All Forum Posts by: Payman A.

Thanks Aaron and great being in touch with an area investor.  A couple other conversations I had in the last 2 days shed light on the recent elevated status of China Lake military base as demonstrated by the swift funding for repairs after the recent destructive earthquake (and apparent reluctance to do so before government officials were given a proper tour).  Though we've not spent/allocated large amounts on defense/military in the past 10-15  years, that might start to change with the increasing tensions around the world.  The way I look at it, military spending has a better chance of increasing than it does decreasing and if down the line it calms back down, I would hope that Ridgecrest would survive the adjustment back to what we have now (or something close to it)...the "point of no return" statement I made in my previous reply.  I appreciate the suggestion to drive out and I'm actually doing that on Saturday.  Will also use the opportunity to meet a few agents and PMs that I'm connecting with.   

Thanks Will.  Nothing beats living in an area when assessing it.  Based on my conversations so far (with PMs), I am hoping to count on the $900 range for a fully renovated 2/1 unit + carport.  I know the NW region brings in more than that and apparently, so would furnished units.  I would likely proceed if I feel confident about that $900 target PLUS the notion that Ridgecrest is now past the point of no return as far as infrastructure, amenities, stability, etc... so it doesn't start to regress or pull a Salton Sea scenario.

Appreciate the comment.  At $85K/door, I can't say it's a deep discount but that number is getting close to the bottom price range in/around Charlotte NC with 50-80 year old buildings that no longer make more than this Ridgecrest property should be making if rents are at where I'm calculating them to be (and again, these units are totally renewed top to bottom).

Hi gang, hope everyone is keeping well/safe.

I have an opportunity to buy my first rental triplex in CA (even though I had been avoided owning here mainly because of tenant friendly regulations).  This property is in Ridgecrest (close to the 178 and S. Gateway Blvd) with fully updated 2/1 units at about 800sf and a carport each.  I've only been active out of state and have never even been to Ridgecrest (though I like Kern county and it's apparently a beloved city there).  Accordingly, I was wondering if anyone here has thoughts/advice about the area and it's future and if any locals (or already invested members) would have an estimate as to how much rent described units should fetch?

Thanks!

Hi all and hope everyone is keeping well/safe.

After a water damage incident that I've not yet claimed with my insurance (due to fear of hikes and other repercussions after 2 unrelated claims in 2017 & 2018), I've been researching the scenario of multiple properties under personal ownership (in this case, my wife and I) and oddly enough, there does not seem to be a differentiated formula for claim frequency tolerance compared to a single property.  Accordingly (& in order to separate our insurance records for any future claims), I started looking into my wife and I having only one of our names on each policy but I'm getting different answers from my brokers and my legal advisor regarding a spouse who lives at the same address automatically being covered for liability exposure even if that spouse is not a named insured on a landlord policy.

Might anyone have any additional info or experience on this?

Thanks,

Payman 

Hi all and hope everyone has been well.  I really appreciated all the feedback so just wanted to let you know that the PM was able to collect enough of the unpaid rents for me to let things be and walk with the capital gains that I was very happy to see despite my ownership experience in LA.  Now looking forward to a market correction and reallocating funds in/around the Charlotte area.  Thanks again for the input!

 Hi Kyle and thanks for the post.  I agree and even know of Rent Recovery Service.  My original reason for posting this thread was to find out how I as an owner with managed property can go about placing these debts in collection when the leases are not with but with PM.  

Thanks Al.  FYI, my agent/PM has mentioned that I'm not supposed to be in direct contact with other agent (who happens to be the buyer) so one of my considerations is to request tenant balances to be added to sale price if numbers don't turn around in the next couple of weeks.  Of course, it's not likely that buyer would agree but given my months of instructions to evict, I don't think I would be in violation of the sales contract and it would make sure that everyone is on the same page. 

 Thanks Al.  Reality is I would not collect anything and it's not like these tenants have good credit to being with.  My thought, instead of throwing good money after bad, was to hand them over to collection for a 50% fee.  I've also reached out to my LA law firm through LegalShield to see what advice I might get.

I am stuck between sentiments from Luciano and Joe but this far into the deal all I can do is make it understood that I'm not taking on anymore tenant debt.  On Jan 4th this will either all be over, which is what I would prefer, or I'll be crossing my fingers with PM#5 in 3.5 years!