All Forum Posts by: Kiersten Vance

Thank you @Account Closed

Hello BP! I am looking for an agent to refer to in Billings, Montana. A client of mine is moving there in July and is interested in investment properties in the area. Must be experienced with investors and/or own investments themselves! PM me your contact information. Thanks!

Thank you Luc. I am hopeful we can find something too! They have a great mission helping homeless youth. I am not sure where Aaron is going with his comment.

Hello Conor, I wouldn't go in with your agent unless you know them really well. It is suspect that he would want to split the deal with you instead of doing it himself (again unless you are good friends already). Sounds like if they have a deadline for offers, they are planning to get a lot of them and have a bidding war. It's usually not a steal once people start bidding up the property. Has your agent not explained your contingency periods? Those can vary in the contract and for a competitive offer, I would suggest putting fewer contingencies but you have to know your risk. Make sure you feel comfortable and confident in your agent before making offers.

Hello Marcos, LA is a tough market right now as the prices are so high. People who are buying now and doing well are definitely those who are thinking outside the box. How much capital do you have right now? That will really dictate what direction you can go.

Hello @Jonathan A.

Yes they can stay there. How do you know they are paying $800 per month? Did the seller tell you this? Did you get tenant estoppels signed by all the tenants? That would have shown you what they were paying and who was living there. Why were you under the impression you could just raise rents? Have you figured out if it is under rent control?? If it isn't under rent control, then you can raise rents with the proper notice. If it is under rent control (which we all think it is), then you are in for a lot of trouble. 45-75k I don't think is accurate for relocation but you will be spending a lot in lawyers fees. I think it is closer to 18k in relocation due to the tenant. Not positive. Start looking at rent control laws if it is under rent control...

Hello @Diane G.

Historical buildings require extra permits and scrutiny from the city when you remodel or update them. Something to consider if you are looking at a historical building. I lived in Glendale up until last year when I moved farther south to North County. I am very familiar with the Glendale, Pasadena, Burbank area. Yes the prices are lower than you would find in the Bay Area (lived there as well until 2011), but the cash flow still isn't great. I would be happy to chat with you sometime about our markets down here. Feel free to give me a call or text me if you have any questions.

Hi @David MIller

Yes R2 means you can have up to 2 units on the lot. That said, the city has a bunch of requirements regarding parking (covered and uncovered), minimum unit size, minimum lot size, set backs, height limitations ect. Your best bet is to sit down with a planner at the city and ask about all those requirements before making any rash decisions. With such a small lot size compared to the building size, I am guessing you will have parking issues. Patrick said only 4 parking spaces, I would check that with the city as they require a certain number of parking spaces per bedroom. I assume you will have quite a few bedrooms with 4500 sqft. You can also look up the municipal code online and read it yourself if you feel confident you can decipher everything. 

Hello @Tyler Jones

Welcome to BP! Great to have you here. The podcasts are great, I love listening to them on my drives to my rental properties. :) As you start looking, make sure to keep your options open in regards to location. Orange County has lower cap rates but potentially better appreciation in the long run than something in San Bernardino, which would get you higher cap rates but potentially less appreciation. Also make sure you don't settle! Set some realistic goals and stick to them. I would be happy to help or chat with you sometime about investing in the area.  

Hello @Stephen McClanahan

Are your units individually metered for electricity? They should each have their own meter. When you install the mini split system, it would get hooked into their breaker panel and therefore they would be charged the electricity when they run it.