All Forum Posts by: Ana Marie B.

@Shonda Williams - Do not accept partial rent payments.  

This tenant is clearly working you.  Start the eviction process asap.  In many states, you nullify the eviction if you accept rent, even partial rent payments.  

You should also contact an attorney asap. 

@Keith Jourdan - As an educational lesson for us all, may I ask how much you have spent out of pocket for the attorney/court fees, as well as how much you have lost from the non-payment of rent?  You don't have to answer if you don't want to.

I do hope the sheriff arrives soon to give this tenant the boot.  This person is surely THE tenant from hell -- a career "criminal" tenant who is savvy on eviction laws/ loopholes. Good luck to you. 

Another option @David Pearson:  If you have gained good equity in 1 of 10 properties, you could sell the 1 property and pay off one of  your other  rentals.  That way you have straight cash flow from the 1 paid-off home and have freed-up one slot so-to-speak so you can purchase another property under your personal name and not go the commercial loan route. 

@Dave Foster may have an answer for you.  

@Jo Zhou - I feel for you.  You seem like you have a big heart.  I'm the same way as you.  These are elderly tenants who have come across hard times.  I work for the Dept. of Human Services in the City & County of San Francisco. I would contact the Dept. of Aging and Adult Services or Adult Protective Services or its equivalent in San Diego and report this situation.  The reason I mention APS is because these are disabled seniors who are at risk of becoming homeless and APS staff can certainly point you in the right direction.  

Obviously,  you also need to have a discussion with these tenants about the fact that you can't allow them to remain rent free for much longer, but that you're doing your best to get them some help. Best of luck with this difficult situation. 

@Sheeva R. - I don't live in either city, but can say that the reputation for both cities -- Pittsburg and Antioch aren't the greatest, unfortunately.  I used to visit Pittsburg quite often and can say that I wouldn't feel safe walking around at night, even in some of the nicer, residential parts of town.  I still hear that crime is a problem in both cities.  However, lower cost of living/ housing and cultural diversity are major advantages. When I'm researching new cities to purchase rentals, I google forums where actual residents discuss their likes/dislikes.  Below are 2 such links that you may find helpful:

https://www.niche.com/places-to-live/pittsburg-con...

https://www.niche.com/places-to-live/antioch-contr...

@Edward B. - Thank you so much for your advice!  We've opted to do a 90-day rate lock eff. today, which should end around June 24th. This should put our minds at ease given all this talk about rising interest rates. Even if we need to pay a few weeks rate lock extension, that cost will likely be lower than purchasing a point at closing (that is unless there are extensive construction delays...*knock on wood*). 

Also you're right, while we think we can live in this lovely new house for 30 years, we just never know for sure.  We may find another beautiful house to upgrade to before the 30 years are up! Thanks again :)

Hi BP Fam!  Have a question for anyone savvy with financing or have experience with mortgage discount points.  So my husband and I have decided to upgrade to a larger primary home by purchasing a new construction single family house, while adding our current primary home as another rental. The issue is that the new build won't be completed until May 31st, with an extension clause in our contract for a possible additional 45 days (so on or about July 15th).  

We're concerned about the recent news of rising interest rates.  We're considering:

- 90 day interest rate lock, which would take us to June 20th or 

- purchasing 1-2 mortgage points at closing

The loan amount is $1,240,000.  So each mortgage point would cost us roughly $12,400.  Our question is, when is it "worth it" to purchase points?  What are the pros and cons given this current market.  Thanks in advance all! 

@Kusum Chanrai - I have a colleague who purchased a condo in the low $1M range a year or so ago in the Mission Bay area, as the cost of housing in that location will likely continue to appreciate due to the new stadium being built there. Lot of new restaurants popping up, etc.  Of course traffic is something to consider, as UCSF and SFPD are also located there.  

@Marcy Moyer - Thank you for your sound advice!  I can tell by your post that you're a very experienced realtor.  I will keep your tip in mind as we continue our search.