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All Forum Posts by: Account Closed

Account Closed has started 6 posts and replied 78 times.

Post: Tenant Fails to Notify Landlord of Guest

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

Hi Doug, 

I am feeling your pain on this. I had a similar situation, thought not quite as bad.  Once I gave her 24 hours notice that I'd be inspecting the unit (on a week/work day so she would have less time to move out evidence), she miraculously found a new place to live.

I like @Shelly Swanzy 's advice to photo the the car over the course of several days, although I would advise getting the pics yourself.  I don't like neighboring tenants getting too much into my business as it has backfired for me in the past, with a guy thinking he was my volunteer "property manager" and calling me at all hours. He even went onto the property and did some "repairs" without my permission!

One note on giving tenants longer to pay their deposit...  I have had a diverse group of tenants in terms of ethnicity, age, gender, income.  It was pointed out to me that if I gave one tenant "special treatment," such as a payment plan for their deposit, it could be construed as discrimination against tenants who were not given the same opportunity.  Since then, all payments have to be made up front, no matter how much I like or trust the tenant.

Good luck with this issue. I hope you'll update us on your progress and outcome.

Post: New Guy from Montclair, VA (Northern VA)

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

Welcome and thank you for your service! I'm a bit of a newbie myself. The amount of information on BP is amazing. Be sure to check out the podcasts if you haven't already. Best of luck!

Post: Converting multiple town homes into one multi-family property

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

Jacob, I know this is an older post, but I'd love to hear the outcome. I have a similar, but smaller scale situation. I own a triplex titled as 3 condos and I can't get a gov't backed loan. Did you go with a commercial loan? 

Post: Revocation of Condominium Plan, Dissolution of Condominium Plan in California

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

Bullet Points:

  • I am the owner of a triplex that was converted to condos.
  • We have a lot of equity and I'd like to do a re-fi. 
  • You can’t get a government backed refi on a condo if a single owner (of a 2 to 4 unit property) owns more than one of the units. I own all three.
  • If I did want to sell a unit (which I don’t ), the buyer wouldn’t be able to get a government backed loan. I don’t see anyone buying a condo in this area, with a (probably more expensive) non-traditional loan.
  • I'm trying to convert the property back to a triplex.
  • Our long term plan to is to hold the property and continue to rent out the units.

In addition to wishing to make use of our equity to get a refi, do some improvements, increase the rent and value, I need an exit strategy.  More importantly, if I get hit by a bus next week, I want my family to have the option to liquidate (fairly easily) that asset if they choose to.

When I first researched converting the property back to a triplex, the city told me that I needed to do a Reversion to Acreage. They did some research before they gave me that direction and advised me to talk to various real estate professionals, which I did.

Now I’ve begun that process and the city has discovered that the way to go on this is actually something called a Revocation of Condominium Plan, or Dissolution of Condominium Plan. The people at the city have no experience with this. They can manage their part of the process, but have cautioned me that they don’t know what will happen when it passes to the California Bureau of Real Estate. They are advising me to proceed with caution. This is all costing money.

I’ve searched the California Bureau of Real Estate and can’t find anything on this issue. I plan to call when I have a chance (I work full time).

I feel like I can’t be the only landlord in California coming up against this. My common sense tells me that there’d be no reason for the state to refuse to sign off on it, but…I really don’t know what to expect.

Does anyone have any experience with this?  Also, if there's another forum where this would be more appropriate, please advise.  Thanks!

Post: Issue with a tennant, a good thing?

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

@Erik Drentlaw  Hi Erik,  I have a triplex, and my rental agreement spells out (somewhat vaguely, I think), what tenants can and can't do. I've had tenants who ask for a lot, often in the  form of minor improvements.  If they ask me to replace a light fixture, because they don't like it, then my answer is they can replace it themselves (with my approval). I tell them that when they move out, if they don't return it to it's original state or equivalent (meaning acceptable to me), then their deposit will be dinged.  

I have some tenants who ask for laundry lists of minor things, frequently. I think this is a personality type. They think "It doesn't hurt to ask." I find that if I turn them down on non-essentials, but stay on top of safety issues, they learn that they might be wasting their time.   However, I believe I retain their respect, by dealing with safety issues right away.

I think it's fine to let people do minor things to the property, but I think it's important to spell out exactly what your expectations are, and how it might impact their security deposit. I also always think of any potential liability if they injure themselves, which is why I only approve minor changes.  

Finally, if you're worried that they might be mad at you, well, I just always try to remember that it's not personal, it's business. Sometimes I have to say this directly to a tenant.  I find that if I'm fair and honest, personality issues usually work themselves out.  Good luck!

Post: Newbie from Los Angeles, CA

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

@Evelyn Jordan Welcome. I am a SoCal newbie too. Lots of great information on the site and in the podcasts. Good luck with that real estate license. I think that's a really smart move.

Post: Newbie from San Diego, California

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

@Katy C. Welcome! I'm also a newbie. I'm up in Santa Barbara, but I have family in San Diego. I hope you weren't affected by the recent fires. Yes, the cost of Real Estate in both SB and SD is kinda crazy. I'm getting a lot of good info from the podcasts. If you haven't already checked them out, I highly recommend that you do. Good luck!

Post: Ready Set... Action

Account ClosedPosted
  • Investor
  • Santa Barbara, CA
  • Posts 96
  • Votes 23

@Tony Cavalli this is a great story! Thanks for sharing all the grisly details. I really appreciate your openness. Very inspiring!