All Forum Posts by: Ashley Undercuffler

Quote from @Kate Purse:

Hoping to make it!

 That would be wonderful! 

Quote from @Jay Chong:

Hello, BP Family.

I just signed my purchase agreement to a multifamily unit in Los Angeles.

It's a four unit and 2 of the tenants are under month to month contract.

If I become the owner of this property will I be able to draw a leasing agreement with them?

They are both paying just a little under market value.

Thank you in advance.

**And if you have any good property management company, please let me know!

First of all, Congrats! Thats huge! 2023 is off to a great start for you!

Secondly.. Yes, you can attempt to get them on leases (check with the city housing laws). The county of LA encompasses many other counties with different laws. But 99% of the time, you should be able to get them on a lease. I had to do something similar. 

I had a duplex that I purchased with tenants in each unit already. Both of them had been there for nearly 20 years. I asked them both to sign a lease and said I would not raise the rent for the one year lease. One declined and one signed. I evicted the tenant who declined, and it took many months because eviction is very difficult. Try to incentive them somehow. Most tenants would love to hear that the rent will not go up with the new lease, but I understand you may not be able to promise that. Get creative with what you can offer, maybe a storage unit on your property is vacant and you can offer to add it to the lease for free for the first year, or an additional parking spot, etc. 

I've had to get creative this way many times so it's kind of fun to figure the game out! Feel free to reach out to me if you have more questions. I'm based in Los Angeles also :D

Quote from @Jacob English:

Quote from @Ashley Undercuffler:

It sounds like this really worked out for you! I'm so happy to see someone succeeding in the industry! What are your next steps?

Thanks for asking!  We are looking at ways to buy the land where we will build our retirement home and are also moving to Tucson next summer and looking to purchase a home to live in and then rent out when I retire from the military.

 Thats a fantastic market and beautiful economy. I wish you the absolute best! Please let me know if I can help you with referrals there :D

Hi Carla,

what kind of leads are you looking for? Are you looking for a good deal to buy? Or are you looking for buyers and sellers?

I've been using new Western and they are great! I see a lot of others commenting here with wonderful suggestions too. You're doing the right thing by networking!

It sounds like this really worked out for you! I'm so happy to see someone succeeding in the industry! What are your next steps?

Come on out to meet some like-minded real estate enthusiasts just like yourself! We will be talking all things real estate and just hanging out to have a good time. Whether you're a pro or looking to start your real estate journey, you ARE welcome here. 

This event is hosted by me, Ashley Undercuffler, who is on the SoCal David Greene Team. This location has food and beer! Let's chat, eat and network. See you there!

In most relationships, there is one person who is hesitant about the real estate investing. That's not uncommon. There are lotta suggestions on the speed that are great. 

Maybe if you two together talk to someone in your area who has done it, maybe a woman for her, that would help her feel it is. Take someone to coffee or lunch or set up a zoom call. Tell your wife to write down all of her concerns, and find someone she can ask her questions too. 

I know for my husband, listening to BiggerPockets really made it easier for him to understand. All bite size episodes that help explain. 

I hope this helps!

Quote from @Bruce Woodruff:

Quote from @David G.:

Quote from @Bruce Woodruff:

Tough one....On the one hand you want to enforce rules. And this is a good, common sense rule. On the other hand she is an entitled brat who may have a disability. Note use of the word may... :-)

I would insist that she provide you a proof letter from a real Doctor stating said disability with the specific orders that tenant should not carry weight above X pounds. Give her 10 days to produce this evidence.

Assuming she provides said proof, install a simple metal rack outside the units and even give her a basic lock (just to look like 'the nice guy"). Give her a letter showing that you installed a new bike rack and lock for her.

If she cannot provide the letter, then insist that she carry the bike to her apartment. If she refuses, evict her.

Remember your job. The owner of the building is paying you money to make and enforce common sense rules.

 Thank you. There isn't space to lock the bike on the property and her bike is a cruiser that is large.  Also I don't want to invite possible theft because it isn't a gated apartment complex. My question is why would the visibility warrant her to be able to do this.  The bike is a luxury in some sense, and she can lock it to metal signs that are on the street. 

 It doesn't give her any rights. Like I said, verify the disability first! Then decide on your plan of action.....

  I completely agree with this! Also, if you have a handyman and a 6 foot concrete pad, you can have a bike rack installed for $60. Here's a link to one on Amazon. There are many more, but this might be a very fordable fix if you have a place for it. 

https://www.amazon.com/Cycling...

Also, consider instituting laundry room hours and locking the door at night. Maybe then she won't want to keep it down there. That might be hard because changing the hours on all the tenants would be inconvenient, but it's just another suggestion. 

Quote from @Tony Valle:

Quote from @Ashley Undercuffler:

Quote from @Tony Valle:

Hello fellow Investors,

I am looking to make some connections that will help me identify some good markets to invest in for multi family homes. It seems to me that there is more opportunity in the Midwest and the South. I welcome your insights.

 Hi Tony!

I started investing nine years ago and I had the same question. The first thing I would suggest you do is look up states that are landlord friendly. I am six multi family in Indiana because it is very landlord friendly. This is important especially if you might have to evict tenants. I'm sure you've heard that California is very tenant friendly. We are only just now lifting them auditorium on right here so it has been very difficult for landlords. 

Also it depends on what kind of investing you want to do. Do you have the cash to buy a property out right? Or would you be financing? I use the BRRRR method quite frequently, but also buying turnkey properties has been nice! There are companies out there that you can buy a single-family home, with a tenant in place generating income and already has a property management company taking care of it and collecting rent. The return is not as high as completely renovating a property yourself and renting it out or doing a cash out refinance, however they offer a lot more peace of mind.

It really depends on what is important to you and what resources you have available to you right now. I'm happy to chat more if you'd like to connect and reach out! Have a wonderful day!

Ashley Undercuffler

 Hello Ashley,

I remain awed by your gracious and thoughtful response! One of the many reasons I am considering out of state investing (and have 1 property out of state already,) remains respect for laws that support Landlords/Owners. I will likely use the equity in an existing Self Directed, RE IRA to purchase a Duplex. I want to work with about 250 to 300K for this next investment. And I also have plans to continue acquiring properties using savings and seeking creative lending options (which I need to learn about).

So, I remain open to investing in select areas of the Midwest or The South. Alabama is right next door to a property I own in FL, but I am also seeking some geographical diversity.

It has been interesting for me to learn about all of the dynamic growth happening in certain areas of the country, as business and populations move to areas where they are "treated the best." I want to do what I can to participate in this growth as well.

Regards,

Tony

It sounds like you're on the right track! Next, I would advise that you find a lender who is friendly to investors and is able to land in multiple states. 

Free tip! We can borrow against our own Roth IRA's and as long as you pay it back within 60 days, you will not be penalized. I've used to just a couple times to borrow money for myself that is interest free. I live in California so at least that's the law here. (Please consult your CPA / tax specialist to make sure it applies to your retirement). I pulled 50 K out of my retirement to buy a four unit building and BRRRR'd another property. Then I refinanced the property to pull cash out and repay my Roth IRA back. It was nice saving the fee's and interest I would've spent otherwise with a bank! :D