All Forum Posts by: Kevin Kim

Thanks Ronnie!! I will try Zillow too.

Hello 

i am moving out to another home (rental home close to my office) and planning to rent out my current primary 4Br town home style condo (located in East bay area, CA) . I am planning to manage by myself. 

Lease agreement - Is there anyway i can download the general lease agreement that i can use my home is located in East Bay area?

Since we are still living here, I can take a nice home picture once i move out but here is my plan.

Start advertising at Zillow - Saying that picture will be avaialble after certain date and will mention avaialble date (beginning of May)

I will screen tenant with employ history, paid stub, credit score, criminal history etc.

Any idea or advice if there is any good tool or website to do self manage?

Thanks!!

Thanks all for your advices/insight. I would keep the home for long term investment. Have a great day!!

Hello 

I purchased townhome (4 Bed room, 1900 sq) as my primary home 4yrs ago in Eastbay. Now, due to the commute, I am moving to San Jose (this time, I am renting house in good school district) I have 2 out of state cash flowing real investment (SFH/MF) and now I am thinking should I sell my east bay home or keep it as long term investment

If I keep it,

expected rent: $4,100 

expense: (Mortgage+tax = 3700, HOA: 250) so no cash flow but tenant pay mortgage and expecting appreciation in long term.

Pro: I have good 30yr mortgage (2.85%) and purchased price was about 890,000 (tax is lower) . also this home is town home and newer so self maintaining home may not be Hugh issue.

Con: Compare to out of state MF home, cash flow is almost 0 as of now. 

If I sell, I can get 1.3M - 1.35M (Current mortgage balance is 650,000) and I can buy Few out of state cash flowing multi family homes. 

I am leaning toward to keep this home as my long term investment but please let me know if I am missing anything.

Thanks

Thanks Colleen. 

I am checking licensed electrician to get estimated cost. I want to mimize change while it's living condition is safe. Will keep check the options.

Hello

I am in new MF investment property. My offer was accepted and for 3 units MF (3floor- total 8Bed room) in CT (built in 1900) and closing target date is middle of march.

I got home inspection report and major concern is the following electric related issue. I am OOS investor and planning to fix the electric related issue as soon as i close the property. My goal is to mimize the maintenance fee but offer the safe living condition to tenants.

There are currently 2units are occupied and 1 unit is vacant.

My question is how much cost to fix the electric issue to make safer for tenants? And how MF homes investor deal with this kind of electric safety issue? I will have landlord insurance policy and am currently have umbrella insurance(3M) just in case as well to cover any liability. Appreciate any feedback or experience from MF investor.

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The electrical service to the house is insufficient/outdated and needs to be upgraded/replaced by a licensed electrician to 200 amps with each unit having 100 amp circuit breakers, including an owner’s panel for the common areas. The electric meters and main shut off breakers for each panel should be re-located on the exterior of the house instead of in the basement. The first floor kitchen GFCI outlet does not test/trip and needs replacing. All kitchens and bathrooms should have GFCI outlets installed. All remaining non-grounded outlets in the house need repair/grounding. The open junction boxes in the basement need repair and cover plates installed. The cut/exposed and dangling wires in the basement need to be repaired and enclosed. The front and back stairwells, egresses and basement are recommended to have motion sensor lighting installed. All remaining active knob and tube wiring in the house should be discontinued/replaced professionally. It is suggested that a licensed electrician further evaluate, address and repair all electrical issues throughout the premises.

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Hello

I am about to sign contract. The property is totally renovated multi family (this home is hot home and there was a lot of people in the open house) I have offered with inspection contingency (information only) and luckily my offer is accepted.

I have asked disclosure so my agent is checking with seller side agent. However the seller side seems busy so my agent says what we can do is I can sign so we can move forward the contract. We can deposit earnest money when the disclosure is available and do not deposit til the disclosure is available. As long as we don't deposit any earnest money, there is no obligation.I think it is still ok (as long as I don't send money, the contract is not really valid..) but just want to double check if there is any concern.  Thanks

Thanks Meredith for your thought. I am not sure if they have insured but certainly the vendor is certified. 

Hello

 I am in new for this journey. My PM company has own contractor but the price seems to be higher so I have a contacted local contractor. My rental property PM shared the code with a 3rd party local vendor that I am going to hire.I thought someone from my PM company will open door for the contractor but they simply shared the code. Is it common practice? I am still learning and appreciate if someone can advice. 

Hello

I have closed 1st rental property in Memphis, TN. The current rental market price is 1,650 and It was market for 3 weeks with that price and I lowered rental price to 1,499 recently. It has been 1 month since I closed. I had some cosmetic repair (cost round $5,000 - replaced carpet and painting) The house is good shape but I haven't find Tennant yet. I am wondering if It is worth to upgrade appliance (Washer/Dryer) since it looks very old (it is still working) or even replace refrigerator. Any advice? PM company is advertising zillow and their website though.