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All Forum Posts by: Diya Wahi

Diya Wahi has started 5 posts and replied 50 times.

Post: tenant wants to add mother on the lease?

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @David G.:
Quote from @Patricia Steiner:

Let's start with the "month-to-month lease in perpetuity."  Here is the California Law:  "Under California state law, a landlord can terminate a month-to-month tenancy by serving a 30-day written notice if the tenancy has lasted less than one year, or a 60-day notice if the tenancy has lasted more than one year." (End)

What you will want to do is prepare a written notice to the tenant that the lease will be terminated on (give 60 days notice) and that she will need to depart the premises on or before that date.  Since she is challenging, I would also note that she has been provided the 60-day notice to terminate under California State Law.  Ask her to schedule a final walk of the unit on or before (the departure date) with you so that you can arrange for any return of security deposit provided the unit is in satisfactory condition and all contents/trash are removed from the premises.  You do not need to give a reason nor get in a debate over it.  Be sure to either post it on the door of her unit in a sealed envelope with her name and Confidential noted on the envelope face (after posting it, take a photo as your proof) AND/OR send it by certified mail or Overnight Delivery (which is preferable of the two).  

And, you can't be a rookie and take over management of a property.  This is nothing less than running a business so you have to know the laws inside and out.  Get the letter out first (there are templetts available online for your state) and then start educationing yourself.  Start with the California Court's Guide on Tenant-Landlord Laws:  https://www.courts.ca.gov/docu...

Read this on California's Notice Requirements:  https://www.nolo.com/legal-enc...

Property Management is a profession and business.  You can't wing it.  Here's your chance to rid yourself of a problem tenant and start your learning process.  And, by the way, no mother...crazy is crazy enough without adding more.

Best...


 Wow, thanks so much Patricia.  Unfortunately, I am taking over for my father and he doesn't fully understand the law and has been winging it for most of this time. I will try my best to go about this the right way.

I'm just curious how often do people voluntarily move out with the 60-day notice.  It almost seems too easy. Does that work? Especially if they probably don't have a place to go?  I don't imagine she will leave voluntarily. So if they don't comply with the letter, what occurs next?


 Patricia has given you great advice for how to handle this, so I won't be redundant. My two suggestions are the following: 

1. Get up to date on the rental/tenant policies going on in LA and LA County (the moratorium is still in effect). 

2. If this is not your expertise or your dad's expertise, please reach out to a Real Estate attorney. Because LA is such a tricky place to deal with tenant law, you need an expert to run through your options, draw up important paperwork you might need, and keep up to date on the laws of the area.

The investment in a lawyer could saves you thousands of dollars if this tenant becomes more of a hassle.

Post: Looking for Some Advice on My Current Real Estate Situation

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Thomas O'Donnell:
Quote from @Brett Merrill:

Hi @Thomas O'Donnell. Don't get too discouraged, most have been in a similar situation to this or another completely different situation that is just as challenging. I think you are being smart by screening your tenants thoroughly. You certainly do not want to rush the wrong people into your unit to collect a little cash as this can turn into a much more expensive expense down the road. However, I do want to make sure that you are not over screening with too strict of criteria. Do you mind sharing with us how you are currently marketing the property and what your current criteria is? I have looked into Columbus and it seems to be a strong enough rental market so there is something that needs to be tweaked. Also, does the property have any other ability to produce rent such as a garage for storage or do you have an extra room in your unit that a friend or family could rent? Hope this helps. 


 So it’s a 3bed 1bath duplex, and market rents are 1200-1500 in the area. I am asking $1300 water included because it isn’t split. My basic criteria is 600+ credit, no smoking, no evictions, renter’s insurance and income 3x the rent. Many leads that I have got have been asking for section 8 but I have not gone through that process to get certified yet. It has an unfinished basement that can be used for storage. I moved her from California back in late July and did not know anyone in the area which rules out renting to a family member or friend. 


