All Forum Posts by: Gail W.

Just spoke with my loan officer who said my current escrow has stalled in underwriting; no one is at the different places they need to contact for verifications. And the new loan we were about to start for another income prop? Nope. The seller is willing to wait, but we're thinking maybe not. We're small potatoes and would rather save our cash and ride this out. 

I have 2 rentals; one in a low income town and one in a well off retiree type town. Told my one renter that Amazon was hiring for delivery drivers. He applied and was immediately hired; going thru training already. So I told them we can work with that. 

My one in the retiree town is still being readied for rent with an anticipated move in by the 1st. There are NO rentals in that town. I checked in with my prospective renter and back ups and they ALL still want it. WHEW!

By the way; this was exactly why we sold our rental in So Cal. They keep coming up with these great ideas that made us too nervous!

I am looking at doing a minor rehab on a rental we just purchased out of state, in a small community. The local hardware stores are already running lean, what with China imports down. Last I heard, there was no drywall at the local HD. I can work around the little stuff, so it won't affect us too much. And our renters are well off retirees. 

There are great deals to be had during times like these, and people still gotta live somewhere. But for right now, we are not looking at properties that need a ton of rehab,  in communities where the renters are going to be struggling with paycheck to paycheck issues.  That's just our comfort level as very small, starting out noobs.

I am in the process of research Anderson, as my husband has been watching their YT vids and is ready to sign up. One thing I keep seeing is reviews from employees (Glassdoor, Indeed, etc) stating how overworked and under-educated they are. They state it's great to get an entry-level job and learn as you go, then head somewhere else.

A lot of employee reviews mention the confusion and chaos and high turn over made them leave. One stated he had no clue how to do taxes, but was thrown into it immediately. The bad reviews from people who have purchased their packaged services state how many times they were given a new bookkeeper would seem to support these claims. And the job openings for entry level tax prep work with them says right there they'll train you (must be willing to work towards obtaining EA or CPA status...).

Not sure that I want someone with less experience than myself doing my taxes! I mean, if he's going to make the same mistakes as ME, why would I pay so much for that?? I feel like there are SO many employees, stuff is bound to get lost in the shuffle. Heck, I lose my glasses on my desk and it's just me and The Mr.!   

I get it- there are disgruntled employees in every big company, but it does make you think. 

(We don't even own a primary home at this moment- only a vacation rental park model trailer in a Resort, and are in escrow on a SFR investment rental for $150k. Not sure we even need all that...YET. But The Mr is aiming high, so... ;)

LOVE Havasu! We've had a couple of vacay rentals out on the Island that have done really well for us over the years. We recently sold one so we could get right ON the lake and MAN, that thing is a hot rental! 

Next, we are looking for a regular SFR out in town to rent full time to working families. That's something Havasu really needs more of. There isn't a ton of high paying jobs; it's a resort town. But we desperately need families to keep coming to run those tourist businesses and we need them to STAY and become vested in their home town. So good, clean, solid, decently priced rentals are a must.

Problem is; every other refugeeing Californian has sold their high priced home back in So Cal and come out and purchased all the cheap homes, flipping them. So prices have shot up. Personally, I can't see how the higher and higher sell and rental prices can  continue when the ones needing to pay for them are not making So Cal bank. So it's hard to find an SFR under $200k anymore. This time last year- I passed up half a dozen SFRs in Havasu around $130k- $150k because we were tied up with our So Cal home and vacay rentals...DANG IT!! 

We are scouring the town looking for that next gem, but I refuse to overpay when they'll top out soon and then I won't make anything each month on rent. :/ 

We were just discussing this! I am looking at properties in another state that's less...tach savvy, lets say... all the pics are so terrible! Super closeups of the wall above the toilet, very dark and grainy photos of long hallways, or, our fav, a pic of a pic on a computer screen!  I thought these were from FSBOs, but was shocked they are from Realtors!!

Any app creators out there? Here's a need. 

