All Forum Posts by: MarieChele Porter

@Troy McElhaney

Yea I agree at you're right about that...

@Bjorn Ahlblad

That's awesome I'll be dipping into house hacking once I find a property and will be self managing I'm excited bc I feel the same way! I'll still have my pm for my out of state properties though.

@Bjorn Ahlblad

Yes I agree. I don't contact them and I wasn't that apt to purchasing the fridge on Amazon but bc of covid I just did it now it's being a pain in the ***... Why do you not have a pm anymore if you don't mind me asking.

@John Underwood

That's kind of what I'm thinking. It seems kind of wrong of her to tell me that I need to pay the return cost I feel like she should have checked the size of the refrigerator to start with. That's her job right.

Basically, I have tenants that requested a new refrigerator even though the other refrigerator was working it just was older and had some shelves that were broken. 

My property manager was trying to get a refurbished refrigerator from a company, but she said it wasn't working out because of everything going on with Covid 19.

Property manager sent me a refrigerator on Amazon and when the tenant received it she didn't want it because it was smaller than the original refrigerator she has.

They requested a return and I approved. The cost for the return is almost $65. My question is who should pay for the return? 

Just for a little more context, my property manager says that I should have to pay for the return since I agreed to the return, and my reserves should cover it for when things like this arise. 

I'm also looking in the Fresno area and am no expert by any means... I currently live in SF but lived in Fresno for about a yr and a half and am familiar with that zip code... I will say that I was ok visiting that area and I agree with you about the homeless problem but they tended to keep to themselves and not bother anyone... About your concerns did you run your numbers including management? I run mine with management included even tho I tend to self manage for the time while I'm there and possibly after. That way you've budgeted for when you do take on a pm and that is not a worry... Also, you'd technically be paying yourself that management fee by saving that money... 

MFHs are typically purchased based on current income so run your numbers on that and not what you are expecting to raise rents to in the future. You shouldn't pay for any income you aren't currently receiving... Verify the rents by bank statements not just rent rolls which can be doctored... 

Someone correct me if I am wrong but hasn't CA passed the state rent control law or is that being voted on in November? I know I sound like an idiot for not knowing but I just wanted to mention bc you will/might have to account for that when it comes time to raise rents... Also, evictions are postponed only if victims are directly affected by coronavirus and can prove it I'm not sure if rent increases are included in this.

You were lucky to find a 4-unit with mtm tenants most people deliver with long term tenants that are freshly signed leases making it hard for fha or other owner occupied loans... In general in CA it's hard to make numbers work bc of the sale prices and rent ratios but it can be done... There's also appreciation to account for even tho I would be cautious of putting that in your numbers bc the uncertainty of the upcoming economic climate... However 30 yrs down the line should be good... 

These are about the only things I have for you... Take a deep breath and take things step by step it's a huge step in starting your real estate investing career.. Have someone else check your numbers you can even post them here in the forums to get others opinions and get advice on things you may have missed... GL congrats on being in contract !!

I'm interested in Fresno,CA as well just wanted to make sure you got the right questions answered :)

Fresno, CA or Texas?

You've asked good questions that I'd also like the answers to as well so I'm chiming in the boost the post! I would say though towards some of the questions regarding the FHA loan ask your lender and verify by asking more than 1 lender sometimes people don't get the info correct or are still using the laws from 20 years ago!

@Brian Garlington ok thank you