Real Estate Investing: California Rental Affordability Act to be on November Ballot! CA LANDLORDS beware |
- California Rental Affordability Act to be on November Ballot! CA LANDLORDS beware
- Want to share my numbers to get feedback and in case anyone else is curious
- Got a phone interview / Q&A with a really successful realtor and real estate investor in my city need help what to ask
- Does this add any value to my property????
- Install external cameras on MF rental?
- How low can Vegas market go in the situation?
- Odd tenant request
- Rehab equity loan
- Multifamily Owners: How will you process rent-break requests from tenants?
- Out of state investing
- Would buying my first ever property as an investment cause me to lose my FHA eligibility when I want to buy my first home?
- Anyone here manage parking lots?
- Accounting for property management costs
- Zoning Question - SFH with a Duplex in the Back
- Finding Decision Makers - Mortgage Notes
- Are my financials normal? Have to fill ~5/6 units to break even. Doesn’t include any updates.
- Want to get involved In whole sale contracts.
- We haven't been affected by the pandemic and economic downturn at all
| California Rental Affordability Act to be on November Ballot! CA LANDLORDS beware Posted: 07 Apr 2020 11:56 AM PDT To all the CA folk, this is Prop 10 2.0 https://ballotpedia.org/California_Local_Rent_Control_Initiative_(2020) It was previously called the Rental Affordability Act, but they just recently changed the wording to call it "California Local Rent Control Initiative". Prop 10 couldn't pass because the housing activists wanted a full repeal of Costa Hawkins, so the RAA is a watered down version. For some reason it's flying more under the radar and I am concerned a lot of rental property owners in CA aren't aware of it. Here is what the RAA does:
The activists say they won't go after mom and pop landlords, hence the exemption. Really?! So, let's say I own and live in my own home but also own two rental single family homes. Yep under this new proposed law, I am no longer a mom and pop landlord, because I now own more than "two residential units" in total. So essentially, people with single family home rentals are at risk of having their rental under rent control AND vacancy control. If you are a single family investor in CA this ballot measure could strip you of all your rights. Imagine owning a SFH only to be told that the city you own it in is making it rent controlled, all because you own more than "two housing units". Have fun getting the tenant out! You will either have to "buy them out" or Ellis act/owner move-in eviction, which will cost tens of thousands of dollars. But cities are making it harder to do these as well. And if you are already a multi family property owner in CA, this could decimate your property value. Back in the 1980s, when vacancy control existed in places like Berkeley and San Francisco, apartment buildings lost 30-40% of value over night and never went up until the law was repealed. Don't let this new ballot measure fly under the radar. Fight against it! Donate to CAA or other organizations! [link] [comments] |
| Want to share my numbers to get feedback and in case anyone else is curious Posted: 07 Apr 2020 06:21 PM PDT I'm a small-time investor/ Realtor in the Gulf-South. Started in real estate shortly after getting out of the military in 2015- bought first property in 2016, and now up to 4 properties (9 units). I manage everything myself, so don't have the added expense of a PM, but I'll likely start using one in the next few years. I'm not full time RE, I have a full-time job at a big 4 firm and do this on the side. I try not to take any money out of the business personally, everything gets put back in for repairs/ expenses or savings for down payments. I just switched to Cozy.co for management and love it! https://docs.google.com/spreadsheets/d/1taLRUHgX6rlJnsG2AxvS16QNE63DIhOL8x2Qys9d6Ws/edit?usp=sharing [link] [comments] |
| Posted: 07 Apr 2020 11:32 PM PDT I've really liked this realtor / investor for a while. He markets himself very well and I've admired it for awhile. I ended up seeing him in public the other day and we talked and we ended up setting a phone call up date to talk more. The date is next Tuesday. I'm just getting started in real estate so I thought he would be a great person to ask some questions. Now, I don't even know what to ask. Are there any questions I could ask to gain more knowledge on my city? [link] [comments] |
