All Forum Posts by: Alex L.

 Well, more like almost $350/sq rather than $400/sq. 

I can't imagine how you're able to have a complete roof replacement for $240/sq. Using that # for my own roof example after factoring in the cost of materials, that's $64/sq for labor for a complete tearoff, replacing all wood sheeting, and installing new shingles, ridge vents, flashing, etc. I've dealt with several roofing companies in the last few years, probably about 12 different ones, and I've never met one that priced below $150/sq for labor. In fact, I had about four quotes for my particular project that came in between $12k and $16k (absolutely insane!)

Now if you're simply doing a tearoff and shingle replacement, then sure, $240/sq seems reasonable. That would have ran me about $287/sq. Around here, a decent architectural shingle runs about $92/sq, and then there's the cost of the extra stuff of course, but all in all it's not too bad. But needing all new sheeting adds some extra costs in both materials and labor. 

$500/sq though, I just can't wrap my head around! 

 Good lord. Here in OH I just paid a small roofing company (two guys) $9k all together to replace two separate 13 sq roofs with 30-year architectural shingles... and that's including all new OSB sheeting. Materials were only about $4600 for everything, so I guess that roughly comes out to about $177/square for materials, and $170/square for labor.

Just closed on a property last week that I'm now focusing on getting rehabbed and cashed out, otherwise I'd still be on the lookout for another investment. I focus on cash flow rather than appreciation or equity. If I can cash flow $350+ per door with $25k or less of my own money invested, it's a solid deal to me.

First, you and your father do not each own 50%. You each own 100% (as in, you both have full equal rights to the property).

As for your question, joint tenancy creates a right of survivorship, so that if one party dies,  then only the remaining party will have right to the property... aka you will be the sole owner if your father passes. This does not mean the deed itself will automatically update itself, though. In a situation like that, it's as simple as going down to your county recorder office and filing an affidavit and death certificate of the deceased party.

Can't comment on Prop 19 since I'm unfamiliar with that, unfortunately.

I've ran into this situation before. Was for a run-down property with tenants in place. Seller's agent insisted that if I wanted to see or inspect the property, I'd have to put in an offer first, with a $5,000 EMD. Agent is a known slumlord himself and an absolute pain to work with -- he's like the bottom of the barrel in terms of quality as far as agents go in the area, and keeps all his properties listed for sale with such ridiculously high prices. He tried pressuring me into signing then and there in his office, and I told him I'd prefer to think about it first. On my way out I heard him mumbling under his breath about how I wasn't going to sign "sh**". Really unprofessional. House sat for another 2 months on the market, I came back and offered 50% of what it was listed for and under the circumstance that I could break the contract if there was any sort of damage that'd cost $500 or more to repair upon my own visual inspection. That's my own experience, but as Doug already mentioned, DEFINITELY ensure there's an inspection contingency and don't put down an EMD without seeing the place first.

Lots of landlords prefer to self-manage, at least up to a certain # of properties. I am one of those people. Issues are bound to arise here and there, but if you're on top of things and deal with potential problems as soon as they arise, and have a good handful of reliable sources (i.e. handyman, attorney local to the area) it's doable. If you do choose to go the self-manage route, I'm a local landlord/investor who offers walkthrough services through We Do Walkthroughs for landlords and PMs. Basically, we go through the property and perform walkthroughs the same as you or your PM would, take photos, write up a report, and send it your way for your review along with potential insights that might be helpful (i.e. contractor recommendations, update suggestions, etc). In addition to a full walkthrough, we also offer a cheaper drive-by option (exterior only). So keep We Do Walkthroughs in mind if you decide to self-manage and need some eyes!

Like others, we also like to use 1-Year leases that automatically convert to MTM while still using the original lease as a frame of reference. If any changes need to be made in writing, we typically just have the tenant sign a lease addendum that builds off of the original lease. We also always make sure that the fact that the tenant is MTM is stressed as a point in any future addendums, even if it seems redundant.