All Forum Posts by: Nicholas Coulter

I hear a lot of "legally valid" reasons one can ask/force a tenant to leave your rental in the county of Riverside, CA ( for example: "you don't need a reason, just give 60-day notice," "if you're having major construction done to the place like foundation issues," etc). I've also heard that if neighbors file three valid police reports for the same tenant, you can ask them to leave. Does anyone know the reality of what I'd need to get rid of a problem tenant?

Much appreciate folks,

Steve.

Steve do you have a real estate attorney that operates in the city to give the proper guidance?

0 Votes

Riverside, California

Quote from @Namal Burman:

Folks,

For one of my rentals the rent is around $5k per month. Any online method i can ask tenant to use that can deposit the amount to my bank account which is free for tenants and safe method for me to use. i had issue with one of the check send by tenants (not a tenant fault)and i was about to fall into scam as i tried to deposit the check online but now want to stay away from Checks. venmo/zelle doesn't allow bigger amount transfer. What do you folks use as online method (i.e Zillow payments )for rent payment which is free for tenants and no cost to me also. I have not used Zillow payments but looking into it. any other recommendations.

Thanks

namal

We use Rent Redi, it has an option for auto withdrawal from the tenants account to yours. It also allows screening for future tenant replacement.

0 Votes

San Diego, California

@Mark Torrefiel is your plan to long term rental?

We use Rent Redi for our long terms for tenant screening and rent collection - love it

For book keeping we use intuit quickbooks. allows us to organize by property for expenses and income. We also love the picture to receipt function so when tax time comes its not such a burden pulling our docs together. Considering we dont do a great job of monthly sitting down and cleaning up our books.

0 Votes

San Diego, California

@Anita Z. do you currently have a CPA you work with?

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San Diego, California

Quote from @Namal Burman:

To all my BiggerPockets friends. I have 3 ( 1 condo +2 townhome) rental and one primary home (single family ) all in San Diego and for my rental portfolio of buying with my own money i am done. Next goal for me is to do my first multifamily( 4 unit) deal in San Diego either through 1031 exchange of my condo or (my cash + friends cash). What homework i have to do so i be ready in next one year? Real estate i know is all about location/location/loacation . For multifamily i know location will matter/ rent would matter/financing would matter. What else if any one has a nice flow chart and guide me i will appreciate.

Regards,

namal

Hey Namal,

I am an investor in the area and I would advice a few things to think through.

1. Rent control can be a real deal killer - most listing agents love to use the pro forma rents (market rents) even when their true rents are 50% of market. And rent control allows a fixed increase yearly which will hurt ROI.

2. Deferred maintenance is something to really look into. Many small multis are older and a full inspection including sewer scope is a good idea.

3. Are you buying for cash flow or appreciation?

Happy to help if you have any more questions

0 Votes

San Diego, California

Quote from @Orane Jacobs:

@Nicholas Coulter Im looking into a small multifamily.

I would try and connect with someone who can hep you ID a home type and strategy that would work in your area! Let me know if you want any help with that!

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Quote from @Mitch Wilmoth:

Quote from @Nicholas Coulter:

@Mitch Wilmoth are you new to the SD area? or more so new to flipping / investing?

@Nicholas Coulter I am new to SD and new to flipping!

Ill shoot you a DM so we can connect!

0 Votes

San Diego, California

Quote from @Nick Wehrley:

@Nicholas Coulter Yes, I'll have to reach out to him on this as well. Just didn't know if anyone has run into this before. It is a single member LLC and I hadn't turned any receipts over to my CPA over the course of flipping it yet, so depreciation hopefully shouldn't throw a monkey wrench in there

I haven't had the issue without the LLC but not sure how that will affect it!

0 Votes

All Forum Posts by: Nicholas Coulter

Nicholas Coulter has started 12 posts and replied 664 times.

Post: What's the First Step?

Post: Bonus Depreciation to Offset Cap Gains

Post: Legal Reasons One Can Get Rid of Tenant

Post: Monthly rent payment methods!!

Post: Recommendation for software

Post: Real Estate Investor Tax write-offs

Post: Homework that needs to be done before i buy my first MultiFamily in San Diego

Post: House Hacking in El Centro

Post: New Investor looking for flips

Post: Am I capital gains exempt still with house in LLC?