All Forum Posts by: Josh Otero

Hi BP community, I know you've got some crazy tenant stories and I want to hear it.

I'll go first:

1) I was managing a 5 story apartment building and a dog fell off the 4th floor balcony because of the owner not paying attention. (It was Hollywood and everybody has dogs)

2) Somebody tried selling the appliances that came with the unit which included the fridge, dishwasher, stove & microwave.

3) We were recently affected by the fires and had to evacuate, some tenants refused to evacuate even after police forced them to because they were "tougher than the fire".

1 Vote

Hi @Stephanie Medina, I suggest you go for it with your current LTR and make it a short term. If that doesn't work out, you can always go back to doing LTR. If the STR is successful, then you can double down and buy more of them. Yes, you may lose out on income in the beginning when first trying STR out, but you'll never know until you try.

I recommend doing a deep dive in the STR rabbit hole and seeing if not just the numbers make sense, but also the time it will take up for you or your STR manager.

1 Vote

Houston, Texas

Quote from @Krissi Miramontes:

Newbie help needed!
I purchased 2 SFH and one duplex in Toledo last year. Hired a one man's show property manager after 10 months. Now self managing but trying to find a PM.
1 is going fine, 1 is going but always needs work on something (no CF yet), and then there is the duplex. It has been an awful pain. Started replacing and getting rent ready. New HVAC stolen, electricity being stolen by neighbors.
I thought I found a PM but I’m not sure now (It is a big company and not very flexible).
at this point I’m wondering if I should sell at a loss or try and get it ready again with a new PM.

Duplex purchased for 45k, put in 10k. Now need to put another 10k, plus management fees. Will rent for $1200 total. Is it worth moving forward or just sell for 30k and get out?

The SFH next door I paid 50k, put in 10, and needs another 5. It is rented for 775.
im looking for the best thing to do at this point.
I’ve started flipping in my market in CA and like it WAY better thank LD investing.
should I keep pouring money into these tiny things for long term returns or cut my losses?

Hi Krissi,

It seems that you purchased these properties in a "D" level neighborhood which will be very difficult to find high quality tenants and a high quality property manager. As a property manager myself here in CA, we understand that those kinds of neighborhoods are headaches and high quality property managers stick to A and B neighborhoods.

My suggestion is to sell unless, you can get a section 8 tenant in. I personally have had positive experiences with section 8 tenants because it's a long process to get the privilege of rental assistance and many people don't want to ruin it by mistreating the property that would make them eligible for eviction.

I see that you're in CA, if you ever need a realtor to seek out a good fix and flip for you, let me know, I've helped plenty of people before!

1 Vote

Thanks for your reply Bill. I never really put much thought into the deductions before. I’m stealing this 😎

Quote from @Bill B.:

It’s kind of like asking what’s the worst part about not being a real estate investor?

Having to go to work when you don’t want to?’

Worrying everyday about getting fired for something out of your control?

Honestly 350 days a year I don’t even think about it. 12 days a year I wonder if everyone paid and if not will they pay, for about 30 minutes. And 3 days a year I spend about 30 minutes pondering a repair, rent increase or turnover choice.

OTH. At least weekly I think about the the fact that someone else is going to work to give me 1/3rd of their money. Or paying off my debt, while I provide them with a nice house to live in instead of an apartment.

Then there’s this glorious tax season where you realize how many things you get to deduct that others can’t, while sheltering your income with depreciation, and earning tax free income with appreciation. I truly feel bad for people who have to work instead of investing in real estate, especially those with kids. That’s why I try so hard to explain to people I meet every day the benefits. Along with the benefits of time with family and helping others.

1 Vote

Los Angeles County, California

That’s interesting that the problems come in waves. During the slow season, do you personally focus on getting more rentals, focus more on family/personal life, or do you do something else?

Thanks.

Quote from @JD Martin:

There is no hardest part because everything comes in waves or seasons. If you do most things right, most issues are mitigated and it's not too bad, but there's no guarantees. These days the hardest part for me is finding & keeping qualified contractors for the work that always needs to be done. Years ago it was finding quality tenants. Some times in between there in rougher economic conditions it was getting unexpected vacancies.

So it varies.

0 Votes

Los Angeles County, California

Yesss! I’ve noticed this a lot being in property management. It’s sad because a lot of them are good people and they ask if they can pay half now and half later. Thank you for your insight.

Quote from @John Morgan:

@Josh Otero

The hardest part for me was being flexible with my tenants and realizing all these people are living paycheck to paycheck. Rent won’t hit on the first. For some people it won’t even hit on the 15th. But I’ve learned to be more relaxed with my 29 properties and the tenants.

0 Votes

Los Angeles County, California

Hi my name is Josh and I wanted to ask property owners, what’s the hardest part of being a property owner?

-Paying all the taxes, maintenance and insurance

-Finding a renter

-Worrying and wondering each month if the tenant will pay on time

-Fixes/repairs

-Other?

0 Votes

Los Angeles County, California

Hi, my name is Josh. I was wondering what special loan programs are offered to first time home buyers? We've all heard of FHA and VA loans but I'm not well versed in the different types of loan programs that may be offered in California or other states. Is NACA a safe loan program as well because it seems a bit too good to be true.

BP community, you guys are the best!

1 Vote

All Forum Posts by: Josh Otero

Josh Otero has started 4 posts and replied 28 times.

Post: Crazy Tenant Stories

Post: Is it a bad idea to convert this LTR into a STR?

Post: Kind Distance Frustration

Post: What’s the hardest part of being a property owner?

Post: What’s the hardest part of being a property owner?

Post: What’s the hardest part of being a property owner?

Post: What’s the hardest part of being a property owner?

Post: Different Loan Programs In CA?