All Forum Posts by: Daniel Wang

For those that are self managing rental properties out there, what do you do when you take a vacation? Especially when you travel to places with poor to no internet or cell phone service. Do you ever worry that you might be needed while you are away?

@Theresa Harris Good point. Thanks.

@Joe Martella Thank you.

I am managing a rental property on my own since it's only a few miles away from where I live. I usually go there once every few weeks to check on things. Two times in a row, I saw old furniture and household stuff dumped on the front lawn. Fairly sure they are not from my tenants. I have a security camera but the view of that corner of the lawn is blocked by a tree.

How do I stop people from doing this?

Yes the quote includes everything.  I think I am going to get the leak in the crawlspace fixed.  In the long term though, how do you know if there are leaks down there?  Do you routinely crawl under and check? (Brand new investor here).

We recently closed on a 60-year old 4plx in the Bay Area. Home inspector noted that all pipes are still galvanized steel and recommended that they get replaced with copper. Had a couple of plumbers come and quote, and the lowest number came in above $20,000.

We have very little knowledge about plumbing and are wondering if spending such a fortunate upfront when no serious leakage has been observed is a good idea. All plumbers admitted that the pipes are pretty corroded, and there is one connector in the crawlspace that's dripping water.

Has anyone on the list done a similar project like this? What's the typical life expectancy of galvanized steel water pipes?

@Isaac Pepper Sounds like a great idea.

I am closing on my first investment property in a couple of weeks. It's a 4-plex. One of the four units is currently vacant and I was thinking of remodeling it in order to raise the rent. The current three leases have been below market for years and I will need this fourth one to balance my cash flow a little bit.

My question is what is an appropriate budget for a project like this because you can get the cheapest carpets in the world or put in nice decent quality flooring all around. When researching rents near the area I noticed a strong correlation between property condition and rent. But I also observed that most properties near mine, aren't in the greatest shape and thus rent for less ($200 less per month) comparing to similar properties in other neighborhoods in the same city. I am not sure if it's because the neighborhood isn't great (full of 4-plexes) so the rents can't go up hence the landlords don't bother throwing money into rehab, or it's the other way around - that because landlords don't invest in rehabbing their properties are less attractive to renters and hence rent for less.

What is biggerpocket's advice? I can afford better materials and designs but am hesitant to put in the money and time if they are not going to have a good return for me.

@Brian Gerlach great idea!

What is your strategy? Flipping? Holding for positive cash flow? Hoping for great appreciation because it is almost impossible to get positive cash flow?