Profile picture for Vcomp

I'd like to buy a 4 - 8 multi-family property in Oakland/Berkeley Area

And live in one of the units.  I am looking for a sharp agent specializing in multi-family investment properties.
  • March 04 2011 - Oakland
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Answers (6)

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.
  • March 05 2011
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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.
  • March 05 2011
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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

  • March 05 2011
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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.
  • March 05 2011
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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
  • March 05 2011
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Profile picture for Pacita Dimacali

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.

  • March 04 2011
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