All Forum Posts by: David Gonzalez

If you decide to not sub-meter it you can always charge a flat utility bill each month.

I would start forclosure proceedings on the home and reach out to negotiate with them. By starting the process you will force them to make a decision and respond to you. They haven't acted probably because they feel you don't want to evict them.

If you are still in escrow get the tenants to sign a tenant estoppel stating the terms of the lease. Also check with your state law. In California only month to month leases can be verbal. Either way treat them nicely and budget money for an eviction.

Hello @Brittany Hannon. 

Yes this is quite common especially with investment properties. I would be happy to discuss with you the process and help you compile Rental Rates for the area.

Hello @Marcus Curry,

Let me preface that I do not currently own investment property. My thoughts are based on my experience Selling/Managing Residential Real Estate and my research/observations into the field of Real Estate Investing.

If you are interested in Real Estate Investing I would suggest you research the different types of Real Estate Investment types and find the type that matches your budget, experience, goals, risk tolerance and energy requirements (among other self selected criteria). Once you have decided on the type of investing  you want to specialize in I would suggest you research it so you have a high level knowledge of the moving parts of the investment class and know how to evaluate it. I would suggest you either find a partner and/or mentor who will show you the ropes and help you get your first deal done (or at least guide you on your first deal).

As for wholesailing @Jose Castillo did a great job of breaking down what is required to be successful at it. If you plan on the wholesailing route and want to do it in your own back yard I would suggest you get your Real Estate license for the following reasons:

1)    Real Estate sales is all about prospecting. By getting your license you will be able to help 100% of the leads you generate.

2) You can represent buyers. Becoming a Buyer Agent is the best way to learn what people value and don't value in a home. This will come in handy when you are trying to determine ARV. You will know where to spend your money for maximum benefit. This will help you when you get a listing as well.

3)    You will understand the Buying/Selling Process, what forms to use, how to do your due diligence etc.

4)    You can use your connections/knowledge in the industry to  build a world class team!

5) You will have access to the MLS and have up to the minute knowledge of whats going on in your market. When the market shifts you will be able to change your strategy.

6)    You will be following the law. Every state is different but wholesailing is definitely a legal grey area. Check with you local laws.

If you have an interest in becoming a California Real Estate Agent I would be happy to share with you about the process and answer any of your questions.

Best of luck and welcome to Bigger Pockets!

The industry is large and there are many things you can do in it. Are you looking to become a Real Estate investor or find a career in Real Estate?

I have used and love it!

When projecting expenses always add a factor to account for unexpected expenses. I would set up the numbers in excel and stress test my assumptions (i.e. run scenarios with cost being 10% to 50%+ more) and see if I can take the loss. If not you either find another deal or structure it it to save you money.

Not sure what your CPA is talking about. The new tax law does not come into effect till 2018. Like others have said file an extension and pay an estimate of your taxes so you can eliminate or avoid a majority of late fees/interest. Go online and check the Franchise Tax Board a d IRS to get detailed info on what you can do.

Not sure what your CPA is talking about. The new tax law does not come into effect till 2018. Like others have said file an extension and pay an estimate of your taxes so you can eliminate or avoid a majority of late fees/interest. Go online and check the Franchise Tax Board a d IRS to get detailed info on what you can do.