All Forum Posts by: Bruce Ellerd

I've heard a good limit is 2 people per bedroom, so you can state on your requirements that no more that 4 people for a 2 bedroom unit.

@Andy N. sounds like a great year for you, congratulations and continued success

@Chris Nelson I agree with Chandra as the estoppel form will tell you the tenants understanding of their rental terms. I think you should get Brandon Turners books on buying and managing rental properties as I got them both and have learned a lot from them and they come with great ready-to-use forms. 

 I think the seller probably gave you the most recent information. The one tenant signed their lease in 2012 and like the unit so they've stayed on a month-to-month basis. The only thing you need to find out is how much the rent has changed from when the lease was originally signed and when the last rent increase took place. I'm not sure why you'd want to evict a long-term tenant that is paying and seems happy with the unit. Also, if they're month-to-month you don't need to evict, just give them their notice that you're terminating the rental agreement. 

@Nate 

@Nate Burnett, I don't know anything about the Dover area or their market, but good luck on this. It's good to have a plan together and waiting. I also put in an offer on my first buy and hold MF and waiting for the response, but making plans in the mean time.

@Ann Villasenor there is actually three real estate meet-ups here in Albuquerque. There is the ACRE which is the longest running and it has a lot of good professionals in that meeting and I think the best in the city. Acre meets on the first Thursday of every month at the multicultural center that is just off Paseo del Norte at Wyoming. The other two meet on the third Wednesday of each month, one has been meeting at the Manzano Mesa muticultural center at Elizabeth and Southern and the other meeting at the Unser Museum. 

I believe all three of them are on meetup.com . . . but not sure.

I think you need to approach the property and find out who the owner is, or look them up online. If you can find an actual owners name, may take a bit of research, invite them out for lunch or coffee and start a rapport. In any market, you'll need to focus on the specific area as you get started. Once you start meeting people then you'll learn of deals in other areas and be able to branch out some. 

For buy and hold I think you're looking in the right markets. But you need to find a way to meet some of the property owners and start networking with them. They can help you find properties that may not be on the market yet.

The only other market I would recommend you look into are Santee and Lakeside. But I think you'd do better to focus on a specific area, like maybe Chula Vista and La Mesa and start introducing yourself to multi-unit property owners. The truth is if you're looking at 4-plexs and want to move up, you might as well start looking into bigger units now and maybe you'll come across a good deal. If they know you and trust you, then you improve your chances of going in with a favorable contract with no money down. They'll see your passion and want to give you the chance to fulfill your dreams, as long as they're protected too. 

The San Diego market is hard to get into with no money down. Your best bet is to find property owners that are interested in selling, but haven't contacted an agent or actually posted it for sale. You may be able to negotiate favorable terms that work for both sides. Time to get creative when looking for places. 

Justin Tahilramani, thank you for your idea. I may do that. But I'm trying to figure out the valuation for the mixed property. Any ideas for figuring out the value of the property or are you recommending that I value it like a straight rental property and base the value off the income?

I'm looking at a property that has dual purposes. The property has a house and rental storage units. With the storage units being a retail environment I have a good idea how to valuate that side of the property, but not sure what to add in for the house. Should I valuate it as based on storage management office? It is a larger house and not the typical on site residence for a  storage manager.

Any ideas are appreciated. Thank you -Bruce