All Forum Posts by: Maggie Tasseron

I certainly don't think it's naive to look at the re market from all different angles, as you are doing and I think you're on the right track to start with SFR's and duplexes. A smaller cash outlay at the beginning is always a good idea for someone new to the business. I've made my biggest profits from SFR's, both flipping and holding, but I'm not otherwise employed and do all my own work so I have about as much control over things as is possible in this field. You'll know soon enough if you enjoy being a landlord; after almost 40 years as one, I am just now wrapping up work on my last rental in order to sell it and intend to just flip one at a time from now on. You're considerably younger than I am so of course your goals are different. My advice is always to learn as much as possible about what it takes to rehab property and just take it from there; even if you don't intend to do any or all of the work yourself, it will help you out immensely when dealing with contractors and when assessing properties you may want to buy. It's so easy now that we have the Internet to check out MLS all over the country and when I do so, I also use Google Street View to check out the neighborhoods. If you haven't tried that yet, you may find that's a very useful resource...and kind of fun too, for me at least. Best of luck and I hope this has been helpful.

 Good to know you have had that experience and I'm sure it will help you with your upcoming flips! Yes, you can learn a lot from your contractors if they're willing to share their experience; that isn't always the case when you're a woman... they tend more to try to make things sound more complicated than they really are and I've had several incidents where they outright lied to me.  I'm older, so probably give the impression that I wouldn't know a hammer from a screwdriver, but I've renovated -- with my own two hands -- more bathrooms and kitchens than I've ever cleaned, so more than once I've had the pleasure of turning that around on them LOL. 

 Hey Russell: Aside from your use of the term "empire" you don't say whether you are more interested in flipping or holding. I think that would have quite some bearing on where you plan to go. Also, having lived in a cold climate for a number of years, I personally wouldn't want to do rehabs again in a place where snow and ice will determine my work schedule. Look forward to hearing more about your plans!

Hi James: I'm impressed with your level of preparation for your first flip but am interested to know how much you know about the actual work involved in a renovation. As I've said before, even if you don't plan to do the work yourself, you'll be much better off if you learn as much about it as possible so you will at least be able to communicate intelligently with your contractors. Best of luck and we'll be waiting to hear all your news.

 This made me chuckle. I've often said my tenants have two things I don't have: a bigger TV and a newer car. That was in the days before cellphones. Nowadays I often wonder how much those tenants who have a hard time paying the rent are spending on their phones and all the other fancy gadgets.

 You know what they say: Cold feet, warm heart LOL.

 Hey Karen: I live in the California Desert and even here, floors are cold in the winter. I like to be able to walk around barefoot in my bedroom so I still prefer to have carpet there. Admittedly, I almost always have cold feet so am probably biased.

The law here in CA is also that the landlord has 21 days to give an accounting of the security deposit. Since you have no obligation to let them be present for the inspection, just do it after they move; they are evidently not going to fix anything before then anyway. With regards to the carpet cleaning, I would tell them you will have it cleaned; I prefer it that way anyway after some experiences with tenants doing it themselves with one of those machines that can be rented at the supermarket, which resulted in my having to get it professionally cleaned afterward anyway. You have their deposit so can deduct that cost from it along with whatever else. I never return a security deposit up front as you never really see what the damages are until they are gone, which is why the law gives us the 21 days. My advice is: Don't let them hold you hostage and take LOTS of pictures.

One factor is how long they have been tenants and what their payment record has been to date. Another is whether this is an emergency from which they can recover, as in a death when the insurance has not yet been paid to them, or a situation where they may need to take a short time off work but are still employed and will soon be getting a regular paycheck again. On the flip side, losing a job means that they are going to need help now, and then 30 days from now, and so on... If their unemployment does not cover the rent and living expenses, you have no recourse but to ask them to move.

 Interesting. My first thought -- and post -- was to contact the Coroner's Office. Thanks, Dawn.