All Forum Posts by: Stanley Okazaki

REIAs

Sometimes there are FB investment groups full of cash buyers. If it's a good deal you will have no problem selling it...

Just by looking at the sqft,bdrs & baths, I can tell you that it will be very hard to find a investor buyer. If there was a buyer for this property they would probably be a new investor.

I don't even think the renovation costs would be worth it. Unless this home is in a very desirable neighborhood I don't see the numbers working. Focus more on 3/2 homes maybe even 2/2s.

This isn't to say that you shouldn't at least try to put a deal together. You don't lose anything if you don't sell it...

If it sounds too good to be true, it probably is. I would just sign a 1 year lease, maybe 2 to see how it goes. After the lease expires I would still only sign a 2 lease maximum.

There are literally hundreds of different scenarios that can play out most of which won't benefit you.

One exception I might consider would be if Picasso himself we're renting from me. Even then I'd be very cautious haha. Artist aren't often associated with have the most stable income. Heck, some artists don't start making money until they're dead.

Congrats! 

Now the real fun begins!

@Nathan Emmert I just re-read his post and you're right. I guess I got flustered because we had gotten in trouble for a family living in one of the garages we rented out. 

Here are some things that aren't often talked about...

.Drive around the neighborhood and walk into the houses that are obviously undergoing a complete renovation. As the workers for the investors phone number and give that investor a call. 

.You can do this same thing with the MLS. Search through your states MLS/Area and click on the properties that look like they've been newly renovated.

So the structure was built with the purpose of being a garage?

I wouldn't allow anyone to live in the property if I were you. I'm not sure what your state is like but in CA you can get into a lot of trouble. Garage's aren't built to the same code as a single family residence. These codes are put in place so that people living in the structure can stay safe. Feel free to rent out the garage with the purpose of extra storage but advertising it as a place to live is a no.

@coll

Yeah, people often think that the longer they stay the less they should pay. Although long term steady tenants are desirable, like you said, 10 years is a long time and you never know what can happen.

I've been getting these sort of requests quite often. Their pitches usually go something like "We're looking to stay for a long time, can you reduce the monthly payments?". A lot of these tenants have no idea what it costs to own/ manage real estate. Property taxes aren't going down so you have to rent out the property accordingly.

@Colleen F. undefined

@Carlos O. I love the way you're thinking ahead. As for having different options available for you and the seller, I feel the best thing would be to get your RE license. It's understandable if you don't have the money to get/maintain a RE license right now but down the road when you start making more money a RE license will  open up so many new doors. 

For example: 

You're sitting at the kitchen table of a motivated seller. For whatever reason you guys cannot agree on a price. You offer that seller a second option- You list the house for sale & offer to cut your commission in half. From here, surely they'll need a new place to live so you can offer to help them find another home or lease out a place. 

Sorry if this comment seems all over the place, my mind is in 9 places at once. I just had to give me 2 cents.

What do you guys think of the show Renovate to Rent.

They put so much money into these rentals. I understand that the neighborhoods are "A" neighborhoods but they basically do full renovations. I just don't see the logic in this strategy, can anyone elaborate? Is it just all a show to attract viewers?