All Forum Posts by: G. Doby

@Curtis Mears great point, I'll have to schedule inspections... thanks you.

@Thomas B. This was my main concern... I try to stay very conscious about scammers, I'll have to look into whether this is possible in my state. Thank you

@Troy Albers thanks for the positive story... finger crossed they are like that.

@Bill Brandt all very good points... thank you

So I just brought in some new tenants on the 1st of June, after a well detailed screening process. One of the tenants is a handyman and has been making significant improvements on the home like: better flooring, having the outside of the house repainted, adding a shower in the half bathroom, building new fences...

This is concerning to me because in the 10 years I have had rentals I've never encountered a tenant like this.

To top it off they have paid their rent in full and on time, which means to me they are doing it on their own dime!

Obviously I want to protect myself, so I've begun looking at case law to see if there would be anyway they could come after me later. Should I get something in writing making it clear that they are making these improvements on their own? Should I consult an attorney?

*All major improvements have been brought to me for approval prior to being done...

@Evan Polaski thank you I will looking into all of these options. I don't feel any of the loans would be an issue, there is good equity in property as is.

@Nate Bell thanks... I will definitely look into this option!

I've noticed that investors tend to use a hard money loan for the first loan for their Brrrr and then get a bank loan?... Is there an advantage to this method?

I have a triplex I have owned for 2.5 years now. It needs major work but all units are rented and it cash flows. I invested about 200k in the purchase of this property, as California is insanely expensive. I want to Brrrr the property, as the ASV, is about 300-400k more than I purchased it for now, and rents would go up significantly. If I just refinance I can pulled the money invested, 80% as bank allows, but the prop still needs about 100k in work.

What is the benefit of going with a hard loan and then a regular lender?

All great information so far and I truly appreciate it and am humbled. 

Mr. Corbaxhi thank you for your time and response, the information you offered is greatly appreciated and accepted. 

Mr. Goretzki, no sir I have not yet checked out that episode as I am new to Bigger pockets and am still learning the program. I will watch the episode today, thank you for your time sir.

Mr. Greene, you are absolutely correct! I will be very fortunate if I break even... I am new to the real estate investing world. The triplex was my second property, and the renovations done on the two units were very minimal (lipstick). The tenants are very low key, and pay their rents on time. 

I have no mentor, which is why I'm here, and I use to be homeless (but everyone has a story). I digest a book a week currently and read 60 books last year. The only help I currently have is a friend that is a real estate broker. I have been looking for out of state properties not to fix a mistake, though I have made many, but because of the bang for my buck and tax purposes. I am considering leaving Ca, and have been for some time. Thank you for your honesty, and any future help or advice you can give is most excepted.

I purchased a triplex July 2018, with the intentions of flipping it and making a killing. I purchased it right, numbers looked good and pretty much a slam dunk to make at least 100k. I had a partner that was going to come in and help with renovations, but after I purchased the property he backed out. 

I fixed the place up as best I could fixing 2 of the 3 units, but the 3rd unit is unlivable (in my opinion). I've now decided to just cut my losses and sell, and with the new gained equity its possible ill break even. 

I'm now looking for a new investment property and realized I can get significantly more units out of California. I am very interested in this idea, and have been scouring the market and have looked at hundreds of properties over the last week finding properties with promise.

I am hesitant as I have never invested out of my state before and don't really know the pit falls or things to watch out for, can someone help me with some direction on what to consider during my purchase and hold process?

Thank you in advance.