| Does this add any value to my property???? Posted: 07 Apr 2020 09:21 PM PDT So I'm about to sell a piece of commercial property that I own and I'm currently getting an appraisal on it. One caveat, is that a utility company (well known internet provider), uses my property for a large main cable line that was trenched across it. We made a flimsy 5 year agreement for free services because I didn't want to deal with the headache of finding its true value. As I'm thinking of selling the property, and with the contract terms finished with, I'm wondering if there's any value added to my property due to this major cable line? Thoughts? [link] [comments] |
| Install external cameras on MF rental? Posted: 07 Apr 2020 08:28 PM PDT Curious as to the legalities and thoughts on this.. have a friend who owns a few MF's in the same area as mine and we got to talking about the uptick in package thefts from porches, etc. He said he's contemplating security cameras for the exterior as he thought it might deter theft. I didn't doubt it might be a nice add, but said it's another expense (and possibly a headache) and, might either creep tenants out or even provide an issue if there's any legal issues for recording the property and possibly an expectation that someone was monitoring it (or retention times, review periods etc). Curious if anyone has used cameras on rentals for external areas and any hang ups with them besides damage/vandalism, etc. Properties are in CT (if that matters). Thanks for any insights! [link] [comments] |
| How low can Vegas market go in the situation? Posted: 07 Apr 2020 02:19 PM PDT I like a townhouse in Henderson that is 200k right now. I want it to be 170k to be happy cause that is the opportunity cost for a property in another city. [link] [comments] |
| Posted: 07 Apr 2020 07:36 PM PDT Tenant living on a second floor unit wants me to have management remove a window so he can get a large couch out of his apartment when he moves out next month. He said management could charge him. Initially i thought it was ok, but I think if we take the window out, and put it back in, there could be an improper seal and potential for water to come in during a hard rain. This is Texas, heavy wind and rain are the norm. Also a little concerned the building might get damaged (vinyl siding), someone could get hurt, liabilities, etc. I reached out to management and they said they were unsure if they could do this. They have liabilities on their end as well, obviously. The last owners accommodated him when he moved in and had the window removed so he could get the couch in the unit (stairs were too narrow). I told the tenant I was uncomfortable with it because there could be safety issues or damage done to the building or future water damage if the window was not reinstalled perfectly. Tenant said, "well how are you going to get it out when we move? Either way you're left with something there chief. All good with me. Don't be a pimp. Be a human being." It's not my responsibility to deconstruct the building so that he can keep his couch. If something were to happen, I would be the one in the lawsuit for allowing this to happen at my building, or left repairing the siding because they let it smack into the building. [link] [comments] |
| Posted: 07 Apr 2020 06:00 PM PDT If I buy a house that needs rehab cash, for lets say 10k. But the county taxes assess it at 40k, can I thrn turn around and get a loan based on my home equity to help with rehab? [link] [comments] |
| Multifamily Owners: How will you process rent-break requests from tenants? Posted: 07 Apr 2020 06:22 AM PDT 1)How do you decide if you should provide a rent break to a tenant or not? 2) How do you determine how much of a break to offer and appropriate repayment terms? 3) What due diligence are you performing to confirm "hardship" and determine how much the tenant can afford to pay? [link] [comments] |
| Posted: 07 Apr 2020 04:52 PM PDT I'm from Los Angeles, a hundred grand won't get you much here, but lately I've been seeing infographics on IG of people investing out of state, paying $50k cash for a house and seeing 600-800 a month in rents. Is this real? How would someone go about getting started in out of state investing? I'd love some insight, and yes I'm extremely brand new to all of this. [link] [comments] |
| Posted: 07 Apr 2020 04:52 PM PDT Long story short - my sister is a realtor in Michigan and the houses there are cheap. She has found a few properties around $80-$90k that I could purchase with $5k down and my mortgage would be so cheap. I'd love to buy my first investment property there. However, I live in Los Angeles and I'd like to buy a home for myself to live in here in the next 2-3 years. I'm hoping this crisis will have a rare dip in housing prices here so I can buy one. The problem is, the only way I could afford to do that would be with 3.5% down with an FHA loan since houses here are $600k +. If I create an LLC or corporation to buy the investment house in Michigan, will I still qualify for an FHA loan for my own house here in LA? [link] [comments] |
