All Forum Posts by: Linzey Ledesma

Hello BP Fam!

I just closed on my first small multifamily and will be house hacking (located in CA). I am now seeking to purchase a medium size multifamily property Out Of State. Im just not sure where to narrow down my search. I am curious to see what current OOS markets you guys invest in for multifamily. Any trends you are noticing?

I am mainly looking for cashflow, and of course, appreciating markets are always a plus.

Many thanks.

@Ricky Dorn

Hi Ricky,

I line in riverside county currently. I am also new at real estate, but have learned from great mentors. Are you using any type of spread sheet to analyze the deal? If not let me know and I have a great one we use. I also would recommend writing down a list of whats wrong with the home and estimate for repairs.

Are you using the right comparables?

I have a well known investor friend who has hard money lenders on deck for his projects. If you are looking to partner up let me know. Also, are you looking to live in the property or just flip?

@Davis Carter

Hello Davis,

Welcome to BP. I recently purchased my first duplex in Redlands. I will be moving out there hopefully by end of dec or jan. I am also new to real estate and will be house hacking this duplex. Feel free to reach out if you have any questions.

@Anne C.

Hello Anne, where you ever able to get a referral for a lawyer in the area?

@Colleen F.

Hi Colleen, thank you for reaching out. My property is located in CA, however The city my rental is in does not have rent control. I do have to give a 60 notice to vacate since tenants have been here longer than 1 year. Also i am only able to increase rent by 5% plus CPI. However it will be most convenient for me to vacate the tenants. It will take about 3 to 4 years to get them up to market rent.

@Danette C.

Thank you danette. I will definitely look into creating such letters.

Hello Phil,

yea technically those last 30days should be rent free. And the 60 days to vacate start counting the day after you deliver the notice.in my case, I gave them 60 days notice to vacate on oct15th, which means that they pay rent from oct15-nov15 but they do not pay rent from nov 16-dec15th. And they should be out by dec 15th.

@Phil Reason

Hello phil,

Im in the same boat you are. I closed on a duplex and inherited tenants. I need to vacate front unit tenants so that I may occupy the property. I spoke to a lawyer and since tenants ate month-month and I intend to live in the property, I could serve them with a notice of eviction- tenant to occupy property. Of course because this is California, you would have to give them the option to either wave last months rents, or cut a check equivalent to last months tent.

Lmk what your status is and what you ended up doing :).

Btw the lawyer I spoke to is based in SD as well. Lmk if you would like her contact.

Hello BP Family,

I officially closed escrow on my first duplex in Redlands Ca. I inherited tenants. One of them has been renting for 25 years and pays $800 month (market rent is around 1,200). The tenant is month-month (there is no actual rental agreement in place, just an estoppel that seller sent). My question is: can I renew or create a new rental agreement asking for market rent? If they disagree with the new rent then, can I terminate tenancy?

Any advice or recommendations would be appreciated.

Many thanks!

@Peter Mckernan many thanks for your reply and insights. Do you know of any specific form needed to fill out or template for rental agreement assignments. I came across a form 595, not sure if this is the appropriate one.