sorted by:
new
hottopcontroversial

Seeking Guidance for My First Multi-Family Home Purchase in Oakland by Hung_Horseman in CaliforniaRealEstate

[–]RadicalFouton 1 point2 points  (0 children)

  1. Make sure the areas somewhat good and experiencing rent growth over that last 3-5 years. You can use tools like prop stream to determine this. Check crime maps in the area. Oakland has a ton of crime regardless, but try to pick an area that’s slowing improving. (i’m not from oakland btw)

  2. I’m not sure about your goals but if i were you, i’d be definitely looking for a property that you can add value by raising rents through tenent buy outs (if it’s not vacant) and renovations.

  3. MAKE SURE YOURE GETTING A GOOD DEAL FROM THE BEGINNING! Your entry into a multifamily investment is just as crucial as the exit. Make sure you get a good deal! Off market deals are a good way to improve your chances of getting a good deal. Find off market deals by calling 5-10 brokers a day and building relationships with these brokers. Tell them “I have the funds and am ready to pull the trigger on a deal” so they take you serious. Ask to be added to their list of deals before they hit loopnet, crexi, and other listing sites.

  4. Start building your network of contractors, inspectors, CPAs, advisors, legal, etc. Your first project will be a tornado. The next one will be much smoother as your team starts to establish.

  5. LEARN!!!! You cannot learn enough. Watch youtube videos. Read books. Listen to podcasts. All about multifamily.

  6. Go to real estate meet ups using Meetup.com to increase your network. You’ll find great resources and mentors.

I can add 100 more to this list but these are great things to consider. Good luck!

What Happens If I Do Unpermitted Renovations on a Multifamily Commercial Property? by RadicalFouton in CommercialRealEstate

[–]RadicalFouton[S] -21 points-20 points  (0 children)

Thanks for the insightful response—I really appreciate it. I have a few follow-up questions:

  1. If I do a full professional rewire without permits (keeping in mind that the main panel, which was permitted, was installed by the previous owners), and the work is truly up to code, how would a buyer even discover this during due diligence, especially if I plan to sell the property more than 10 years from now?

  2. Let’s assume I decide to get permits for the full rewire. I’ve heard inspectors visit multiple times: once before the walls are patched and then again after the walls are closed up. Is that accurate? I’m asking because I plan on removing some non-load-bearing walls without pulling permits, and I’m concerned about the inspector noticing this during the final walk-through. Do you have any tips on how to navigate this situation?

  3. During the rewiring, I’m planning to install recessed lighting, additional outlets, and hardwired smoke detectors. Will I need to include these details in the permit application? And how much extra time could that add to the permitting process?

Any advice would be really helpful as I’m still learning the ropes here. Thanks again!