 Hi Thomas! It sounds like this is potentially tough time of the year regarding weather to find great tenants. Out of curiosity, can your unit be rented as a mid-term rental for traveling nurses or PAs? Columbus is a college town. How about professionals related to the university to temporary trips? Or Airbnb? Since this may be the wrong time of year for a long term tenant, could another option be better band aid until the Spring/Summer?

Post: Los Angeles County, Woodland Hills - Airbnb

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @David Herzog:
Quote from @Diya Wahi:
Quote from @David Herzog:

Hello,

I am currently renovating a house in Woodland Hills and am going back and forth on whether or not to do a long-term rental or turn the house into an Airbnb. There are a few similar Airbnb comps in the area that charge around $500 - $600 per night. If I decide to go the long-term rental route, I think I could get anywhere from $6,500 - $7,500 per month.

Going the Airbnb route seems like it could be the most lucrative but the STR laws in LA have me worried. Another thing to consider is that I live in Northern California so I would need to find a reliable cleaning crew / handyman to have on deck.

Any tips from people who have STR experience in LA would be greatly appreciated.


 Hi David,

I live in Southern California. STR's are under attack in this area. Tough regulations are making it tough to get a permit or do Airbnb's. Is a Mid-Term rental a possibility? Renting the house out to traveling professionals or traveling nurses could be a great Plan B. And if that option isn't feasible, what about a rent by the room scenario? If you have enough parking, maybe Plan C could also work and give you strong cash flow.

Good luck

 Thanks for the reply Diya. I'd definitely be interested in doing a mid-term rental. However, I assume the rent would be similar to what I could get for an LTR.


I would definitely do some more research for your area, but Mid-term is less than STR, but more than LTR. Residents are paying for the convenience of a fully furnished household (with a handyman and cleaner) but typically treat it like a long term property while they live in it.

Hopefully that's helpful. This is a strategy I am learning more about and hope to implement in 2023 as well.

Post: Los Angeles County, Woodland Hills - Airbnb

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @David Herzog:

Hello,

I am currently renovating a house in Woodland Hills and am going back and forth on whether or not to do a long-term rental or turn the house into an Airbnb. There are a few similar Airbnb comps in the area that charge around $500 - $600 per night. If I decide to go the long-term rental route, I think I could get anywhere from $6,500 - $7,500 per month.

Going the Airbnb route seems like it could be the most lucrative but the STR laws in LA have me worried. Another thing to consider is that I live in Northern California so I would need to find a reliable cleaning crew / handyman to have on deck.

Any tips from people who have STR experience in LA would be greatly appreciated.


 Hi David,

I live in Southern California. STR's are under attack in this area. Tough regulations are making it tough to get a permit or do Airbnb's. Is a Mid-Term rental a possibility? Renting the house out to traveling professionals or traveling nurses could be a great Plan B. And if that option isn't feasible, what about a rent by the room scenario? If you have enough parking, maybe Plan C could also work and give you strong cash flow.

Good luck

Post: Just inquiring about wholesaling jargon

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Carla Jones:

What does JV means can someone tell..


In case you were curious, the Joint Venture is typically used when you are partnering with someone that helps get your deal across the finish line in some manner. Example - you find the great deal and The partner handles the financing. You put a JV in writing to define the roles and expectations of the partnership.

Hopefully that helps!

Post: bedroom upstairs and toilet only downstairs. is this an issue?

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Chris Morris:

I am considering building an ADU with a 150 square foot upstairs bedroom with a bathroom in the living room beneath, which means that, if one needs to use the bathroom in the middle of the night, one must go down the stairs to do so. My target demographic is mid term renters staying in a furnished 1 bed 1 bath (traveling nurses and other professionals, mainly).

How big of a turnoff is having to go down the stairs to use the bathroom?

Should I try to fit a 40 square foot bathroom upstairs, as well (making the bedroom 110 square feet)?

Or should I move the bathroom upstairs, thus adding 40 square feet to the living room and causing the bedroom to be 110 square feet?


