All Forum Posts by: Brendan Miller

@Damara Kaplan I’ve been in the Albuquerque market for the past year or so and happy to help answer questions.

I’d start with researching ABQ first to understand what areas interest you. From there that’ll narrow down the focus.

@Mohan P. I would definitely ask for a credit or have the seller replace the unit. Worst case scenario they say no and you’re back to where you are now. If they don’t credit or replace then I’d have them pay for a home warranty.

@Cesar Perini I just got one through PenFed credit union @75% LTV. They offer primary HELOCs all the way up to 90%

@Mel Hayes I’m curious what the advantage of seller financing would be in this case if it’s a 1 yr balloon payment? Are you not able to secure traditional financing?

@Mason Jeffries try PenFed credit union, I just closed on a NOO and OO HELOC earlier this year and as far as I know they're still doing them

@Michael Plante ranges from $1-2/gsf depending on the area. I’d recommend getting quotes from multiple contractors for the same scope

@Zachary Jensen, I would just sit down and have a conversation about it. I think it's important that spouses are aligned when it comes to real estate investing, and I think you both probably have legitimate points to make on either side, and maybe you can agree to meet in the middle somewhere.

My 2 cents, if the previous landlord raised rents 3-5% with this same tenant each year, then the expectation has been set and you likely won't have an issue continuing that trend. My fear would be that if you stop raising rents, then it sets an expectation with the tenant for what to expect from their new landlord. The justification to your wife to raise rents would be that your costs of ownership will continue to rise each year (yearly tax & insurance increases, repair/maintenance/CapEx escalation over time, etc). If your tenant stays for 20 yrs, are you going to hold their rent over that time? I'm all for helping people when they need help and for trying to keep good tenants, but at the same time most of us operate our properties for what they are, which is a business; but I think there is a happy medium that can be met between you and your wife. If San Diego is anything like Phoenix has been over the past couple years, then a 3-5% rent increase is modest compared to what the market rent appreciation has been. I don't think there is a right or wrong answer either way, just different opinions on strategy. Good luck!

@Kelly Mae I'd say that a fridge is a must, W/D can go either way. I've always had a W/D in my AZ rentals. I will say as an investor that this depends on the market. For example, when I lived in California (as a renter) it was common to see SFH rentals without a fridge and W/D (it was weird to me at the time though), but in Arizona it's uncommon to see SFH rentals without them. I'm not sure why this is, but you'll definitely have better luck getting a renter with these items provided. You can easily get some nice used appliance off Facebook Marketplace for less than <$1K which will likely be less than a month of vacancy for you. You also need to see what other comparable properties in your area are providing and at what price point.

@Alex Reamon, interesting situation. I would start with saying that you just had a repairman service the units and that they are in safe working condition, which might provide some peace of mind. You also read through your lease and see if there is anything in there that would could reference to help, but I'll say it's a unique situation that you may not find much help in your lease on.

Also, I'm unclear how your insurance would cover the full replacement of the water heaters if they weren't damaged beyond repair?

No problem, good luck with the duplex!