Bay Area Chugging Along


#122

Time for another raise of @sfdragonboy’s net worth.


#123

Happy New Year, Fearless Leader!!! May you also find that new home this year!!!


#124

Happy 2018 to you 8-boy. 2018’s gonna be wild. I am a little scared what’s in store ahead of us…


#125

Come on, you are a veteran of the wars… take it on!!! I am game, bring it!!!


#126

Big financial meltdown that wipes out 90% of your wealth? :wink:


#127

We all are too smart to really screw up. Always observe the Numero Uno Rule: If something looks too good to be true, avoid. Ok, so everyone on the street including your barber starts spouting how much they like RE or gasp Bitcoins, ok, maybe hit the sidelines and wait a tad. We got rental income coming in like clockwork (hopefully), so sit tight. Line up that cashflow, equity line, Uncle Manch money and wait for an opportunity to present itself…


#128

During a recession, I am expecting vacancy of up to 6 months.


#129

Well, I can’t speak for Austin your go to spot, but here in the Bay I think we are fairly good. I have never, ever, had a long vacancy period in SF or Oakland…


So hard to rent out in SV
#130

My buddies bought property in Austin in the 80s from the RTC for 10 cents on the dollar … You never know what can happen in Texas


#131

I was speaking generally. Austin - no vacancy yet, so far tenants always renewed. Even without recession, it took me one month vacancy to get a tenant in SV. Some others take like months, refer to my previous thread,

I think I mess up the cross reference :hugs:


#132


#133

Price rents 10% below market and you will get 90% of the tenants available looking at it. 10 % over and only 10% will
look. Vacant for a month overpriced. Vacant for 6 months…20% or more overpriced… price your rentals low… If you get too many calls add in extra expenses for utilities…should get at least 10 calls…


#134

#135

The Sunset already has 2 of the highest overbids for 2018!!! I thought the Sunset was overrated…NOT!!!


#136

https://www.inman.com/2018/03/27/tweetstorm-perfect-captures-insanity-of-silicon-valley-housing-market-right-now/


#137

SF is a HUGE city and only 413 homes sold in the last 30 days. That’s such a tiny percent of the total housing supply. Until there’s a lot more homes listed for sale, prices are going to go up, up, up.


#138

Especially SFHs, which are not being built pretty much at all…


#139

Love that the Kool-Aid is being served over in China…makes people want it even more (somehow…)


#140

#141

The difference between this guy and me is I did this all in 4 months & looked at 100+ houses. In all my bids(5 in total)we were top 2, & got the last one even when we were #2. Saved us a lot of money when I think back compared to today.

Now the mistake is we should have done that couple of years earlier.

Mike Martinez, a 37-year-old project manager at Sony, has seen first-hand how daunting the Bay Area’s housing market can be. He spent five years off and on looking for a home, living in a series of apartments in San Francisco and San Mateo County in the meantime, hoping the market would cool.

In January, Martinez decided the housing market wouldn’t turn and ramped up his efforts, attending open houses every weekend. He figures he’s looked at about 70 homes over the years, enough to have a five-minute routine down to inspect a property for major flaws.

Martinez and his agent Tony Ngai put in about 15 offers. Martinez slowly rose through the bid rankings, from an also-ran to a third and second-place finisher on a few homes

finally, he won a $900,000 bid on a four-bedroom home in Visitacion Valley in San Francisco. He wrote a letter to the owners, convincing them he wanted to be a long-term owner and raise a family in the house