All Forum Posts by: Maria D'Aura

I bought a property with tenants in place on month to month lease as lease had long expired. One tenant has 2 dogs I never saw when I toured the place and there is no pet addendum on the old leases that I was given. My insurance company made an unannounced visit where they saw the dogs over the fence and took photos. I received notice that these dogs are on their list of unacceptable breeds and my policy will be canceled unless one of two things happens. 1. The dogs are surrendered to the SPCA with surrender documents returned to the insurance company or 2. The tenant moves out. Insurance provider gave no other option.

I informed my tenant by text message yesterday and have yet to hear anything back in response. 

Just wondering if anyone has had a similar situation happen and what the outcome was. Property is in California.

I would think a cash out refi would get you the best rates and least amount of hoop jumping. However, I'm following this thread because I'd like do know of other options too. 

You said you were looking at other areas to buy, I'm curious which ones and if they all had a negative cash flow? I live/work in Livermore so I know the area well. After holding two rentals, one in Silicon Valley and one in Livermore, for years I 1031 for better cash flow. The appreciation was great, but we've had several really good years of high appreciation since I bought these properties. To be honest I'd be concerned if I were doing it right now because prices are so high.

Regarding scaling your investments and getting future loans, I'm wondering if lenders are going to take into consideration that you bought a negative cash flowing property in the first place? If they're looking at the bigger picture they have a borrower who makes a good income and is investing in real estate, but bought an investment that is costing him money. Is the lender going to feel confident in your investing skills to approve another investment loan if they can't see your strategy to gain appreciation? I'm not sure if lenders look at it this way or not, but it's a thought that came to mind.

Thanks, Michael. I'll DM you.

I have a tenant moving out of a unit next month and I'm trying to decide how much updating makes sense to do for the area. I plan to keep this property for a long time. The inherited tenants have lived there for over 17 years so at minimum I expect I will be replacing floors and painting everything. If you own rentals in Modesto and familiar with the area I'd love your opinion. It's a 2/1 duplex east of Downey high school area. One unit was semi-updated (some new flooring, paint, with original kitchen/bath) when I bought it and rents for $1350. How much higher would it rent for with new kitchen/bath too?

Looking for recommendations for an attorney to start the eviction process in Saint Louis. 

Thanks

Hi Carlos,

If it were me I'd buy sooner rather than later. I say this even after my first home purchase ended up upside down for a number of years when the market crashed. Still, my only two regrets is that I didn't get into the market sooner than I did and that I bought a condo. In the end it worked out for me by hanging in there, but I do wish I had stretched my way into a house with that first one. But it was still better than paying rent. Taking that first leap is the hardest, but it gets easier. 

Best of luck.

I only looked into it briefly. I would not put water or garbage into tenants names and depend on them to pay the bill. If they default on the bill you will be stuck paying it yourself or end up with a lien on your property. 

You could add your own submeters on each unit as a workaround. Google the city and submeter water and you'll see some companies come up that offer this service.  

I have 8 doors in Modesto. 4 with a property manager and 4 I self manage. I’m a Realtor from Livermore. Probably won’t make it out to a meet up in Modesto, but will check out the FB group.