All Forum Posts by: Nazz Wang

Podcast 77! Talks exactly about that.

http://www.biggerpockets.com/show77

@Marcia Maynard great process. I like your methodical approach with high emphasis on the human factor. Thanks.

@Sonia Alvarez Sonia, sorry to hear you are such distress. I am going to suggest something totally unrelated to real estate. Since your children are so young and you are staying at home with them, you might find starting a home daycare or babysitting business feasible and profitable. It would need no extra $$ investment besides time to advertise on CL and a little extra food to feed the kids. Generating more income doing what you already do will help you get out of debt and start saving sooner perhaps. Just a thought.

In San Diego County CA there is a base rate of 1% for the county, and an additional rate for different cities of the county. Say if I buy in the City of lemon grove in the county of San Diego, my rate would be the County 1% + City 0.13% (ballpark sample, didn't look up actual) + sewer (if applicable) + trash (if applicable). Note that for some cities into area sewer/trash is included in city rate and some not so owners have to pay for trash service themselves to private companies. Be sure you clarify and include this in your calculations. The best place to look is on your county tax collector's website. Look up your interested property's old tax bill by searching with parcel number (mls) and study it. There should also be a rate table. In my area the county appraised value is the property value, which is typically the same as the bank appraise value for financing. All properties use the same percentage and the land and improvement value (they break down the property value into these two parts) will appreciate by a certain percentage per year based on your county regulations.

Everyone has great sights. And Darren it is so great you can find deals so close to your residence. Great perk if you plan to manage your own properties! Shout out to you! But I am curious, @Darren Budahn , what your exit strategy is if things don't go as planned? You mentioned the property had a rather unique layout, combined with the fact that it generated little interest on the mls with paying occupying tenants, what would you say the property will need for you to resell it? I generally worry when a property's layout does not appeal to the target tenants in the area. Lured by a great price, 4 years ago I brought a 3 bedroom in a college area where most people want 2 bedrooms and 1 roommate. That means i have to comprise on rent and eventually selling price. Most importantly, in my case, it was difficult to find qualifying tenants with stable housing situations, the vacancy periods are longer and I had to find new tenants every year. Sorry to be a bit worrisome but I got burnt once...

Can't wait to hear about this one...

Wow I have never thought about using fb before. Good thinking... I have always used craigslist for the past five years and it seemed to work well. I only post my phone contact and does not provide an email. I found taking calls to be the most direct and the least time consuming. I have tried other sites like college off campus housing site and paper posters but they didn't justify the time.

Jack, wow awesome! Congrats!

If you are looking for loans under $35k, one possible way is through peer-to-peer lending. This is done though websites like https://www.prosper.com/ or https://www.lendingclub.com/. Dawn Anastasi talked about it in detail in show 29 of BP's podcast. http://www.biggerpockets.com/show29.

Hello BP Community,

I have some regular tenants that caused water damage to my bathroom floor and drywall as well as the downstairs neighbor's bathroom roof because they were filling a water can and forgot to turn the water off before they left home. The neighbor's damages were covered by their insurance and fixes to my unit is around $500. Would you recommend charging the tenants now in the next rental bill or taking it out of their deposit?

The tenants have been paying rent on time every month, and have had no other unreasonable demands. The accident seemed unintentional based on their description. If I charge them now in the next rental bill, I am worried it will leave a bad taste in our otherwise harmonious relationship, and thus gives them less incentive to leave the unit in mint condition when they leave.

If I don't charge them now, and wait till the end of lease to take this out of the deposit, then I will have a significantly smaller buffer shall they damage something else or decide to leave before the lease term.

I usually let small damages slide under $100 slide to focus on a good relationship. But this bill is too high to pick up for myself and I want them to pay.

What should I do?