All Forum Posts by: Jitendra Mandalia

Hi,

I have a property in Groveland CA and looking for a good PM with mid-term or long-term rental there. 

Is that a good market for mid-term or long-term rental? Or only good for short term rentals? 

Thanks.

Sure. Thanks Pavan !

Hi BiggerPockets,

I am planning to build a detached ADU. I am located in Dublin CA. I am talking to local contractors and architects to understand the cost, timeline and benefits. I am posting it here to get feedback from the experienced people. There are multiple options i.e. prefab or build from scratch etc. As of now I am looking to build one with the help of a contractor, and looking for some local contractors who can help build it end to end, including architecting, permit approval and construction.

There have been lot of changes in the county rules and the approval process has become much easier compared to what was there in the past 2-3 years back. With that the ROI has improved a lot.

After looking into various financing options, I am planning to use my pre-approved HELOC and cash to finance this.

Is there any specific thing which I should be aware or take care for this project in Bay area? 

Thanks in advance for any suggestion or tips.

Best,
Jitendra

Hi Heather, I am also planning to build an ADU in my backyard and I am located in east bay (Dublin). Will you be able to share the broker's contact if he can help understand options for financing ADU? Appreciate your help.

@Julia Yels

What did you do for your property management finally? I am in the same boat and out of state and want to self-manage my property. Did you find that it's doable considering the information you posted here?

We had tried this process having a single family property titles under LLC. Its tricky as unless LLC has consistent income of few years (each lender would have different requirements) there is no way to get loan under LLC name. If it has income then it is doable. We wanted to just have LLC to hold real estate property titles and we couldn't do that due to loan requirements didn't meet and had to take loan and property under individual's name. One can transfer property later to LLC, after purchase, but that is not advisable and is not what bank would like as loan is under individual's name and property title is not.

Thank you @Kenny, @Anna and @Ruth. Appreciate your advise and website references I can use to manage this. This has given me some confidence that it is manageable with these tools. I like and will definitely explore more about Burbz, Cozy and Avail to learn and use these tools to manage rentals.

Friends,

I have invested in a single family home in Virginia and I live in California. I was planning for a property management to be done with a company local in Virginia. Though I have another realtor, who is a friend of mine, and willing to do property management for a cheaper rate, who is also local to the city. This being my first property, I would like to know if it is better to go with professional company to do property management or go with single person. He is good, and willing to and able to support as needed. Though with him not having official license for property management, all the contract and documentation will be done through me as an owner, and he will be behind the scene doing the regular management. The difference is almost $900 per year in cost. He has already helped me finding a tenant. So he is good in his service.

Though being so far from the property, I am bit leaning towards going with professional company to manage any worst case scenario with tenant. 

Do you have any suggestion?

Thanks.