All Forum Posts by: Deanna O.

You are NOT NOT NOT "entitled" to any particular parking spot on a public street.  People mistakenly think they have special privileges to the parking spot in front of "their" house. Nope.  You don't own the land, you didn't install the asphalt, it is a PUBLIC right-of-way.  Anyone can park anywhere. Your ex could park in front of your house every single day just to annoy you if they wanted to, and it's not illegal.

As far as not moving it "far" enough, your tenant can drive it, then park it back in the same place, the same as anyone else (you do that all the time, btw, when you run to the grocery store and park back in front of your house, leave for work and park back in front of your house, etc). Depending on your local laws, the expired tags might get him ticketed and towed, or just ticketed.  

It sounds like your 2nd rate tenants are getting advice from their 3rd rate friends. 

The landlord isn't responsible for food in the fridge, even in CA. A fridge is an "amenity", not a habitability issue, and even in rent-controlled cities the tenant may NOT withhold rent for amenity repairs. They could take you to small claims court, but trying to claim that they had to spend an extra $1500 due to no fridge, compared to their normal eating expenses of...err...$0? No legal obligation, no case, but would be inconvenient to spend your time that way.

For what it's worth, few people would trade $200 for their food and 10 days of no fridge. That said, you aren't legally responsible for their food, and we are all presuming that you did diligently attempt to get a repair person as quickly as possible. Print a statement that you are NOT responsible for their food (quote relevant tenant law), but as a good-will gesture/unusual times, inconvenience etc etc etc offer a 1 time concession of 10 days rent discount due to the delay. Remainder of rent to be paid promptly. Add a written notice strongly suggesting renters insurance and list all the other things covered by this inexpensive insurance;  things for which you are NOT responsible (damage to tenant possessions due to theft, fire, flood, earthquake, etc), Tenants may not realize that you are not responsible to provide them housing for the remainder of the lease time if the place burns down, for example. Wouldn't hurt to send a written amendment clarifying that amenity appliances are provided "as is". 

My other thought is that if these tenants have a lease, you should present them with an open door to walk out of, no penalty. (maybe a 30 day zero-notice required window). If your angry tenants leave, wish them well on their way out the door and count your blessings-- you were going to have continued problems with them anyhow. Return all deposits due, super-clean the place, replace worn/old appliances, list for higher rent, screen for attitude as well as income. 

Next lease/rental agreement should have more detail as to appliances.... (my rental agreement is about 11 pages long now, and each bullet point has a story behind it LOL). 

Hm. If I were you, I would continue to waltz around websites full of wolves with a pork chop tied around your neck. As an added bonus, maybe you could list your full name, address, and social security number, mother's maiden name? While MOST of the posters on BP are wonderful people, the lure of naïve investors with $$$ has of course had the sharks circling too. 

And by "nosedive" you must mean "no longer skyrocketing by 25%/year"? No bidding wars? Irrationally overpriced properties no longer selling for cash, sight-unseen, inspection waived in 3 days? Houses remaining on the market for DAYS (the horror!!!!)? Banks not willing to finance every decrepit crumbling shack listing on it's cracked foundation?

For what it's worth, I just looked at Cashapp -- they reserve the right to hold refunds for 10 days. He may not like that, but personally I'd just figure that if he's legit waiting that time is just the cost for changing his mind. If he gets angry, pushy or threatening about the delay you can bump the the likelihood of fraud up to about 95%.  

If he has paid for a background check or you have talked to the guy's current landlord and his employer on the phone, both of those greatly reduce the chances that it's a scam. If he hasn't spent a dime out of pocket and you have NOT done those "live" things I would definitely proceed with caution on the refund if you haven't met him in person.   There is always the possibility of identity theft - a druggie friend or relative with access to the real guy's mail could be running a scam. I don't know how refunds work with Cashapp, but the suggestion to do it as a "Refund" sounds like good advice. 

I always try to be on the side of the angels, but a deal that can pass the Doom-and-Gloom test is usually much more solid than one that depends on unicorns and candy sprinkles aligning with the planets. Creative and optimistic folk with great attitudes are attracted to RE, which is both our strength and our weakness. I'm over 50, but I still pass everything through the "Court of Mom". Good news is, if a deal can pass THAT critical review, it's solid LOL. 

If the market upswing suddenly stopped, and the value of THIS property went down 10%, would you still want in? That scenario is what the banks seem to be preparing for. 2008 is recent history. The folks planted behind those loan officer desks remember it, and the underwriters are all a bit jittery.

I didn't get inspections on 2 of the 3 properties, but the offer price was so low on each of them that I was able to budget for major repairs & still do OK. Turned out major repairs were NOT needed, so I did much better than "OK". On  #2, I ran the numbers with full replacement of wiring & plumbing, but both turned out to be fine. On #3 I ran the numbers assuming full rehab of inside (I wasn't able to do an inspection of the interior). It only needed paint & carpet cleaning, so the rehab $ went to other more long-term repairs. Then Covid hit. Anything with a roof and walls was rentable, so going to the expense of an HGTV rehab not needed to get excellent tenants. The place has a lot of dated 1980s-late '90's decor color choices, but it's still adorable with a great garden, so my excellent tenants were thrilled to get it.

To be clear, that market is not this market. I'm not seeing anything that will break even, so sitting it out for now. If something amazing comes across my path I'll take it, but I have pretty much zero interest in competing with the "house at any cost" mentality in the market right now. I didn't trust it in '08, and don't trust the emotion of the market right now either.

Start with 1. Be brave enough to walk away from “deals” with negative cash flow - if it can’t support itself it has no place in your portfolio.

Working with a friend- partnerships can kill friendships - Invariably one person tends to be far more driven than the other. It may be necessary for each of you in order to start, but part of the process should be putting everything in writing about what is expected from each side - Invariably one person tends to be more driven than the other & different opinions. What happens when one of you wants to sell, and the other wants to keep? Have a buyout/sale agreement between you. Also, Are you both OK with the idea that you might lose money? It can happen.