All Forum Posts by: Lynnette E.

You are in CA. You will have a major tax bill for each LLC for that state. Check it out with your tax guy before you pull that trigger.

Has anyone used them for a house and not had every caller ask if it is a house or apartment?  I have had a ton of calls, but not one application.  The callers do not seem to be quality.  eg. one lady had to tell me about her cats that only eat organic food, use organic litter and not not shed because they live in an organic environment....blah blah .  I do not care, litter trained cats are allowed.  Organic not required.  It seems that I am spend so much time with people I would not accept because they will drive me nuts!  And they call at weird times, and over and over every 2 to 3 minutes until there is an answer.

I did not pay the $100 to get it co-listed on realtor.com or the other sites.

Is it worth it, or should I give in a zillow it?  I hate to pay for apartments if the people are this quality.

Tell me about your experience!

This is my first adventure listing a rental on apartments since the merge.

Have you had baseboard with renters?  Horrible idea!  First they coat them with trash, crayons, playdough, spilled stuff, toys.  Then complain they smell and need to be cleaned.  The let the kids smash the Tonka trucks into them over and over.  I just pulled the entire living room baseboard heater out of one house because it was falling off the wall from the abuse.

Do not choose that.  Choose another contractor for an estimate for a new system like you already have.

Tax returns, banking records to show income coming in and bills, rent, utilities going out.

I inherited a cabin from a relative in CA.  I resold the cabin.  I had to pay the supplemental tax bill at closing for the prorated amount.  The County gave an estimate.  When they pulled it all together and did the exact figures I had over paid.  So a year later they sent me a form to recoup a few hundred dollars.  I sent in the form, verifying the sale day and they sent me the check.  That sales contract said that the taxes would be prorated.

For a undeclared wholeseller on another property, those jerks got what they deserved. The County had not figured out the supplemental taxes before it was resold and their contract did not say that taxes were prorated. The contract was --you get this amount $xx.  They got the whole bill!  For the time I had it!  It was previously bought in the 1970's and transferred to me about 7 months before it sold, in 2018.  So the value went form maybe $75k to $525k.  And even better it sold in October!

If you call the assessor's office for the value, you can then call the tax collector's office for the amount.  Some counties have a website that will do it for you based on the selling price and date you enter.  LA does!

I use stessa for financial records and my tenants pay for their utilities except for the bottom floor of an apartment building and I pay their water and electric for some.  That is ONLY because they are not separated.  I did separate the electrical for 3 apartments and water for  2 others but they rest were too intermixed.

I get requests for other real estate things, not wholeselling.  But they either want to meet and discuss things or they want to schedule an hour or two on the phone to chat.  I can not do either of those things.  An hour on the phone with a toddler in the house is a big disaster.  And going somewhere to meet a stranger is not something I am comfortable with, and then I'd have to take that toddler.  So I generally just let people know what I can do--I can message back and forth on a phone or computer, but that is about it, and then it has to be when I can, not scheduled.  

And so far, these seem to end up with a 'will you fund me in this' request.  When I say Nope, I buy cash, do not work with others on my investments, work with low risk, and definitely would consider a newby investor a high risk anyway.  Then I never hear from them again.

So, it seems that they want me to tell them what to do at every step, fund them doing it, then trust them to actually do it, and do it well enough to sell it at a profit someday, and let them make a big profit, then if all that works they will give me my money back with a little interest for a big risk.  NOPE!

 I'd guess that the $33k includes redoing drywall and ceilings that got wet, painting the whole house to match the new paint  as well as damage to belongings.  All which should be covered by their insurance, so technically part of that would go to their insurance co.

Wonder if he got a permit and used a licensed roofer and if a licensed roofer or a permit was required in that area.  That could add to liability.

What caught me off guard is how much people are influenced by those around them.  And it seems that it is often in a negative way.  

A stable female single mom, 6 years of renting, never late, always clean, gets with a 'fun' guy, good job, accepts her kid.  

Then BAM! they both quit their jobs because they will not give them a week off immediately to go to Disneyworld with their stimulus money.  Then decide they need a break from work.  And feel entitled enough to just say they I do not get rent until they have their 'break' from working and they 'feel' like getting jobs.  

Or a married couple, 3 kids, near teens and teens.  Paid rent, kept the house and yard up. Never a problem.   She decides to leave, then stories, late rent, pigsty,  new papered puppy, now ruining my hardwood floors because dad and 3 kids clean up nothing.  New girlfriend snuck in, still no rent.  Supposed to leave this month, supposed to do a lot of things though.  Lies and stories.

So, I really did not expect the change in behaviors with a new person or loss of one person.  Relationships have a major influence on some people.

I would recommend that you look at neighborhoods and areas in and around Denver during this time. Research to see where you want to focus your rentals.  College students, families with children and good schools, up and coming areas, suburbs?  Once you figure out your focus area, then start tracking listing and sale prices and get to know the in and outs of that area.