All Forum Posts by: Nina Erlandson

You have to look at it from the perspective of time too. You are looking at $600 from rental income and $800 savings from your mortgage today. In 5 years it will be $1000 from rental income and still $800 savings towards mortgage. This is not even counting the value you would have gained from prices of homes going up and also from the tenant paying down your mortgage. Don't touch the rentals and focus on getting to those 8! Stay focused and think how your money can make you more money and not how to save. 

Yes, that's a good point - we do the single member LLC for multifamily (4 units +)

Sorry about the situation you are in! Place looks amazing and I hope you are able to find the best solution for you! I live in LA and I really think it would be hard to get a quality tenant in CA, especially in the Bay Area, LA or San Diego if you don't have an AC. I know there are some gadgets you can install to track utilities and make sure that's fairly divided, so I think that would be an easy fix, but I know the AC would be a deal breaker for me. Also depending on your time, you might try to look into renting the place per room. There was a super educational episode on the podcast about that strategy. #392. That would give you higher profit and you can use the money to subsidize the AC unit install. Also you would be minimizing risk, because if one tenant doesn't pay, you still will have 3 that will. Good look! 

I assume this is a residential property, and if so - you can transfer it into a trust. If you have a conventional loan on your Texas property the bank may have a clause that it may accelerate your loan if you transfer/"sell" the property, even if you own the LLC that gets the property. If you transfer the property into a trust, the trust is viewed as an estate planning instrument and the bank will be fine. The benefit of a trust is that once done - you don't have any yearly upkeep as for example an LLC would for a registered agent for example. Check with a real estate attorney too. Let me know if you need more info and I can send you the contact info of the lawyers that helped me.

It depends on the market you want to invest in- in high appreciating markets as CA, you wouldn't be looking for cash flow, because you buy for the long term appreciation. The 1% rule is steered towards cash flow. You can look at the midwest for deals, which will be more favorable from cash flowing standpoint.  

Hi @Suvarna Joshi I am searching for the same thing in MO. I was wondering if you were able to source some companies that provide trustee services and you don't mind sharing?

Hi @Donnie N. I am interested in attending as well. Count me in.

I use Rental Hero. It has a desktop version and a mobile app. I spent a bunch of time searching for the right software and trying to customize fresh books or QuickBooks. I am very happy with rental hero because it’s very simple, it’s meant for Rental properties and also it costs $120 a year. Here is my referral code that gives you $10 discount If you decide to go for it- 11811. When I joined they had one month free for you to just check it out, hopefully that is still there.

I would consult with an attorney for sure to make sure you are aware of any local and state laws and have yourself protected. Normally your PM should have a lawyer to refer you to.

Also I wouldn’t offer to give back all the money for rent as you have no fault and the issue was attended at a timely manner.

And also draft a letter you are releasing him from his lease commitment without penalty as he feels his health is at risk. You are taking his concern seriously and it is being investigated but meanwhile you don’t want anyone to live in fear for his health.

I don’t think you can evict him based on him being difficult but with a good lawyer and enough evidence on your end you can put your foot down and start dictating the rules.

I had issues with tenants and one of the issue turned out to be the PM, you need someone to be on your side and protect your best interest and not just a messanger. Make sure your PM meets that criteria.

Hello awesome people! An opportunity has come my way to purchase real estate through a city auction. I have checked with title companies in the area and I confirmed there is a title company which can insure the sale if I want to resell it as a flip. I also found the website where I can check for liens on the property before bidding on it.

Has anyone dealt with auctions before? What are other risks I might not be seeing? Any input will be highly appreciated!