All Forum Posts by: THANG BUI

I'm taking over the property management for my mom and, for one of the units, the tenant is subletting. Apparently, in our lease we do not allow subletting. The subtenant is very dirty, refuses entry into his room, and will not leave. The tenant even tried to get him to leave and called the cops on him but he refuses to leave. 

Since this subtenant was not in the original lease, can I evict him immediately for tresspassing? I would like to remove this individual to help the tenant, and enforce no sublets in the future. She paid on time for 9 years so I want to keep her as tenant but get rid of the subtenant.

Thanks,

Michael

Hey Mary,

I'm in the same boat as you and I'm finding it very difficult to find cash flowing properties in Orange County. I'm starting to look into Riverside and San Bernardino county but even then it's hard to make the numbers work. I may look into out-of-state investing.

Lots of people responding here from gun-friendly states. I'll chime in from a less than gun-friendly state. Recently in CA, a lawsuit overturned strict restrictions on CCW. Now, at least in my county, it is much easier to get a CCW approval. In fact, all I have to do now is get some CCW training, pay the fees, and then I'll have my license. I suppose it will be useful when I collect rent in less-than-desirable areas.

Hey everyone,

I was reading some of @AmandaHan articles and An interesting thought came to my mind today. Let's say I have rental properties in dangerous neighborhoods or let's say some of my tenants are cash payers.  Obviously we would want rental properties in safe places and only take non cash payments.  But if I were to purchase a firearm and concealed carry license and training for the purpose of self defense, without going into the politics, could I tax deduct this expense? 

Thank you,

Michael

Hey @ArtFrasik, have you been to Los Angeles? If not, then you might want to visit it and see what you think. I live in Orange County and I love it, but the cost of living is quite high. If it were me and not for that fact that my family has its roots in SoCal, I would probably be living in Denver or some other similar outdoorsy city.

My mom has two 4-unit townhomes worth ~1mill and I am attempting to lower her interest rate and pull out equity.

So it looks like I can probably cash out refinance up to ~$400K-500K. With that cash, I would like to start investing into RE, however, I want to take out the right amount of cash (not too little and not too much). For me to get approved for future conventional loans on purchases, what do you think I should take out? 

My business plan was to invest in one property (buy-and-hold) either SFR or MF in the SoCal region (undecided on purchase price but probably between $200,000 - $400,000?).

Property value to rental income is pretty terrible in SoCal (a $300K home may rent for $1600). Once we get our feet wet, we will probably jump into better cash-flow markets.

Here's some more info about my partner and I's financial situation:

I work as a pharmacist and make ~$9300/month in pre-tax income. I have ~$1000-4000 in cash/savings at any given time. My student loan debt will be wiped to zero soon using that refinance money.

My partner/cousin Phil, works with his family on a Viet sandwich shop business/wholesale but they just moved from Canada so they do not have much on paper as far as income.

Thanks for the replies everyone. I will do what you recommended. 

Hey everyone,

I have a list of over 2000 properties in an excel spreadsheet and I want to run a rent estimate analysis on all of them. Is there an easy and quick way to do this? I considered plugging in each property into rentometer but it will take quite some time. Is there a way to mass input multiple addresses and get an estimate?

Thanks!

Hey Zamiyum, if you have listened to the BP podcast, in nearly every episode they mention that you have to take the plunge at some point. Nervousness is normal but if you let it overtake you, you will never be able to take the risk and make some action. If you can, perhaps you can connect with a someone on BP who is investing in your area as a mentor.

Hey everyone. My mother owns a home and two 4-unit townhomes. 

Current situation

4-unit townhome 1: principal remaining $523K @ 6.625%. Maturation date 12/36. Rent collected ~6500/month

4-unit townhome 2: principal remaining $163K @ 6.25%. Maturation date 1/18. 

Rent collected ~6500/month

Home residence: Priincipal remanining $91K @ 5.375%. Maturation date 12/17

I was thinking of refinancing the 4-unit townhome 2 and lower the interest rate and use that cash to pay down the 4-unit townhome 1. Perhaps also keep some cash to put down for another property. What would be the best way to go about this?

Thanks! I love BP