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All Forum Posts by: BeBe Cheng

BeBe Cheng has started 3 posts and replied 59 times.

Post: Should I sell it or continually rent it?

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

keep it.

Post: How much to offer in Cash for Keys in Bay Area?

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

yes, ask them to leave nicely first, then cash for key, third 60 days notice and last eviction. every step gets more expensive. been there and done that. good luck!

I prefer to hire attorney to begin with it. I posted the 3 days notice myself. The tenant did not pay. I turned my case to my attorney. My ttorney did not like the wordings that I put on the notice. So he had to re-post it. Some delay there. 

California is a tenant friendly state. If there is any mis-step, you will go back from the beginning. There was a case that the judge put aside due to none proper notice serving. 

You have been three month behind for filing. I would not play around with it myself. It is just my opinion.

Post: $800 Electric Bill...What Would You Do?

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

I had a tenant who complained her electrical bill was over $500 one time. I called our electrical company and they helped me to analyze her bill. The usage was way high at night and in normal range usage during the day. I was told that she may run electrical heaters at night. She told me everyone thinks the portable small electrical heater is efficient. But it is totally opposite. Those little portable heaters are electrical monsters. It turns out that is exactly the case. She sublease the sunroom to make extra money. But the electrical bill bited her back.

Just investigate and find out the real reason for the large bill. Good luck!

Post: Go Refinance Again!!! 10yr Treasury meteoric drop the last week!

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

@J. Martin Will work on it. Thank you for the note!

Post: Rental Applicant Going Through Divorce a Negative?

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

I had a tenant moved into my condo during the beginning of the divorce proceeding.  He makes very nice income, good credit and so on. But he started being late on the rent after a few months.  He is a good tenant overall.  Go ahead if the tenant is qualified. But be prepared to have some hicups. But it is part of the business. Good luck!

Post: Flat Water Fee

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

@Jorge Soto

Please check with your city.  

I have a duplex sharing one water meter in Oakland.  City of Oakland is not allowed me to bill the tenants for water even if I install the sub meters. @Ashley St. Gelais is right on the spot.  Also California is famous for rules and regulations compliance.

Post: Paid or paying as agreed Payment deferred

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

student loan repayment duration is 10 years.  so the 120 monthly installments make sense. parent can borrow for their child's schooling.  it called parent plus loans. the loan is under the parent's name.

Post: Applicants Moving From Spain

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

I had exactly the same situation.  The family came from Spain to work at Qualcomm.  I asked for pay stubs and employment (hiring) letter.  I even returned their application fee since there is nothing to verify.  Best tenants.

Take them.

Post: REO, came without security deposits

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

@Paul Stern

I bought a short sale in Oakland knowing that I will not get the security deposit. It is a fix upper. I also had to take the not paying well tenants. But with purchase price at $100k, I took it.

Evicted the tenant $1250, fixing $30k, property now value at$230k, renting $1695, much higher than before.

If it is a good deal, do not focus too much these little stuff. If you know your end game and you know how to get there with means (money, time, lawyers, brokers, agents, BPers), go for it. Ask people around to see how many people lost deals over $2k, $5k....... In Bay Area, those costs had easily recovered in couple month's appreciation.