All Forum Posts by: Account Closed

I like the color of wood flooring, but don't like the fact that wood flooring could be damaged when it get wet. Last two years, I have been using "Wood-Look" Tiles. It is tiles and have the look of wood flooring. Replace previous owner old carpet with tiles for only one time. It last almost forever. Hard to damage tiles. Tiles is the best.

Depends if it is lean toward to Buyer or Seller market. When I sell house in a market not favor to Seller, or if I really need to cash-out, I would try to repair all the items the buyer requested. But at this current very hot seller market, I would not repair anything. If the buyer back-out, that's fine, at this upward momentum market, I would re-list my property at a higher price after the back-out.

What if the next correction is 10 years later? Would you be regret selling it today or this year? ;)

When I first become a landlord, yes, I was very afraid to raise rent, because I was afraid the existence tenant would move out, and I would need to look for a new tenant. Until that "special year" came, I had a tenant moved-out almost every month in all my different properties. After post ad, showing, screening, prepare lease almost every month in one year, I feel comfortable and have confidence how to looking for a new good tenant. Looking for a new tenant is not a challenge to me anymore. Since then, I raise the rent every year, but still slightly lower than the market price to renew lease. For new tenants, rent would be above the market price due to current very hot rental market. If I price it at market price, I receive 20 to 40 calls easily, and will rent it out in 3 days. To reduce the calls to 5 to 10 calls, I price it above the market price, and still able to rent it out within 1 week at current very hot rental market.

Since you file tax return together, bank lend maximum of 10 loans to both of you together. Unless you and your wife file tax separately for at least 2 years "AND" both of you do not own any property jointly together. That meant, all the properties must be either own by yourself, or own by your wife herself. Then the bank would lend 10 loans to you, and 10 loans to her. Total of 20 loans. If any one of the properties is owned by both of you together, sorry, maximum 10 loans to both of you together.

By knowing the exterior and interior conditions, I'm able to make good maintenance (prevention) on all my properties. Most of the time, the PM would not fix things until it breaks (like water heater leaking to downstairs unit, more problems coming later.) Only landlords would care their own properties more, and willing to have more maintenance before it breaks.

I have always been thinking about buying OOS, but never made it. Character and personality... I need to be able to see my properties anytime. I manage and rehab my own properties all the time. I like to know the exterior condition, interior conditions, and the tenants of my properties.

I like option 2 better because it can maximize the purchases, but I would try to purchase properties as fast as I can using both options at the same time. Try option 2 first, in case the lender refuse lend you the money at the end of escrow, that's the time I use option 1 (100% cash) on the same purchase deal. After being turned down by the 1st lender, look for a different lender immediately for the next purchase.

You can always change the lease term at the end of the lease. I always give my tenants at lease 45 days in advance. All states law may be slightly different on the advance days. You can draft a new lease agreement, present it to the tenant at least 45 days to 60 days. If the tenant agree on the new lease term, continue to lease. If the tenant disagree on the new lease term, then the tenant can move out before the new lease term begin

Ask for a copy of all lease agreements from the seller. (States from states law varies) If the lease are month-to-month, send 30-days move out notice to the tenants as soon as you are the owner of the property. As soon as you become the owner, If the lease are 12-month lease, send them move-out notice that their lease will not be renew at the end of the term.