All Forum Posts by: Raquel L.

@Jesse T.  Yes, I sold the one that had the plumbing issue.  Whew!  What a relief-- I took a 15k loss, and thanked my lucky stars to be rid of it.  

I still have four units left in the area, two of those are wonderful-- B class in a very nice area, with hardworking people who have JOBS and know what a FICO score is.  The other two are in the heart of the ghetto.

The update:  I'm ready to sell.  I owe 60K on the one-- the other one is free/clear.  So I'm looking for an investor who may want to buy the two as a package.  :)  So far, that's the plan.  

@Greg Ortlieb  --That's a bit complicated because one of them has a mortgage attached that is deeply underwater.  That's unexplored territory for me in how that works.  I'm actually quite open to suggestions.  I began by calling the bank and asking for their loss mitigation department, which leads to a line that hangs up on you 100% of the time.  :)

@Damian Johnson 

I recommend attending cash flow meetups as well-- search meetups for Cash Flow games and attend them.  You will meet a higher level of investor at these meetings, and find good networking for educational resources. 

Honestly, if you connect well with someone, they will be happy to mentor you, FOR FREE-- but you have to be respectful of their time and effort, and be willing to have something to offer them in return.  Could this be your time?  Could this be bringing them in on a percentage of your deals?  Get creative!  We all have skills.  :)

I've learned a lot from attending seminars--not from the seminars, but from the PEOPLE attending the seminars!!  The seminars are a good way to get very basic information, but it's all info you can find on here if you really want it--and it serves as a basic overview to what investing is all about.  I've never been to a course that will actually teach you step by step, but then again, I haven't been to every single course that's offered out there.  My latest and greatest deals/connections came from getting out there and MEETING people.  I hope this helps.  :) 

I, too, am seeking a mentor to help me get to the next level--so I'm attending Toastmasters, Cash Flow games, seminars, boot camps, and networking/mastermind groups.  I forgot all about the REIC's, lol-- but I'll go for those as well!!  

@Mason Hickman This is what Bigger Pockets is all about. :) you are very welcome. 

@Danny Simard I agree, great idea!! Some existing landlords have switched their units over to short-term, but I haven't heard of any buying something for this specific purpose. LA has a hefty price tag-- I'd want to make sure it would cash flow as a long-term in case short-terms got shut down if I was buying something. 

@Josh Prince I love AirBnB, and it's been waaaaay more than long-term renting. I make 1.2k more per month than I do with a long-term renter. HOWEVER-- my building HOA has cracked down, and I can only do 30+ day reservations EVEN THOUGH my building is zoned for short-term rentals. Check your local zoning rules--people think short-terms are illegal in Los Angeles, but they're actually not-- under 3 units are the only ones subject to this law. ;)

I'd say, GO FOR IT!  Just beware of neighbors.  You can't hide traffic.  People will come with huuuuuuge suitcases, confusion about how to open a door, etc.  If you own a whole building and can do this, more power to you!!  :)

I had this same issue a few months ago. I paid for it, but told the tenants they'd have to pay for it next time. It happened again, and they paid. Since then, I've been getting more calls from them regarding the AC and it's been acting faulty. Looking back, I should have had them pay the first time because it seems the AC has been acting up since this issue. If it goes completely, it's a huge system to repair (big $$) and I'll be annoyed at not having charged them the initial $ (almost $200, in Austin, TX).  If it's in the lease, follow it. Good tenant or not (and mine are excellent), it's human nature to see how far you can go... So set the precedent right up front. My humble opinion only. ;)

Please add me to the invite list.  :)

Hello all!

I use www.simplifyem.com (aka TREX global)-- I like this site because it's only $3 per transaction, and it's a complete accounting app, AND it was free for less than 4 or 5 units when I started.  It allows me to track income/expenses, print out reports, etc. I am not a fan of spreadsheets or the time it takes to create them, so I like that they already have it done for me, and I can keep track of all of my rentals simply by logging in and looking at the reports. They also send me a monthly cash flow report showing best and worst performing properties.   Also, it's private for tenant/landlord, the tenant receives a link to sign up. They also add late fees, etc if the payment doesn't go through. 

All these good things being said, the system seems a little old school, they don't have an app, and there are better programs out there. Unfortunately those programs can be around $200/month (appfolio, etc) and are really made for property managers.  

I love e-payments. I get them 3 days after the 1st of the month or 8 days in some cases (some states have grace periods).  It's faster than any of my payments from property managers!!  Another thing I offer is if they want to pay via wellsfargo sure pay. 

Now, if only I could automate the maintenance calls, and interviewing/selection process for repair people!!

Hello all--

I'm looking for some referrals for reasonable plumbers-- I haven't been able to find one that actually FIXES the problem. This is an issue that may require digging up the yard. I'm hoping for someone that has good equipment such as snake camera, etc in order to see if we can't figure out a way to fix the problem without digging up the pipes. Send your best plumber referrals my way! :)

Thank you!!