Lazy seller…Why dont they raise the rents to market. .Limited buyer pool has the $2.9m cash…A lot more have the $1.6m
Cash buyer can get a hefty discount then.
I will offer $1.8m
How about 50% cash, 50% seller financing for 3 years? After you raise rent you can refi seller’s portion with the bank.
Which bank is good for commercial loans? Never did one before. Are there commercial loan brokers like residential?
Based on actual rents value is 203/323x $4.7m = $3m
Someone had posted a Boulder Creek multifamily in one of these threads (@Jil), I cannot find it. It was listed for ~2.3M… closed a few days ago for 1.85M. Annual gross 225k.
What I did not mention back then was that I had an offer accepted on that same property for 1.9M around 2015 (off MLS)… and I backed out after the site visit. All buildings in great condition, owner is a plumber / GC … I am not afraid of the IRS, but the County Planning Department…
Anyway, here’s another one. Less fantastic GRM, less questionable extra living space
73k income for 788k… SFR plus 2 units
I don’t think it can sell over asking… 800k is a lot for that street
What a dump…The stock whale photos help distract from reality
73k income for a price of 788k, what the seller wants to sell? He bought it at 510k in 2008, should be very good rental income. I would drive by the property next time I visit Capitola.
However the high rent might be due to furnished back unit.
In a college town like Berkeley and Santa Cruz, how much rent premium can you get for furnished rental? Is it worth renting furnished to most likely students for 9 months and have a 3 month vacancy vs renting 12 months unfurnished to regular people?
The listing mentions AirBnb for the 3 summer months… $100 to $300 a night per unit?
73k gross or net?
Students are the worst tenants. …Slobs with no responsibility. …High maintenance costs
Some1 already posted this link… but 1more time about students: https://m.youtube.com/watch?v=Q0I0fDGJfPY
Another Duplex, location seems to be good, but realistic rents are more than what is stated here.
The cap rate seems to be better/high here
Gross Rent Multiplier: 9.93 (lowest ever I have seen bay area).
Does this realistically better?
I know this property. I had written an offer on it too… in September 2014. My offer was 625k and the seller insisted on 675k. It was listed with a San Jose broker back then. We could not come to an agreement and I ended up buying a larger property instead.
Now it is listed for 765k. He probably raised the rents since 2014. The units and premises are in good shape. I see it every month as I have a 6unit property just one block behind this one.
Unlike the other BC property that was mentioned here before, this one is pretty much 100% legal. I did a thorough evaluation of the sqft of the main house (visited county offices, etc) and it came out clean.
I could obviously have paid the 675 back then, but I also wanted to move towards larger properties. I liked it because it was so close to the other one.
With such nice reference, I just scanned again to review, it is sold already (BTW: This is listed today)
Is this true sale, on the same day?
If such sale is happening, this market is too crazier than 2006-7 period.
Similar to this, I have seen MSJ home went on pending same day. At least this is fine with pending, but sold in same day I am seeing this today only !!
It was a pocket listing. She put it on the MLS for comp purposes only. Look at the agency…
Believe me, this property does not sell quickly.
When I wrote the offer in 2014, the listing had just expired (90 days no offer).
By the way… I paid 640k for my 6 units one block away… corner of Mountain St and Highway 9. Though… that was in 2012. It felt weird offering 625k for 3 units in 2014.
This duplex just closed at full list price of 163K. Pretty quick close also. 11 cap is pretty awesome return. I noticed in the updated MLS photo they cropped out the convertible part of the Mercedes? Maybe they don’t want HUD to notice the tenants’ extravagant lifestyle?
Between Tampa and Vallejo, where do you choose to invest for long term?