All Forum Posts by: Luis Fernandez

I purchased in four-plex and was given a contract with an inspection rider and then the real estate agent changed broker and had me sign a mutual release and then a new contract. I skimmed through the new contract and it looked just like the last one. After we closed, an existing tenant asked about her security deposit. The former owner had not refunded the security deposit to the tenants nor did I get credit for it on HUD statement. I reviewed the latest contract and noticed that Rider Inspection was missing. I asked the real estate agent why she had placed it on the original contract and not on the latest one? Her response was that because I already had inspected the property during the first contract an so she decided, without telling me, to omit the Rider Inspection from the latest contract. Is she or her broker liable for not having including the Rider Inspection with the latest contract which wasn't in the best interest on their client(me)? The tenants (there's more than one) will eventually ask for her security deposit when they move out and I have not been given credit for this.

@Chris Martin Will do with updates. As of now I have two duplexes on escrow one of which has tenants - one has been there for 5 years and the other for 6 months. The other duplex needs some paint and minor repair. I buying both of them for 58k. Combined ROI is at 28% I'm on the hunt for one more duplex. Duplexes seem to be the sweet spot as far as the numbers.

@Ned Carey I believe the word "risk" on one side of the equation already implies it as being a "potential" reward.

@David Faulkner
With boots on the ground, I do see investors buying up properties in less favorable neighborhoods - some with tenants living and paying rent in each unit. They're being bought at a rate such that I've already had three properties slip through my fingers in just one week. They're going pretty fast.

@Graham Nash
Good to know. I was really tempted to originally head out to GA. 

@Mike Dymski
Can you elaborate on the "better asset classes to invest in"?

@Chris Martin

Regarding Jay DeCimas's 60-90 there's no opportunity that matches my criteria anywhere near that driving distance. LA, CA is horrible as far as rental cash flow. Appreciation seems to be doing great there, however.

@Jay Hinrichs

Interesting breakdown of numbers. What would you recommend with a 100k cash, no leveraging, focus on cash flow not appreciation?

@Tan Mehedi
I don't really have much of a choice if I want to get into rental property for cash flow. I own and run a hotel in Costa Rica. Costa Rica is not land lord friendly the least bit. My hometown is Los Angeles, California where properties are really pricey most not even meeting close to the 1% rule. I want to get into real estate to eventually live off the passive income and continue investing 'til .. That leaves me with out of state multifamily units. Do you see another option? I'm not interested in leveraging. 

@Timoteo Guy

Interesting I'll take a look. Do you know of any property off hand? How's the "Passive Income in 3 different states" working out. I ask because I've thought about the same thing.