Thank you, @Maxine Kunimura for posting this question. It was my exact conundrum. I figured out pretty quickly that the contractors that DID come out wouldn't put anything in writing unless I offered them some money for their time. I found 2 who were very nice who DID, and would hire the one in a heartbeat (the other is retired). 

But yes, if you are just starting out OR are used to doing everything yourself (but need professional quotes for some reason), this wouldn't be something you'd automatically know. Not all of us are Thornton Mellon.  ;)

Hello all! We have a unique opportunity to purchase 2 homes on 1 lot. It's a large parcel that used to be 2 separate APN lots, but was made into one. There is a primary house on one side, and a smaller house at the other end. 

We would like to buy it, live in the larger house (which isn't in that great condition) and rent the smaller house (that's actually nicer!) to our adult, married daughter. She and her husband would rent it at fair market value.

We have found out we CAN split the lot back to 2, but would have to get the electric meter split as well. The realtor says it would be around $40k.  She states it would be good to do if we decide to sell off the one portion with the smaller house. BUT, if we want to make this the forever-family-compound, should we bother?

Also, how will that impact taxes? I'm thinking as it is now, it's a 50/50 situation related to write offs, costs, fees, mortgage interest, etc...  If we split, how does that help/hinder our situation?

And since the house we'd live in is the one that needs more work, the write offs aren't going to be that great, correct?

TIA!!  (I HAD a CPA, but am looking for another so I can't ask him/her yet;)

I am worried, but I'm not... What I mean by that is; WE know towns like Big Bear and Lake Havasu City (both of which I have, and currently own vacation rentals in) DO rely mainly on tourist dollars. But sometimes the locals forget that.  Big Bear KNOWS they need tourists. Lake Havasu City KNOWS they would be Ludlow if it weren't for that lake everyone wants to be on. But when you become a full time resident who needs a full time rental and suddenly realize it's really hard to find one because everyone wants to do short term, you get worried, frustrated and angry. You start to think about moving on to the next town. There goes your workers that make the tourist machine pay! I know because I've been a full time resident in both towns, as well as a few other tourist towns.

Our vacay rental in BB was a money maker WAY before AirBnB came along. We decided to move up there full time and ran a vacay rental biz back in the early 90's that did very well. I also worked for the Chamber of Commerce. Our Havasu Park Model on the Island, in a lake front resort, makes money like it's being printed in the basement.

So now we want to invest in a long term rental to house the town's workers. But the prices keep going up which means we'd need to charge more for rent. But the town's workers can't afford it. So then the city management starts trying to please it's constituents who are complaining and asking for change. You see how I think and why I get kind of worried? I mean, not enough to sell off my STRs, but enough that I listen to the locals (on social media and by hanging out with them at local watering holes) and keep my finger on the pulse of said town.

We are seriously trying to decide what our next move is here as we sit on cash we made from selling our long time home and rental in South OC... buy in South OC again, or LTR in Havasu or another STR?? Hmmm....

We have been watching Havasu for a few years. We own a park model in a resort out on the Island that we AirBnB successfully, but wanted to do a long term SFR in town. Thing is, the prices have really gone up; Californian's buy cheap properties then flip them. But the market there isn't able to sustain these higher prices that require higher rents as the economy isn't adjusting along with them. They are doing it South OC style; higher end finishing and fixtures (think gray and white HGTV style)... and no one who works in this town can afford that. The backbone of this town doesn't care if the countertops are quartz; they want a solid home near a good school that they can afford.

It's a tourist town with hard working families that rarely move once they find a great rental. They know how hard it is to find something permanent as everyone wants to do vacation rentals or snow bird rentals. And snow birds snatch up everything years in advance!

The locals are starting to resent this and WILL leave. If they can't find reasonable rents they can afford on min wage, they have no problem moving to the next town in AZ. It becomes very transient. I, for one, would hate to see this happen as I love the town! So I want a very well priced SFR in a good part of town that I can rent to a nice, hard working family who will take care of it and stay put. But having a hard time finding that lately.