All Forum Posts by: Danielle J.

This topic has led to some interesting discussion. thanks to everyone providing helpful info!

Frankie Woods thanks! I like the idea of not just relying on the data but cross referencing with seller's bank info ha!

Shiloe Bear the list of repairs is a good idea. I think it shows the tenants that you care about what they have to say and that goes a long way. My opinion of what the unit needs may be much different than how they may perceive what it needs and what they feel it needs may turn out to be far less expensive. If I can't work out a feasible deal with current tenants to enable me to get in and do work needed, I think I will probably wait for then to vacate naturally, I don't want to force them out when they are actually paying rent. As much as I would love to go in get the job done and bring rent up to market, patience is a virtue and waiting until units are vacant will generate less stress for me, especially since I am just starting out :)

Marcia Maynard thanks for your feedback! This property needs someone and care and I am motivated primarily to bring it up to standard. I will also be living here so I want my tenants to be happy and I want to feel comfortable as well so some improvements and repairs are necessary. I am also motivated to bring rent up to market, however I want to go about things strategically to avoid losing tenants. I want to do things as smoothly as possible to avoid headaches as I still have a full time job to manage. I like the idea of planning with them to see what works best.

What I have read on BP about LLCs is that it will be difficult to refi and you may have to switch it back to your name in order to refi which seems pretty complicated to me. Sounds like this type of entity is great if you have multiple assets to protect but of course you should definitely seek the wisdom of an attorney or CPA.

I am currently in escrow for my first multifamily and would like some advice for analyzing the rent roll data for the property. In looking at previous posts on the topic some investors were unaware of what the rent rolls are. From my understanding thus far, they provide you with in depth information about each unit's income performance and I'm sure much more. What are some key things I should be looking for in the rent rolls to determine if this property is in good shape for purchase?

Brilliant plan! I work for the Veteran Affairs and have never heard a Veteran talk about using the VA loan this way! Settle for nothing less than a fourplex to maximize the benefit of 0% down. You are well on on your way to success with such a strategic plan ;)

I agree with @Leonard L. about investing in the IE! I am in the process of purchasing my first fourplex in Redlands, CA which is approximately 1 hr from LA. My family lives in LA so I always commute there with no hassle. LA is just way too expensive for a newbie investor in my opnion unless you can catch a short-sale with a cash offer, but again for most newbies like myself this is not always an option starting out.  The upside of buying an expensive property in LA is that you can charge a lot per unit for mutlifamilies, around $1250 per unit even in some of the ghetto neighborhoods that some avoid.   Other cities that are nice to invest in are Beaumont and Murrieta. I would explore all of my options nearby, before narrowing in on LA.  

@Account Closed I agree with you guys about good tenants being open to inconvenience, since I am trying to improve the quality of their living space. Plu,s during the inspection they all pretty much complained how much they hated they old carpet). The tenants in question for my initial floor project have been there for over 10yrs! I love the idea of giving them the final selection on flooring...I believe that is quite respectful and they would be receptive to that!  Although I do not know the tenants all that well yet, from conversations I have had with them, the longterm tenants seeem like they would work with me to get the job done.

James Hocker wow! Scratching head at the shuffling idea. I would have never though of it but this one would probably be more messy than it sounds... I want to know what others think about this shuffling idea. Your suggestions are appreciated :)