All Forum Posts by: Gary F.

 Hello, Mark

I'm not in NY but please keep us posted. 

Gary

The rental market is overall soft and renters are more aggressive and demanding. And we're entering the holiday season; tough time to find a good tenant and price will be lower.  If you do happen to rent now I'd suggest a 6-month rental. That way you'll end in the Spring when tenants are looking vs a year lease which will end right at the slow holiday season.

Unless you have a TAV permit you cannot do short term rentals here. The county has very strict laws and fines on STR so that's out.

Hopefully you get a tenant soon. If not, try listing for sale and see where it goes. Some properties are getting multiple bids and higher than asking. Some. Depends on the location of course. 

Than if that doesn't work, try lease options sale. Usually this works better when interest rates are higher, but it doesn't hurt to try. 

I hope this helps.. 

Did you sign off on the condition upon move out? I'm assuming no?  Any pictures or videos upon move out?  Then you have proof on your end.  BUT 6 weeks is way past the timeline for them returning the deposit and past the time they can make more claims.  AND they did not line item the charges taken from your deposit. It really sounds to me like you have the stronger argument here and they are only crying wolf if they try to demand more money from you. 

But bottom line here, you're left with about $1000 of deposit unreturned, if I'm reading correctly. 
Is that amount worth the headache and costs of pursuing this especially since you're out of the state now?  I guess you could try talking to a tenant rights group here or something. 

You wrote:

We received $2000 the week before last with no listing as to what was removed or why. We were debating on pushing back but at this point just happy that it’s done. At least so I thought.

"Last night, the owner’s wife has continued to email us saying we have “no integrity, God will come after us, etc.” and is upset that they are stuck with other bills pertaining to the normal changeover of their property as landlords normally do. Because she has allergies to dogs, they realize that the best thing to do is to just remove their remaining carpet altogether instead of holding the tenants liable to continually clean the carpet until she can move back in without any allergic effects. She claims the home is in such disrepair and needs to be disinfected on top of this.

Our carpet cleaner sent specific notes as to the condition and smell of the carpet upon our departure. Additionally we have photos and videos of the condition of every room, drawer, window and of course the carpet from the day we moved in and on the morning we moved out. She closes her email saying, “more invoices to follow”.

I don’t exactly understand what that means, or if she expects to receive some kind of compensation for this. If she continues to send us invoices for work to the house she feels she doesn’t have to pay - I don’t exactly know at which point I need to continue to ignore her, or at what point I need to begin protecting myself proactively instead of reacting.

What is the threshold before needing to contact a lawyer? No one has said outright that they are suing the other, but at the same time I feel like I need to be proactive instead of reactive and get ahead of it. Definitely don’t want to go down this route, but seriously - enough is enough."

The threshold is whatever you tolerance level is. Nobody likes such uncomfortable transactions. I really don't them having much of an argument here because its way past the claims timeline. You could always try a consult with an attorney. Many will do a free consultation and give you their recommendations. Try looking up attorneys online on Oahu and just find the ones with free consultations. Let us know what transpires. 

 I'm wondering same thing: The future of commercial RE.  Offices and hospitality reuse is exactly what I was thinking as these spaces may be had for much lower than before.  But how to repurpose these? Most of these spaces are surrounded by like-use real estate or zoned only for such purpose. Whoever has an idea can be quite successful. 

Thinking......

Hello, Micheal and Andrew.

Coming back from time here. I've been away. I didn't get to lease my home due to local (stupid) HOA restrictions. Had I known that I'd have never bought there. Anyhow..

I'm in Honolulu, Hawaii now. Definitely a shortage of RCFEs here. The returns are lower here with SFRs prices being very high, many old 1950s built homes, and rents not high enough to comp the costs. But it can still be done. 

With this COVID-market, its anyone's guess as to what the future holds. That said, I feel that prices will start to come down. With unemployment rising and likely to get worse as the virus affects the world's economy, it seems there's really very little to support current prices and certainly nothing to increase prices. 

I'm also looking into purchasing something soon, a 1031 exchange, so I have timelines to follow. I plan to find something at least 10% below market. Of course, whenever we buy we always want to find a great deal. But with my belief that the market will dip, a 10% margin gives me some buffer. Like all investors, I want to make money when I buy, not when I sell. 

Hi, Aaron.

Thanks for the reply. Yes, I certainly don't see it going THAT low. $250 in OC for MF days are gone.  But just curious. So in other words, you do think prices will come down? And what's the "lower priced stuff", like sub $700, $800 or ? 
 

Excellent thread. I'm looking to invest $450-$500 NOW for a 1031 exchange. Like everyone else, I'd like a place that cash flows positive and appreciates.  Or at least not lose my initial capitol investment or better, to have at least some equity two years from now. Its anyone's guess this point in the Covid crisis where the market will be, but I figure if I can buy a place at 10% below market, then I have some buffer. Personally, I think the market will be down. With unemployment up and likely to rise, and the global economy sinking, seems like not much to support pre-Covid market and less for an upward market. For now, the only thing certain is uncertainty. 

As for markets I'm checking out, Sacramento area and Orange County are on list.

Bringing this thread back. I hope you're all well and healthy

Well, now with this current state of affairs, I'm thinking the market will come down. Seems there's not much to support a return to pre-Covid market, only an economic downfall. I'm certainly no expert and this is only my opinion. Please interject if you have some information to share. 

How's the current market in OC? What areas seem slated for gentrification, or at least foreseeable growth?

I'm looking into leasing my SFR for care homes also. Im pretty familiar with home wheelchair accessiblility and how the business operates. I'd like to hear about how you worked your lease terms.

What amount above regular market rental rates? Did you also agree to a % of each resident housed in the home? Other terms?  Thanks