All Forum Posts by: Austin Cai

Hi BP,

I currently have a multi-unit property that I bought this year. I am wondering if any of you have good referrals for CPAs that also own investment properties and knowledge in that space to help with my 2022 tax filing? My property is in the Bay Area but I'm open to working remotely with them as long as they know the regulations of the area. Thanks in advance!

Best,

Austin

 That is a good point. However, the conditions inside are not optimal, and in an ideal situation I would like to fix it up first to increase the rent. If I rent it in it's current conditions, it will probably be around the same price they are paying. Utilities are not included so that does not effect my decision as much. 

 Yes, to your point #2. it is below market-rate currently but here's the conundrum that I have. Since I have a full-time job (unrelated to real estate) that got quite busy currently, I don't have the time to remodel and fix the unit if I were to tell them to vacate. However, I do have another tenant (middle unit) that is interested in renting out the unit we're speaking of. So there are a lot of moving parts currently. Most optimal situation I imagine would be that the cousins moving in pass the background check and can stay the allotted time. Otherwise, it will get quite complicated.

Hi BP,

I'm a first time landlord so I wanted to get your guys feedback and advice on this. Basically, this tenant has been living in the unit for over a year now and have been consistent with their rents. They mentioned that they want to move out at the end of this month and relocate to another state for 6 months, after which they will move back (supposedly). In the meantime, they said their cousin's family will live there while they are away. The first thing I asked was if the new family was able to pay the current rent while they are staying there. 

I'm wondering if I should do a background or employment check on this new family and have them sign a new lease. In fact, I'm not sure what my options are. What happens if this new family is unable to pay the rent or decide to leave after 3 months? How should I go about this process? Thanks in advance! 

Best,

Austin

@Kenny Dahill thanks for the encouragement! The pointers you suggested are indeed helpful. I'll start from there :) 

Hi BP,

Do you guys have any referrals for Oakland attorneys that could help with legal counsel and edits on tenant lease agreements? I've been trying to search for some on the Internet but haven't found anyone good. Thanks!

Hi BP Community!

So I've recently closed on a triplex property in Oakland that has two current Section 8 tenants. I've just started on my REI journey and have been searching online, BP, reading books and talking with my agent on what to do next. I'm the first in my family and amongst my friends to get into this business so I don't have many or any close friends that I trust to advise me on what to do. That's why I want to reach out to the BP community to understand what are some checklist steps I would need to do. From my current research, there are several things on my list already including...

1. Transfer of ownership and utilities to my name

2. Creating and issuing new lease agreements for the tenants

3. Do any renovations or fixes for the currently vacant unit

4. Market and screen and rent out vacant unit

5. Sewer lateral and sidewalk repairs 

....etc

The list goes on and on and at times I feel overwhelmed at everything I have to do in a short amount of time. It's been a great learning experience so far and I would like to see what some things that I am not aware of that I should be putting on the list as well. Any help would be greatly appreciated!

Thanks

@Malcomb Stapel That is very helpful information! I will definitely do that.