All Forum Posts by: Eric Carr

It has indeed been on my mind, I would absolutely like to meet and talk

Thanks everyone!

 Thanks brother!

 Thanks brother!

Contact the owner of the rental property, explain the situation, explain the nuisance and maybe even bring up the damage it's done. Put pressure on the current owner/manager to deal with their tenant because the city and or police must have some code that holds the owner/manager liable, and hopefully any ordinance is enforceable - it must be. 

Seems like it's a chronic problem and if the current owner can't deal with it, go to the applicable city or building department about the hazardous and dangerous and unsanitary conditions the house is in. Who knows what else an inspector might find. If there are several complaints to the police, this will draw attention also. Use the proper channels to force the owner or manager to act.

If you aren't going to live in the property, you might be required to put down 25%. There are programs to help people get into owner occupied homes with less than 20%, but that comes with a higher monthly cost. Higher principals mean a bigger payment and a higher interest payment - there goes your cash flow. Also mortgage insurance is often involved, which is 1% of the loan amount. Talk to a few lenders when you plan to put less than 20% down, it can be done without mortgage insurance on owner occupied proeprties. As for the second property, your debt to income ratio might come even more into focus. The good thing is, the lender can count at least some of the rental income on the first property, as income. Your lender might also require reserves on the first property (and so on). Like Brett mentioned, you could consider living in one unit, since you're going to pay to live somewhere - really only if you're renting currently. You could rent out rooms in the unit you decide to live in and of course rent out the other unit. This makes sense if it drops your monthly living costs. If it doesn't, then let a renter pay for it! 

Without knowing anything else about you, your current living situation, your income, I'd say buy the duplex with 20% or 25% down, rent it out and run it like a boss, save for the next property and start connecting with a partner investor, or buy another $200K duplex. The rental income will compound and you will be on your way to larger properties. The important thing is to start, the sooner you start, the sooner you start collecting rent, tax benefits, learning how to manage property, and saving for the next and or proving yourself to an investor.

A rental will provide cash for years to come. How many months out of the year would people use the pool in Jersey? Is there a demand for rentals with pools? Will you get more rent for the home compared to a home down the street without a pool? If there is no gain, not only is the pool a liability, but probably a risk as well.

Cozy works, kind of clunky but free and they are adding features that are def necessary. You might find that your tenants pay their rent on time using ACH.

I second Jonathan

Hey all, I'm Eric. I'm a broker, buy and holder, buy flip/rental holder, RE coach. Rescue dog dad. 

Happy to contribute and help anyone in Los Angeles with their home ownership and investment dreams