All Forum Posts by: Kat Hughes

Thank you!  I asked my friend to send me a copy of the lease and I'll update once she does.  

Appliances ARE included in the lease.  So that usually means landlords are responsible for repairing it right? 

Hi!  

I'm posting for a friend who lives in LA.  Her, along with 3 other friends is currently renting a home.  Apparently, the landlord (also the owner of the house), during the negotiation process asked them to write 12 checks for the rent to cover the entire year, with each one post dated for the top of each month.  They were desperate to find a house to rent and found this and got a good deal but the landlord was not going to let them rent if they don't do what he asked.  So they complied.

A month into moving in, washer and dryer broke and the landlord won't do anything about it.  He said it's the tenant's responsibility.  Now the fridge just broke and landlord again said it's their responsibility and even suggested they should buy a new one cuz it's only about $500.00   My friend and her roommates got someone to go their an fix the fridge, only to find out that the fridge is beyond repair so they ended up having to buy a new fridge which cost them $1500.00

What kind of rights do they have?  And are they able to take any action against the land lord?  Are landlords really allowed to ask for 12 checks in advance?  And are tenants really responsible for fixing appliances that the house came with?

 Hi Mark!  Not sure how I missed this reply.  But thank you for your message!

Best,

Kat

 Haha! Love that!  I agree!!!  Now I can't stop thinking and talking about real estate! 

And yes, I sure am looking forward to dozens more deals!  

 Hi Daniel!  I live in LA too!  Happy to chat and brainstorm and encourage each other to keep growing.  I just updated the post... I guess we're not allowed to post Youtube links on forums.  The video is on my IG (@katdingcong)  If you still can't access it, let me know.  Also happy to chat over the phone (I certainly made a lot of mistakes with this property we just sold which I'm learning from).

"The Greek word for insight is syniemi, which means to put facts together to arrive at an understanding complete with life applications.” - Lysa TerKeurst (Uninvited)

I’ve been doing passive real estate investment in the last 7 years but up until a year ago, I was only dipping my toes in it and not fully getting all in. What changed? Well, when you hang out with people who have an amazing vision for their life, it tends to rub off on you. My friend Sweeney (IG: @sweeney_mae) introduced me to Bigger Pockets about a year ago and since then I have been devouring everything real estate that I can get my hands to.  I've been so inspired since being introduced to BP and especially by this most recent podcast, episode 331 with Ashley Hamilton.  Stories like hers make me get up at 4 - 5am every day to get my real estate learning done before I head to my other passions which is training for stunts. Listened to this podcast twice and cried both times as I felt so encouraged, challenged and inspired by her.

With that, I’m making a promise to myself that I will do the same…. Inspiring people to build wealth through real estate investing by sharing my own stories about how my husband and I currently have 3 properties (well now, just two cuz we sold one last week!!!) and will continue to implement strategies that will grow our real estate investment portfolio.

So yes, we did a thing on May 31st!!!! Sold our first multi unit investment property in NY!!! Below is the link to my Vlog, detailing my 4 major take aways from owning this property for the last 4 years. This is my Syniemi, my insight, an understanding that I arrived at because of my life application. I’ve read and studied a lot but I am living out what it’s like to apply these principles. I hope you too are encouraged and will take it to heart that inspiration and information without personal application will never amount to transformation.

 Hi Dave,

Thanks for the creative solutions. If we go through with the 1031 exchange, this would be our first and I think my biggest concern is the stress of identifying the properties within that 45 day period and making sure we find a good deal and not just hurry into a deal to meet a deadline. Also, I would really love to learn the BRRRR process and that is why I'd like to use part of the proceeds to purchase something completely cash, fix it up then rent and refi. From what I understand, we're not able to use any part of the profits from the sale for the rehab costs (I think that's what I'm understanding from the first point you mentioned). Ideally I would like divide the profits towards two properties, purchasing them cash, but since we have to meet the 1031 guidelines, we'd have to finance a part of our purchase which I guess is ok, but it's not our first choice.

 Thanks William!  Yeah, already talked to my accountant and looked at everything.  We're definitely paying at least 15K in taxes and possibly more but no less than 15K :(   

 Thank you,  yes you're right.  Definitely need to do my due diligence on those.