All Forum Posts by: Eli Yachini

My friend signed a lease to own contract 3 years ago with a purchase price of 2.7 million dollars when the house was likely worth 2.4-2.5. The actual chance they would want to purchase the house were slim to none at the time due to it being high priced.

However, due to covid, the houses current value is comfortably 3.1 million, they are trying to assess how to purchase the home possibly to flip (no work is needed). No is there any real value add that I could imagine to the property as it is immaculate, can't be split up due to being in an HOA, unless there is something I'm not thinking of.

it is unlikely they can qualify alone or probably wouldn't have reached out for advice.

The contract is not assignable, the home is in beverlywood, Ca. 

I was recommending they find someone to cosign for the loan and sell it immediately after. Aside from that or private money. Anything else that anyone would suggest as a possible solution besides private money, I imagine hard money will be too expensive due to points.

Hey Guys,

I have a question regarding the best methodology of transferring a property for my situation.

I am in California state. I currently have 4 rental properties. I recently purchased another property under my name as a personal residence. I have been living in I for about 5 months now while renovating the home at which point will become my moms so she can move closer to us and her grandchildren. I think I should have added her to the title originally, however I didn't and learned my lesson now. 

Once I'm done with the renovations and she moves down, I will do some light Reno work on her current residence and use it as a rental property (essentially kind of a trade). The issue I'm discovering now is that, when I go to apply for a mortgage once I have completed this live in Reno, my debt to income ration will be too high.

The solution I was planning to do is to add myself to the title of her home as joint tenancy and rent it out, at which point, I could claim 75% of the rental income towards offsetting my debt to income ratio, which would likely qualify me to obtain another home loan for another personal residence for my family to call our actual home.

Does this seem like a sound solution or am I missing something?

Hey guys,

Just want to update everyone on my current "solution" until I hit the next level in my investing career where I need to invest in better bookkeeping systems.

What I actually did is download the Stessa app which has a cloud based system that can be accessed from the phone or computer which was my primary goal.

I created 8 properties on the application.

4 were the properties of my rentals

1 was the address of my broker which will function as my real estate agent expenses

1 for the address of my Nurse practitioner job

1 for the address of my Nurse Manager job

Lastly, 1 for the address of my personal residence

Doing so I'm able to put different expenses by address, therefore being able to classify it by business type. A little "different" but the results are working excellently until I'm able to master quickbooks online.

Thank you guys for the replies. I will reach out to QBO support to see if I can get some advice on how to navigate. the software.

Hey guys,

I have an accounting tracking question.

A little Bit of backround…

I work as a registered nurse, part time realtor, have 4 rentals and do all the work on them myself.

I currently use receipts app on my phone to track expenses for all my business abd personal use. It works excellent, I snap a receipt on my phone categorize it by personal, specific rental property, or realty expense  for accounting purposes.

The issue is that there is 0 cloud or website integration, therefore if I lose it I’m screwed.

So the question is what accounting software would you recommend that can track personal, business, and multiple properties all in one. Ideally I would like for it to also be able to track miles but that’s not a huge issue if not.

I use avail.co for property management, but not opposed to changing it, though don’t need to at all as well. 

thank you

@Jim K. I agree with you, that’s what I’m saying.

I bought a Ricoh gr3 because I didn’t want to hire a photographer. It’s essentially similar lens but more of a point and shoot.

Focal Length18.3mm (Approx. 28mm in 35mm equivalent focal length)
Aperture: F2.8 to F16

From there you can pay an editing site to fix it up 15-30 per pic depending on if you want digital staging. 

I also have an t5i but the Ricoh you can put in your back pocket and works great for wide angle real estate, so it was worth the extra few hundred for me. But if you don’t have anything and aren’t planning on shooting in general, a single point and shoot might be better for someone that only wants a cam for real estate rather than a bulky cam and swapping lens for a minimal difference in price. Up to the person at the end of the day. 

Pictures are pretty bad… 

I was too cheap to hire pro photographer, bought a ricoh gr3. 1000, Paid for itself time and time again. You can Google some editing sites and they can edit 10-15 a pic, and digitally stage for another 15. 

Also lower rent by 50 bucks every week, until I hit the supply and demand and get someone. Usually takes 1-3 weeks. One other major thing is your listing sources, avail.co shoots it out to a bunch of websites. However, recently Zillow does not allow free listings anymore. So I lost on avail.co and Zillow. Zillow is the main player in the game where I live. But I do get other renters from other sites on occasion. At the end of the day whatever software you use make sure it’s shooting out your listing to all the sites. Can’t rent your place out  if no one can see it. 

I’m pretty laced on rental prices. I look it up on rental meter. List it at the average pricing. 680+ credit 3x rent. No co-signers accepted, cause at the end of the day I’m renting to the person not there co-signer. Only time I accept anything less if is it’s multiple renters and the other one or ones can qualify without the one with the poor credit score, someone comes from another country and they give me a printout of there credit score there, or the have no credit cause they’re actually fiscally responsible and have zero credit card debt at an age where most have plenty.