| Anyone here manage parking lots? Posted: 07 Apr 2020 07:50 AM PDT how has business been for you since the lockdowns? Have you been giving people breaks? Did you have to "evict" anyone? [link] [comments] |
| Accounting for property management costs Posted: 07 Apr 2020 03:54 PM PDT Typical guidance is to assume 10%/monthly rent for PM costs, but something I've been thinking about lately - almost all of these PMs charge one month rent for placing a tenant, so assuming you aren't buying properties with existing tenants, doesn't this one time cost (among other fees the PM costs in addition to 10%/rent) really cut into cash flow and in turn your estimated cash on cash return? I just almost never see it built into peoples' projections but wasn't sure if there was a reason for it. [link] [comments] |
| Zoning Question - SFH with a Duplex in the Back Posted: 07 Apr 2020 09:19 AM PDT I know the answer is "talk to an attorney", but I'm looking at purchasing a single family house on a .3 acre plat zoned "single family" that also contains a duplex out back that needs significant repairs to get in shape to rent. The duplex is separately metered with two utilities meters, so it seems that it was in use at some point in the not too distant past. Does this seem worthwhile to anyone? At what point should I find an attorney to take a look? After I'm under contract or before? Not being able to rent the duplex would make the investment go from outstanding to merely good. [link] [comments] |
| Finding Decision Makers - Mortgage Notes Posted: 07 Apr 2020 01:30 PM PDT I have developed a method of identifying distressed mortgages that fit my criteria, and am able to identify the lender, credit union, hedge fund, or small bank that holds the specific note I am pursuing. I am having trouble getting to a decision maker. I am aware that I cannot start from the bottom and expect to get anywhere but I wanted to know what tools you may use to identify these individuals and get their contact. Most places I research from seem to just recommend their own software, such as Bank Prospector. What do you use, what for, and how well does it work? thank you. [link] [comments] |
| Are my financials normal? Have to fill ~5/6 units to break even. Doesn’t include any updates. Posted: 07 Apr 2020 07:48 AM PDT Averaged to monthly (USD): $2,400 mortgage $840 utilities (includes heat, cable, internet) $266 maintenance, cleaning, ads, stuff $3494 total This doesn't include costs of upgrades we've done, which haven't improved the sales price at all, unfortunately (been on the market; potentially due to the larger region). Income: $4,550 typical $5,150 best case Rents on higher end for region. Based on this math, typically we have to fill 5 units to break even. The "extra" money (eg for the 6th unit) has typically gone into upgrades like tile in bathrooms or increasing number of units to 6. [link] [comments] |
| Want to get involved In whole sale contracts. Posted: 07 Apr 2020 08:37 AM PDT I am brand new to real estate but have been getting tastes of it on a channel I follow "Trading Fraternity " I have been just now started not living paycheck to paycheck due to a transition period where I worked two full time jobs and made some good investments. Now I am working one job as well as doing speculative options trading based on macro economics for income, but mainly to build capital. I have some questions regarding real estate whole sale contract selling. If I find somone who is needing to part with their home, and agree to enter a contract to buy their home,do I have to pay them a premium for a time period on the contract? In case I decide to not execute the contract. Or does that contract just exist and I can either resell it to a buyer or larger investor with no premium paid? In sorry if this sounds simple and I have googled a tad bit, but i learn better talking to people. I understand I need to remain empathetic to the situation people are in and also try to get them as much as possible while still profiting to build long term connections. Thankyou so much for any help or tips. [link] [comments] |
| We haven't been affected by the pandemic and economic downturn at all Posted: 07 Apr 2020 08:16 AM PDT My husband and I own an REI company. We also manage our own rentals. So far, none of our tenants have had any problem paying rent. We are operating like normal. And we are buying more properties like we would have without the pandemic. Any other investor also feel no change? [link] [comments] |
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