All Forum Posts by: Kyle Mendez

@Steven Nguyen - I just recently began working on the CRE side as a broker. My partner and I are focused on value-add retail & office opportunities in OC but often receive referrals for many other product types as well (i.e. land, multifamily development projects).

I'd be open to any networking events in Orange County from Newport Beach to Yorba Linda.

Hi Nelly,

The market is definitely on fire and has been since mid to late January. Prices are on the rise and the market is very competitive at the moment.

Average DOM: 8

Supply: 1.5 months

% of Listing Price received: 100.2%

All the best,

Kyle 

Hi Hubert,

I was able to speak with her over the phone yesterday. She doesn't seem too flexible.

She also said that she was unable to market the unit while it was still occupied. I find this kind of odd, especially if I provide written consent. I gave her ample notice (~4 months) in hopes that she would have plenty of time to market the unit and fill the vacancy by the time we move out. I even offered to help market the unit and forward prospective tenants to her. No budge.

Thanks for the input, Steve.

The contract clearly states the circumstances that could waive the early termination. I was just hoping our PM would have a little sympathy for our situation and understand that this is going to take a big chuck from our moving expenses, but she wants to follow the contract to a "T". I completely understand that she has no obligation to be flexible and may be following clear instructions from the owner(s).

Being a novice investor, we take great care of our unit as I expect the same from my tenant, so we should hopefully receive 90%-95% of our deposit back.

Thanks again for the reply!

Hello BP,

Details:

- Lease expires 1/16/20

- Planning to vacate by 10/31/19

- Security Deposit: $3,475

- Early Termination Fee: $4,000

- No sublease

My fiancee and I will be moving from California to Germany earlier than expected and, unfortunately, will need to break our lease by 2.5 months. We have to move early as my fiancee is acquiring her father's business earlier than discussed due to health reasons.

I reached out to the PM a week ago as I wanted to give ample notice (Approx 7 months from lease expiration).

Being that we are moving half way across the world and had planned to save for 7 more months, we are a bit tight on funds and were wondering if we forfeited our security deposit (less any deductions), could it apply toward the early termination fee?

I understand that per the contract that we signed, we are liable, but I'm trying to mitigate relocation expenses as best as I can without violating any laws, obviously.

I know there are certain situations per CA law that allows early termination without penalty, but would our situation apply?

Any advice is much appreciated!

Best,

Kyle

@Joe Homs -

Thanks for the welcome. I think we met briefly at a meetup you hosted in Lake Forest this past August at Round Table pizza. Unfortunately I didn't get the chance to speak with you before I had to leave.

I appreciate your invitation! I'm going to study up a little more so I know what questions to ask.

Thank again and I look forward to seeing you at a meetup soon!

Regards, Kyle

 I considered this too.

@Chris Mason I think I'll just hang in there and build up some equity for now. Thanks for the insight and help!

@Chris Mason 

What equation or information did you use to determine that? Are you deducting the current balance from the current estimate and accounting for transaction fees + capital gains?

I just want to understand so that I can determine this by myself at a future date.

Thanks again for the help!

@Chris Mason,

Thanks for the information regarding the actual interest rate. 

I agree that 4.1% is a great interest rate!

The value today is approximately $285k - $300k (based on a quick reference of the comps in the complex via Zillow and Redfin) and is currently being rented out. The unit count is approximately 400 units.

My sole motivation would be to fund another property or lower the mortgage to be profitable. I'm currently coming out of pocket $151/mo - The HOA is $337.

Hey BP -

I'm new to investing and can't quite grasp when a good time to refinance is, so bear with me..

I purchased my first and only property 2 years ago with an FHA loan and have a question about refinancing.

Details:

Purchase Price: $256,000

Financed: $246,489

Interest rate: 3.25%

Term: 30yrs

Current balance: $233,138

*Zillow estimate: $297,000 - $300,000

Based on the details listed above, would it make sense to refinance with today's interest rates or would I have to find a lower interest rate? What are the advantages and/or disadvantages based on my circumstance?

My intention would be to either find another investment property (likely out of state) or possibly use the cash to finance a property in Germany, where I may be moving with my fiancé (still researching investments/laws/regulations in Germany).

Any advice is much appreciated.

Regards,

Kyle