- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (6)
- Kamal Randhawa, "krandhawa333"
- Contributions:79
Hello Vcomp,
I would start out with a 2-4 unit first. I work with a lot of investors and we have been able to find properties with positive cash flow in a lot of good areas. If you like, I can send you a list of properties available to help you get started. Good luck.
I would start out with a 2-4 unit first. I work with a lot of investors and we have been able to find properties with positive cash flow in a lot of good areas. If you like, I can send you a list of properties available to help you get started. Good luck.
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
Vcomp,
This chap Antoine sounds like about what you need. If you are not well versed in every aspect of ownership, the investment can be an anchor on your neck rather than a valuable addition your your financial portfolio.
People like Antoine usually have the knowledge that can lead you to a successful end point. Few people have those skills.
This chap Antoine sounds like about what you need. If you are not well versed in every aspect of ownership, the investment can be an anchor on your neck rather than a valuable addition your your financial portfolio.
People like Antoine usually have the knowledge that can lead you to a successful end point. Few people have those skills.
- Antoine Pirson, "aepirson"
- Contributions:94
Allow me to blow my own horn here: I am that sharp agent. And here is why: I own investment property myself. I have completed the Certified Commercial Investment management training and exams and am completing my sales portfolio. I have a masters degree in finance ( very handy). I have an 8 unit listing and a 5 unit retail space , and coming soon a large fourplex. I teach real estate investments every month in my office for the new and experienced buyers or sellers. I am the director of investments in our offices assisting all other agents with investment property sales and purchases. But……I will only work with you if you come to meet with me for a no obligation meeting first. It will be the best 45 min you spent in real estate.
Thanks
Antoine
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
Just a tid bit : consider buying or building 2 to 4 unit buildings, each building with a seperate deeded lot. Then you could buy and finance using 1 to 4 family contracts and loan terms. These loan terms are generally more favorable to the owner in terms of interest rate, down payment, duration (up to 30 years), fixed rates and so on. For example,
you could purchase six lots in a row and build a quadplex on each.
Then, when you want to sell, you may do so one at a time if you like and the new owner also can secure more favorable non-commercial loan terms which may lead to a higher sale price.
Alternatively, try homepath.com for fannie mae foreclosures in your area. If you find the rare multifamily building there, homepath fiancing works with 10% down, no appraisal, no MIP. This method lacks the benefit to a new owner down stream, but benefits you, for now.
If you are new investment property ownership do some reading. You might for exmple do initial planning using the "1% Rule" or learning to set a target Cap Rate as a decison point, or get a lot more sophisticated and use IRR as a decision metric. A CPA or investment advisor or good agent can help.
you could purchase six lots in a row and build a quadplex on each.
Then, when you want to sell, you may do so one at a time if you like and the new owner also can secure more favorable non-commercial loan terms which may lead to a higher sale price.
Alternatively, try homepath.com for fannie mae foreclosures in your area. If you find the rare multifamily building there, homepath fiancing works with 10% down, no appraisal, no MIP. This method lacks the benefit to a new owner down stream, but benefits you, for now.
If you are new investment property ownership do some reading. You might for exmple do initial planning using the "1% Rule" or learning to set a target Cap Rate as a decison point, or get a lot more sophisticated and use IRR as a decision metric. A CPA or investment advisor or good agent can help.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Unless you are paying cash, you would be involved in two different types of lending environments. 1 to 4 units is normal residential lending. 5+ is commercial lending with an entirely different set of guidelines that may change from lender to lender.
If you choose to go with a 5+ multifamily, you would be best served by a Commercial Residential Investment Property Broker, because this is a lot more involved.
Happy funding, Rudi
If you choose to go with a 5+ multifamily, you would be best served by a Commercial Residential Investment Property Broker, because this is a lot more involved.
Happy funding, Rudi
- Pacita Dimacali
- Contributions:1254
You'll find all kinds of sharp agents who can help you.
Some questions they will ask
1. Budget range
2. Preapproved for a loan?
3. Type of loan depend on type of property you select: Residential loan (4 units or under) or Commercial loan (5 units and over)
4.. Preferences --- yard, off-street parking, vintage or modern style, upgraded or will you consider properties needing TLC
5.Minimum number of bedrooms for owner's unit
6. Preferences for units to be delivered vacant or tenant-occupied (both cities have rent control, so occasionally, it may be a challenge to serve notice to tenants to vacate)
7. Gross revenues minimum requirement
8. Parts of Oakland/Berkeley preferred....or would you consider other areas? For example, I have a 4plex listing (2 houses on one lot) listing in Alameda for $799K. Rear building is a 1-level, 2 bedroom cottage which may be ideal as owner's unit. Any interest?
Etc.
I'd like to buy a 4 - 8 multi-family property in Oakland/Berkeley Area
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.