarily bad. Just be prepared there will be some learning involved.
That unfortunately would be correct, sir… technically, she just didn’t like the layout not the price of such a project…again, 4 units for 645k and vacant. That is all you need to know…
Uh, hello? I own a 4-plex in Oakland already remember???
Oh, I forgot about that. Then you have no excuse. Jump.
I just inquired as to when next open house is. My understanding from my contractor is that last Sunday with all that rain, there were hordes of people there already. Hence my tempered enthusiasm since we all know this will be overbid. To what degree, who knows. Again, we have a situation where if I were just starting out I might go wacko crazy to buy this since this is a good property that will set you up decently in the game. But at this time when I really don’t need another place I can be choosey or just say no. It is not bad, though…
8 min drive to the 4-plex. Also the 4-plex is very close to a cemetery.
I will go with my contractor’s feeling on this one and at least check it out for myself. He knows East Oakland enough (he lives there) and he quite frankly did extremely well for himself on his first property buy. I think he nearly doubled his money in a matter of 2 or 3 years. No bad…for a guy like I said was probably an illegal at one point. He thinks he’s hot sheet now with steady work and big time equity…
He is here after 2009?
Not exactly sure what you are getting at…but I will take a stab anyway… He is a contractor working for a big time firm. They do big commercial and high end residential. He is not going to be hurting for work for a very long time. I keep telling him, learn English well enough to become your own boss. You will make bank here. He knows it. His pricing is starting to be indicative of that thinking…
It’s pending now. How much is needed to make it ready to rent?
And why were all 4 units vacant? Is the property too bad to have any tenant?
Really, already? I should not have mentioned it…
My hesitation is that all of the units needed some rehabbing so it would have required some time and money. Who knows why the places were vacant. I would be just glad they are. No Sec 8 or otherwise rent controlled tenants to deal with right off the bat. No doubt about it, this WAS a good deal. Snooze, we lose… I will have to break the news to my contractor and tell him to keep looking!!!
Maybe contact directly Maureen Connor of Equtiy Capital RE. She specializes in REO and I have seen plenty of her listings in the East Bay over the last few years.
Too big as a rental? Looks like it needs tons of work. 150K to 200?
Wow, this is interesting. It is Montclair but a total fixer. I think it might require even more than what our Fearless Leader estimated, which means you almost should tear it down and redo it. Maybe, prefab candidate? Def tracking this to see what it goes for.
But what do you with that? Flip it? I don’t like the idea of renting out massive houses in the woods.
You can, or live in a wonderful new home or just rent it. Come on, now you have qualms about renting out technically a SFH in a wooded area but certainly a very fine part of town??? Dude, you are a landlord. Show your stripes, geez…
Big houses have more stuff to break. Especially houses in the woods, which technically are just fire material.
For rentals stick with the meat and potatoes. 3/2 around 1500 ft close to transportation and jobs. Not some thing deep in the woods where people grow weed to go high.
I think “woods” is a misnomer here… come on, it is Montclair. If anything, this resembles being in parts of Marin. What’s wrong with that?