Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kendra Mattson

Kendra Mattson has started 15 posts and replied 63 times.

Post: Hello from a Californian investor new to BP!

Kendra MattsonPosted
  • Investor
  • San Diego, CA
  • Posts 65
  • Votes 20

Hello BP!

I've always been interested in investing and bought my first stocks while in college in San Diego. It didn't take me long to realize that despite my research, I felt like I was essentially picking at random and didn't trust my ability to pick 'winning stocks'. That's when my interest turned to real estate. I didn't have the cash to get into the game at that time, but I knew real estate was the investment type for me.

About a year after graduation, my dad (who knew about my real estate aspirations) approached me about investing together in his neighbor's house in Rohnert Park (Northern California). We both jumped at the chance, which turned out be be not such a great idea- the cash flow was terrible. You live and you learn.

We've had that place for 2 years now (it cash flows a little better now and the equity is great) and I'm looking to use what I've learned for my next investment- a multifamily which I'm determined to make cash flow much better than my first try.

BiggerPockets has been a great help- I've been on here since sometime in January, I've listened to just about every podcast, I've read The Ultimate Beginner's Guide, but I hadn't posted until today. I'm excited to get involved, meet other investors, and share advice!

Nice to meet you!

Post: Should I Partner Up With Family On A Rental?

Kendra MattsonPosted
  • Investor
  • San Diego, CA
  • Posts 65
  • Votes 20

I would look at how much you could get for each property first. If you split the profit 3 ways (after all the fees involved with selling), would you have enough to buy a new place, make any necessary repairs, and have some money as a buffer to pay the mortgage in case you can't get a tenant right away or something big breaks? Or do you have enough to buy another place with cash?

Also, it's important to note that if the houses you have are already free and clear, you'd be making almost pure profit (minus repairs and taxes) off of rent, and if it stands vacant you don't have to worry about where you're going to find the money to cover the mortgage.

I've had good experience working with family, but there is the risk of damaging your relationship with your brother if it doesn't work out. If you do rent it out with your brother, write out an agreement beforehand outlining exactly who is responsible for doing what - who answers the tenants' calls about the broken toilet, who makes repairs or finds a repairman, who collects rent, etc. AND how you will divide income. If you are doing twice the work, it's fair that you would get 2/3 of the profit (which might also satisfy your husband's concern), but that's something to negotiate.

One last note - if this was left to you and your brothers, your husband would not get a cut of the profits. If you and your brother decide to divide the profits evenly, it's a 50/50 split, not a 33/33/33. Be fair, don't (even inadvertently) cheat your brother, and remember your relationship is more important than money matters.

Good luck!

Post: Who designed this laundry room?? pic added

Kendra MattsonPosted
  • Investor
  • San Diego, CA
  • Posts 65
  • Votes 20

It looks like the room was designed for stackables. You may want to just have those installed so future tenants (and you) don't have this same headache. Though I recommend having the tenant pay for the water if your area allows it.