All Forum Posts by: Par Attaran

@Jonathan Watson

@Jonathan Watson@Ryan Antista

@Par Attaran

Something not right, all CA investors. Hopefully following threads would help in your REI education.

https://www.biggerpockets.com/forums/311/topics/22... loan-amount

https://www.biggerpockets.com/forums/52/topics/420...

https://www.biggerpockets.com/forums/311/topics/27...

Happy Investing

Vivek

@Par Attaran - I'm a landlord, property manager, and do a lot of SEC 8.  These charges all look normal and reasonable to me.  I'm guessing you recently purchased and rehabbed this.  Often times when a property has sat vacant for a while the plumbing lines have to be snaked shortly after someone moves in.  $199 seems a little high unless it was an after hours/emergency charge, which it may have been if you only have one toilet.  SEC 8 requires screens and handrails, and really should should provide them for any tenant, so you should really consider that this was an accidental omission of your rehab. The GFI install corrected a code violation that was also a rehab omission and the charge for that was below the normal charge for an electrician to do the repair.  

The floodlights and blinds appear to be the only optional items to me, but there could be a reason the PM felt those to be necessary based on the location.

Check your PM agreement for the repair approval allowance. Normally there is a dollar limit they can approve without your permission.  Independently these probably all fall under that total.  Did you walk the property with the PM in the beginning?  I usually point out items that will need to be addressed so the owner can choose to take care of them before we take over.

Just curious - where is this building?  A rent of $695/month is really low so I'm sure it's not in CA where your profile says you live.

The good news is the SEC 8 rent will show up like clockwork and SEC 8 tenants generally stay in lease terms longer than non-SEC 8 tenants.  Good luck on your new rental!

@Par Attaran  thanks I would not know how to find that.

there are people who can make C class work.. but those are locals who do it for a living and they don't hire someone like Morris and their rehab crews to create a rental for them.

its unfortunate that those that have fallen for this hyperbole don't chime in more.. but that is the way of the world.

AS for nay sayers or experience.. there are tons of experienced folks that came before this dude..

and I have personally seen posts from those that have traveled there looked at the product and neighborhoods and just simply passed on it.. neighborhoods poor.. rehab EXTREMLY poor PM

time will tell.. going to be a lot of broken hearts and wallets come out of this operation I can tell you that.

Just the IDEA that low end rentals are easier to manage than top end rentals is just so ludicrous I can't believe  ONE he makes that statement  and TWO anyone would believe it. 

@Eddie T.  are you saying after all these long threads of the inconsistancies of this outfit.  BP put him on another BP podcast or is this one of HIS podcasts.. ???

I bought in 1997 and survived the 2008 down turn.  Yes, vacancies were up, good tenants were hard to find.  How DID I survive?  Owning a 6-unit MFU with good cash flow.  When I bought, I calc'd the break-even point - - how much occupancy does it take to end up with net zero profits.  For me that was 70% - - aka 4.2 units - - and that was THE METRIC I used for  the purchase decision.

Over the years, I've only had one occurrence of 3 concurrent vacancies and that was due to a fire, not normal vacancy per se.

Multiple rents saved the day.