All Forum Posts by: Jhansi B.

Very good points. We do own good quality rentals in close proximity along with low rents in a different town and in middle rentals. I think it is more than the tenants the situation here in bay area has been tough on tenants. Income didn't catch up with rents even though I always keep rents lower than market rate. The rentals with rents below $1000 in a small town come in on time. Usually when you have a tenant with the habit of bouncing checks and using excuses as uncle in critical condition not once multiple times, keeps happening. I know it is always good to weed out tenants like that but you never know. 

We have been very fortunate that I purchased what I could when the market was low during meltdown and I didn't anticipate run up in values so quickly. 

Rental income numbers don't add up with the value of the homes. The basis in the property is low that means property taxes are low which is helpful. For example home that is worth $450K now, rent is $2075. I can get $2500 - $2700 for it, if it is section 8. Without housing assistance it is a struggle for tenants to pay high rents like that. 

I was OK with section 8 for lot of years but now it is bugging me. We have a tenant who literally damaged the property like a cyclone went through it, cabinet doors came off, smoke detectors removed with wires exposed, attic door missing, mirrored closet doors cracked etc... section 8 demands landlord is responsible for the repairs. They put the property in abatement. Now we are waiting for the contract to expire after 90 days so 3 months of no rent (tenant portion is zero) and we don't know if tenant will move out or not.

It is not that I don't want to pay for property management but I will have a hard time letting go and let them manage completely as I know I can manage better. 

I used to enjoy managing properties but not anymore. 

Andrew Postell: what you said about conquering some thing and moving on to next thing is the best way to explain it. At the same time I am scared to jump off the boat that gave me so much in return financially. What is the next thing? Am I going to regret the decision of getting out of rentals later on? I always believed in rental properties. My first real estate purchase was 21 years ago. 

With interest rates low on the properties, is it worth to just keep them and use it as retirement income? I like the assistant idea. At the same time it is hard to trust someone with all the sensitive information. 

So much more to think about. Thank you all.

Here is my situation. I am really tired of tenants that feel entitled and stories they tell when the check bounces. Property management is not something I can live wifh, I manage my own properties.

I feel like I am managing 15 households as they call or text for every little thing. 

I have couple of rentals one is vacant and other one will be vacant in a month. Thinking of selling both. If I do 1031 exchange where do I buy the replacement properties? I am not new to out of state investing. I have invested in properties that I have never seen. 

Bottom line I am really tired of managing rentals at the same time I don't think property management is the solution as that will be another headache as I have to manage them.

I would like to invest in land and I am scared to do that as I will be selling income producing properties to purchase speculation/no income.

Does it make sense to pay capital gains and on top of commissions etc.. is there any calculator on how much are the costs when we sell the property?

Thank you so much

cotenant who is the spouse of deceased tenant will be in the property for another month at least. So there are no other complications like odor etc.. I think we will disclose the death even though it is not a material fact just so that who ever rents the property they are aware instead of finding out after moving in.

This is my first experience with such tragedy.

Thanks

It is really unfortunate, tenant passed away in the rental. Are there any guidelines regarding disclosures to prospective tenants. The property is in California. 

Thanks

http://www.latimes.com/business/la-fi-lazarus-2016...

This is what 866 Evictions's office manage said.

Julian Moutan, 866-Eviction's office manager, told me the company "is just helping the little guy." He said a few months of rent-free housing isn't much to ask of landlords, "considering how high the rents are in California."

 I think this concept of Landlords making tons of money and it is ok for tenants to ask for handouts has been growing around communities. This is like any profession, imagine if the companies feel like all the employees are making too much money and it is ok for them to work for few months for free.

Also I have 500,000 liability on these policies. On another thread I read that they have 2M person liability on each property. Do they write the policy with that high liability? I would love to reduce the replacement cost coverage and increase personal liability limits.

Yes Jacob Simpson, regular dwelling fire insurance policy.  We have a manufactured home built on foundation bought for 60K and the insurance coverage for dwelling is $325K. It doesn't make sense at all. They took the square footage which is above 1900 sqft. I pay $640 per year and I think that is lot for that home. The homes that are 5 times worth that property, the cost is under $500 dollars. can we dictate the cost we want to cover? I thought the underwriter doesn't allow that.

Thanks

Hi Everyone,

I have a question regarding home owners (landlord) insurance on rental properties(single family homes) that are in LLC. Every year insurance is going up I would say minimum 15%. I am looking to lower cost on these insurance policies.

My questions are:

1. Is it possible to get one insurance policy covering all the properties in LLC?

2. all the properties are in California, can you give some insurance company names that are good with premiums.

Thanks

We are remodeling the home, tenant moved out after 12 years. Even to put in the market for sale we need to update the kitchen and baths and floors. I am looking for with all you been there done that rehabbers on where to find materials, what are the things that are must. I hope I don't go overboard with the remodeling as I am little emotional towards home as this was my first home purchase 20 years ago.

1. Where can I find cabinets for the kitchen for a modest price and good quality.

2. Hardwood floors (since the installation cost is the same I want to put in little more money into materials)

3. Fireplace mantel (right now we have a brick face wood burning fireplace)

4. Recessed lights throughout the home (figured around 40 of them for a 1370 sq ft home with 4 bedrooms) 4" recessed. Where can I buy them for good price. 

5. Appliances, any coupons I can use.

Thank you so much

I have a friend who owns a 2+ million dollar home and retired. He has a small loan on the property. He would like to get 60% of the property value as a loan. He has around 84,000/year income. Medical insurance is paid for him by his previous employer.

Any ideas on how he can get this loan? He would like to take the money out for rainy day when he needs it to use it when the interest rates are low.