All Forum Posts by: Nitanth Vangala

Hey guys,

Just curious if anyone else in the Southern California area has had a hard time finding homeowners insurance coverage for multifamily units. For some reason, it seems likes it's been increasingly difficult to find companies who offer coverage at a reasonable rate. I wonder if others have had the same experience. If not, would love some recommendations on brokers or specific companies that can help. Thanks!

Hey guys,

I may be interpreting this all wrong so please feel free to correct me. In reading the code on real estate professional status, it is mentioned that each rental property is listed as a separate activity. You can combine the hours for all the properties by writing a letter with the original tax return form however this further binds all the properties as one for all future years. My questions are the following:

1. What is the drawback of all properties being under one activity?

2. Does it matter in the end? Are 750 hours required on one activity or can the hours from multiple properties be added together to get the 750 hours?

Thanks!

Hey guys,

Just had a question about paying utilities. I had taken over a property where the lease agreements said that the owner pays for water and trash. My question would be, if it’s been 2 years since the last rental increase, can the lease agreements be adjusted, so that water can be paid for by the tenant. I was thinking about submetering, the water and I was going to do this rather than raising rents.

This area is in San Jacinto, California so there’s no rent control in this area, but I’m not sure what others have done when the original leases have included water and trash paid for by the owner. Thanks for any input!

Hey guys,

I am thinking about purchasing a multiunit property in the southern California area but when looking at the assessors website, I noticed that the 3B was technically a 1B according to LA county. Was just wondering what your guys thoughts are on purchasing properties with unpermitted upgrades. If cash flowing well would you still proceed? What are the drawbacks and have you guys had issues arise after purchasing a property with unpermitted upgrades?

Thanks!

Thanks for the responses! No written agreement. The loan amounts were 400K on first deal and then around 1M each on the subsequent 2. Does this warrant a conversation or is this philosophy generally understood?

Thanks for the responses! 

Update: Tenant agreed to pay for repairs

Hey everyone,

One of my tenants drove her car through the wood fence of our rental house and it requires work. What have people done in this situation? Here are the possibilities I could come up with:

1. Just pay to get it fixed on owner expense

2. Try to see if the tenant can get it paid for through her car insurance

3. Take cost out of the deposit

Im leaning towards number 1 purely for the hassle part of it. Im open to other suggestions or possibilities that people may have. Thanks in advance!

Hey everyone,

I currently use a commercial real estate broker to help me find banks to finance my deals. Typically I give him 1% and he has found me one particular banker that has done my last 2 deals. This banker has reached out to me directly for various questions and now we communicate directly. This is my brokers primary lender. Just out of curiosity, on future deals, have people continued to use the broker for deals or do they ever communicate with the banker directly if they have done multiple deals with the same lender?

I want to preface this question by saying that I truly believe that everyone who helps us find and manage deals should always be adequately compensated and if the industry standard is to continue to pay the same 1% when the same banker is used then I will happily pay that. Just not sure if this is the norm or a unique situation. Thanks in advance!

Hey guys,

I'm looking for an architect and/or contractors to help with planning and converting a garage into an ADU in San Pedro, California. If you guys know of anyone please PM me. Thanks!

@Christopher J Driscoll Thanks Christopher, this is where I looked initially and didn’t see the application so was worried about that. He said it was Esubmitted as opposed to physically taken over so that’s why it’s not up. I’ll call over to LADBS this AM. Thanks!