All Forum Posts by: Eric Y.

HI BP,

What items do you review with your property management team? Does anyone have a template that they use?

I Hired a new property management team and been working with them for a few months now.  I believe its a good time to review what we accomplished in the past few months.

Besides the usual financial statements, additional operational items I would like to cover:

Screening process

Communication between Property Management and Owner

New Tenant Orientation

Rental Agreement/Lease review

Rules enforcement according to rental agreement

Inspections - Are we doing enough?

Services - What other services can we provide?

Pricing - is pricing model clear for the various property type?

How many hours a week should be set aside for marketing per week (relationship building, cold call, email, yellow letter/postcard)?

What challenges have we faced in the past 3 months?

What is working well and why should we continue it?

Hi BP! I need your recommendations for a property management team in or around the Modesto, California area for two multi family projects. Anyone that you've worked with in the past stand out and would work with again?

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95350 

Stanislaus

Salida

Riverbank

Ceres

Hey, What's up , Hello BiggerPockets!  This is my first post and I'm new to real estate and I'm super excited to jump into investing.

I live alone and would like to hack my downstairs. 

My house is a 2 story (3/2) upstairs and downstairs 1/.5 + a huge family room and a bunch of closets I will never use.

bought in 2009 for 745000 in the SF Bay Area Peninsula

4/2.5 everything re-done in 2008

zillow/trulia shows $1.4M

There is 1 exit through the garage and 1 private entrance through a side door/side yard

I need to install a small kitchen , a shower and move the laundry room into the garage. I would split the big family room into 2 rooms (smaller family room and a bedroom). All bedroom rooms would have a window and a closet.  The kitchen/dining room would have a door.

I would relocate a door in the garage so that if I entered through the garage, I could still go upstairs without seeing the tenants and make a wall so that tenants couldn't go upstairs.

The wall to wall carpet is in great condition but i guess I could take it out and put hardwood when the carpet gets old.

I'm guessing the rennovation would probably cost around $30k.

My current mortgage is 2800 and I owe about $500k but I need to buy my Ex out.

1000sqft homes/apartments that are 2/1 in my area rent for about $3200/month

I could rent the top floor for maybe $3700/month (property manager rents my next door neighbors entire house with similar floor plan for $4500) 

How can I get financing to

a. creatively buy my ex out (maybe pay her out in payments with low interest?).  

b. pay for the renovations so that I can earn cash flow. Can I do a 203k/FHA for the renovation and to buy out my Ex?

Do I need a combination of loans to do buy out my ex and do the renovation?

I appreciate any feedback or advice. Thanks in advance BP!