All Forum Posts by: Namal Burman

Hi,

For one of my rental in San Diego,CA which i listed for rent around $5K per month I am getting clients who want to pay all cash for a year. Never expected folks to pay so much cash upfront.what is the catch here ? Red flags? Obviously I will do credit and background check alongside couple of W2s. 

thanks,

namal

 Ok thats interesting. Thanks again for providing feedback. So if i leave my W2 in next 2 years other then working as a Real Estate agent any interesting career i can try to develop in next 2 years that would make me an real estate professional.?

Thanks.But what if I am a super engineer I really don't have to be put 40hrs at my work. If I have 4 properties of my own really I have to convince IRS that I have to put 750 hrs to be considered as RE professional why not something less as every year I spend enough hrs to find tenants/screen them/coordinate with my handyman/cleaners/ HOA to manage all my properties..I am tending to believe that if I show some minimum criteria for hrs in my RE work IRS would be nice to me :)

Folks,

I am about to acquire my 4th property in San Diego in this market now(1 SF, 1Condo,2 Townhome). I work full time at a local Chip( hint people think i work at Stadium) company as an Telecom engineer for last  20 years and still love the work i do and hopefully they don't fire me. I love San Diego and also like doing Real Estate in San Diego. i am planning to figure out how to become a real estate professional along with keeping my W2 job as long as the Stadium Company does not fire me. i want to have a backup as my spouse also have a W2 and so if i get laid off i can be then consider full time real estate professional and then focus completely on my RE journey. What should i pursue for next year or so to become a real estate professional any suggestion other then getting real estate license? Any other interesting profile in real estate i can pursue for next  year or so to be considered as real estate professional other then becoming an agent?

Any guidance is appreciated?

Regards,

namal

I am buying a rental property(2B/2B) in Imperial Beach which has beach access. With higher interest rate and negative cash flow currently i won't be able to hire property management and planning to rent it out myself. For my Mira Mesa Rental( 2b/2B Condo) i easily find good quality tenants(High credit score and stable  job) through Zillow. I am planning to do the same and advertise in Zillow. But would love any pointers if anyone has to find tenants other then Zillow/Facebook/Craigslist.

Regards,

Namal

I am looking to buy one property(Investment) near Imperial Beach near Ocean . Currently looking at two properties one is Condo priced around 800K( which is not Ocean Facing) and one is townhome priced at 1.25M. Planning to put more then 20% Downpayment . I am aware of the Sewage issue and i am aware that in this high interest regime it won't be a cash flow property. But I want to own a property near beach and love imperial beach as its still affordable. What would you folks suggest i should be aware of? I am not new in RE (Own 2 (condo+townhome) +primary home) and all units are in San Diego and know want to buy something near beach and been in Imperial Beach lot of times love the place :)

Any guidance how should i approach?

Regards,

namal

I am looking to buy one property(Investment) near Imperial Beach near Ocean . Currently looking at two properties one is Condo priced around 800K( which is not Ocean Facing) and one is townhome priced at 1.25M. Planning to put more then 20% Downpayment . I am aware of the Sewage issue and i am aware that in this high interest regime it won't be a cash flow property. But I want to own a property near beach and love imperial beach as its still affordable. What would you folks suggest i should be aware of? I am not new in RE (Own 2 (condo+townhome) +primary home) and all units are in San Diego and know want to buy something near beach and been in Imperial Beach lot of times love the place :)

Any guidance how should i approach?

Regards,

namal

We have 2 W2s( Me+ Spouse).Have a primary residence SFH and 2 rentals.I have around $40K of rental income after all the deductions/depreciation.This time I used a CPA and I am a sure he tried his best to get all deductions possible. Can you folks suggest what can I do to offset this real estate gain of $40K per year? Should I buy another property in San Diego? Since it won't be cash flow in this condition and may run into loss it may offset my rental income but hoping to build equity and have another investment in my portfolio.What would you folks suggest?

Does the lead GP has his own money in the game? I am sorry i don't known the acronym  GP means. One good thing is that it has fixed interest rate.

 My current primary would do great as a rental. But this gem( my current primary residence) is for me /family to enjoy hopefully forever or i buy a beach property for me and my sweet heart which i am looking for currently.( Not the sweet heart but the beach property ;) )