 I believe a bathroom that is on a separate floor from the bedrooms, will be a turn off. I would focus on finding a way to get the bathroom on the same floor as the bedroom. Losing some square footage will be worth it.

Post: Should I start as an agent?

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Miguel Hernandez:
Quote from @Diya Wahi:
Quote from @Miguel Hernandez:

Hi BP members. Currently I work a Blue Collard job that I can’t leave just yet. I currently fix and hold properties in Wisconsin, but I want to start real estate here in California. I currently live in the OC. I fell in love with the world of Real Estate and I had an idea of becoming a Real Estate agent here in my hometown. However I have a few questions and I’m wondering can someone help me. Is being a “Part Time Real Estate Agent” a thing? Also in what ways will becoming an Agent negatively affect me if I want to invest here in California in the future? Thank you.


 The short answer is yes! You can get your license and do business as an agent part time. I am a Realtor in the OC and this is how I started. I am full time now and make a decent living. I think you need to be crystal clear about what you are hoping to gain by becoming a real estate professional. Do you see yourself working with clients and helping them buy or sell? Do you like the idea of the big commissions? This can be a thankless job. Are you ready for those rough moments in the business as well? Being part time will not prevent you from dealing with the low moments in the business. But you can definitely learn a lot and build up a network of contacts that can help you with bigger goals. 

Hopefully that helps!

Hey Diya, thanks for your reply! You’re in OC too? Cool! The market is so hot here it’s intimidating, but I think I’ll get my license and start out part time like you.

 The intimidation/fear will go away with education and experience. You will do well as long as you work on becoming a great agent. I would suggest ordering David Greene's book SOLD. It will be a great instruction manual for you. 

Feel free to reach out if you have questions.

Post: Should I start as an agent?

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Miguel Hernandez:

Hi BP members. Currently I work a Blue Collard job that I can’t leave just yet. I currently fix and hold properties in Wisconsin, but I want to start real estate here in California. I currently live in the OC. I fell in love with the world of Real Estate and I had an idea of becoming a Real Estate agent here in my hometown. However I have a few questions and I’m wondering can someone help me. Is being a “Part Time Real Estate Agent” a thing? Also in what ways will becoming an Agent negatively affect me if I want to invest here in California in the future? Thank you.


 The short answer is yes! You can get your license and do business as an agent part time. I am a Realtor in the OC and this is how I started. I am full time now and make a decent living. I think you need to be crystal clear about what you are hoping to gain by becoming a real estate professional. Do you see yourself working with clients and helping them buy or sell? Do you like the idea of the big commissions? This can be a thankless job. Are you ready for those rough moments in the business as well? Being part time will not prevent you from dealing with the low moments in the business. But you can definitely learn a lot and build up a network of contacts that can help you with bigger goals. 

Hopefully that helps!

Post: Farming an area & want to know how to get owner's contact info?

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Bethany Larson:

Hi Friends,

I am Farming an area & want to know how to get owner's contact info? Any ideas on the best 'system' to use? Thank you!!


 Propstream is a great option. So is RedX, which can give you properties based on For Sale by Owner, Expired Listings, plus geofarming. Or you can develop a relationship with a great Title company and use their platform to get that data and the contact information. Nothing you will use be 100% accurate so just be prepared for bad numbers and email addresses. 

Good luck!

Post: House inspection tips and suggestions

Diya Wahi
Pro Member
Posted
  • Real Estate Agent
  • Santa Ana, CA
  • Posts 56
  • Votes 32
Quote from @Lakshay Gopalka:
  1. Hey all,
  2. I am finally under contract!!! What all should i look for in house inspection and how to vet house inspectors (will take any recommendations too) ?

thanks!


 I would start by asking your agent for their recommendations for great property inspectors. The agent usually has 2 or 3 that they use and trust. A great inspector will then be able to inspect the house and relay that information to you in a way that is honest but also easy to understand. You will be able to prioritize the issues of the property that should be immediately resolved versus issues you should worry about later. Good luck and congrats on getting one under contract.