All Forum Posts by: James M.

if this is true, congrats, but like others, until I hear the numbers, in skeptical. I find it hard to believe that war 21 even with a 100k job you could find the down payment on that property. 

I'm currently working on the rehab and remodels of my first duplex, and between my pop and myself we have done everything. Concrete, plumbing, electrical, fencing, kitchen/bathroom remodel, and the list keeps going. for the time I've spent doing it, I probably could have paid someone to do it, but I think it's extremely important as a landlord to have a good understanding what each task entails, so when you do go to hire contractors, you actually know what is going on and you aren't blind to the work being done.

Sorry if I missed something, but when do you guys meet up, or where can I find information on your meet ups?

Thank you guys for the feedback! As a tenant I have always been very easy and non confrontational, but after I found out my land lord, who is my neighbor, was running their jacuzzi off of my electrical panel, I've always had to question their integrity. I appreciate the help and all the knowledge!

Hey guys, I've got a quick question which has thrown me for a bit of a spin. I am finally closing escrow on my first duplex, which will be owner occupied, so the time has come to put in the notice at my current residence. I have done a lot of researching and talking to people on this matter, but I am still not 100% sure, so here it goes.

I am currently on a month-to-month lease where i have paid my last months rent along with a security deposit. Now according to what I am reading on the California Tenant-Landlord Laws, in my situation I obviously am only obligated to giving a 30 day notice. The law states I can give my notice any time I want, whether it be the 1st of the month, the 5th, the 12th, it doesn't matter. But here is where I am a bit confused. When I have already paid my full last months rent does this mean that I am entitled to stay and pay that last months rent, or is the last month pro-rated and refunded depending on when the 30 days ends?

In regards to my current lease, all it outlines that I have paid first, last, and deposit and that we are required to give a 30 day notice, but nothing more. 

Thanks in advice for all your knowledge and help!

Hey guys, in escrow on a 2 on 1 in LB. Would love to connect and network with you guys!

Hey everyone, I apologize for the delay in response. Work has had me busy, and quite honestly I just spaced on getting back on here, but  I do appreciate the responses! Well everything is look bright and I am supposed to close on the 5th of September. I ended up issuing a 30-day notice and everything worked out really well because as it was mentioned earlier, the current management company is taking care of issuing the notice. 

@Chris Latham, thank you! Yeah, I did a lot of looking, but more importantly researching, reading and networking before I became comfortable with my final decision. As i've heard a lot of investors say, throughout this whole escrow, I have been an emotional roller coaster, but I am very confident and happy with how things are shaping up. 

@Account Closed Thanks! I actually have read all the California Tenant - Landlord laws and I have also read the Land Lording Book which Bigger Pockets offers, but there is a ton more to learn!

Thanks again to everyones input and I can't thank Bigger Pockets enough for all the awesome info. 

Thank you for the replies! 

In regards to the 60-day notice, it would make it a bit easier on my moving situation with a little more time, but the main thought behind it is the fact that I am trying to be Mr. Nice guy, being that the tenant has a family and has only lived there for about 5 months. I know it doesn't always pay to be Mr. Nice, but I thought it might make things a little bit smoother.

I did receive estoppel agreements and everything was in check. And, I like your thinking on making sure you get your own lease in place to cover everything. 

While I am on the topic of leases, I have started with the lease template which is provided in the Bigger Pockets Managing Rental Properties book and I have started to add and remove items as needed to be complaint with CA law. How do you guys feel about drafting up your own lease vs. have an attorney do it?

Thanks!

Hey Guys and Gals,

Long time reader and first time poster here at Bigger Pockets. I have learned a ton reading from all of your experiences, and for that, I thank you. After tons of saving, reading, and researching, I am finally in escrow on a duplex (2 on 1) in Long Beach, Ca. With that being said, this is my first investment property, and look forward to the journey.

I read the Book on Managing Rental Properties by Tuner and Tuner and have searched on here, but couldn't find my exact answer, so i apologize if this has been covered. 

I am going to be taking ownership of this property with two tenants in place each of which are now on month to month leases. Because I am buying this property owner occupied, I will need to issue notice to one of my tenants. With that being said, I have a couple of questions:

1. The owner has offered to issue the notice to the tenant, but would this be better if I did it once I took ownership? 
2. Although I am only obligated to give a 30 day notice, I was going to give a 60 day notice, but I do fear that if that tenant is upset it could backfire on me and they won't pay the last months rent. Any thoughts?
3. Do I need to get the tenant who is being issued notice on a month to month lease between he and myself? Obviously it would be hard to ask them to sign a lease and then 2 sentences later ask them to vacate.
   
4. It is my understanding that when I inherit tenants, the leases still stand. With that being said are they obligated to update their month to month leases on my terms?
5. Should I get a new application filled out so I have all updated info?
6. Lastly, any other advice or comments, please chime in.

I know that is a lot of questions, but I do greatly appreciate any advice which can be provided. Thank you!