All Forum Posts by: Peter Mckernan

I am in the same predicament. I manage a property that had tenants move in back on January 1, 2016. The tenants asked to do some painting and some other random stuff; which had an addendum drawn up at the time of lease for these items to be agreed upon by the tenants and owner. 

While the owner was down at the property looking at something one day that was a needed fix, the tenants asked to put in a new toilet. The owner did not say yes, or no (the owner and tenant's stories match up). The owner just keep minding his own business. The tenant had the toilet placed and the angle stop started to leak. We found out because it leaked for so long that the wood flooring in the living room (on the other side of the bathroom wall) started to swell. We have been working with the issue for three weeks to find out if it is a slab leak, or something else in the wall between the bathroom and living room are the cause. 

We are now having the floor taken up, which was just placed by the owner before the tenants moved in. As for now all costs have not been settled, but neither party are taking blame. 

@Account Closed

Hello @Ho-Fan Kang

Welcome to the site! There is a great meet up that happens in Lake Forest, right up the street from you. It's at the Round Table Pizza. The link is below and it's a place where a ton of people go to meet up and talk about real estate, and network! 

http://www.meetup.com/Orange-County-Real-Estate-In...

Hello @Antione Patterson Sr.

Welcome to the site! I would talk with your broker before these properties come into your management with a contract. Speak to him and tell him your thoughts on what your plan is and your vision for yourself and your career, which will be taking these properties with you when you leave the brokerage. You will have to check you laws in VA about how the state and your license works with brokers, property management, and combining those aspects of real estate. The last questions is also answered in what you find for your laws in VA. Many laws across the U.S. are different in each state.

Maybe you can hit a local real estate meetup and chat with some people that have their licenses, or even someone that has a property management company in that area/state.

Agreed @Jeff B., that there are terms like "Redlining," which are illegal practices that pertain to lenders for not lending to people in a certain area. This area is an area that the lender draws a redline around where they do not want to make a loan in.

The term "Steering," pertains to real estate agents/brokers when they advise a buyer to buy a home in a particular neighborhood based on race, or failing on the base of race to show homes in a certain area. Either of these practices in steering can get an agent/broker in trouble. It would be best practice to stay away from words and even thoughts of racism, or "steering," which would be terribly unethical and raciest. Also, it's against the law for anyone with a real estate license. 

Hey @Account Closed Victorville and the high desert always looks tempting to go all in on since the low cost of entry; however, it does sit at a buyer beware status since a lot of the areas have a higher crime rate. There are a lot of guys I know and work with that live in the high desert, and I have worked up there for over a year in different areas. 

You should be careful in the area you are looking and make sure that it is a one of the newer developments up there, or you can try to search out a cashflow positive house in Apply Valley, which is one of the nicest communities in the high desert with higher return because of the higher desirability. 

If you have further questions on what may or may not be the best area you can PM since the work that I do gives great insight to where the bad areas are and the good areas are.

Yeah, @Jesse Danzig, in this market it is pretty hot and it's all about strategy. Door knocking, mailers, personal letters on deals that look great and then going to that same door to meet the current tenants/owners, Craigslist every day, or hitting agents/brokers that you know to see about pocket listings.

This is the time to just get creative and go in on what you find is the best action.

Hey @Racheal Stoyk

Welcome! Check out the link below, there has been quite a few topics and questions thrown out about this topic. There are many different options out there for software, it all comes down to your budget, your research, and what you find that fits your business the best.

https://www.biggerpockets.com/forums/81/topics/280...

Hello @Ruth Salley

Welcome to the site! Glad you are hear and this site will give you some great networking connections. I agree with @David Friedman on saving quite a bit of money being a broker/investor. Having your real estate license gives you an edge that someone without the license does not have. Good luck and I hope to see you around the site! 

Hey @Michael Campbell

I would say that if you have a full time job, but are able to spend some spare time researching and getting a quality tenant into the unit/home on your own it should not be an issue. The management company should have sounds like they do not have an issue with this process. It will save you some money in beginning, so if you have the time and do not want to spend the money I would say handle it on your own.

If you did not have the time to perform that task, I would suggest to pay the management company for that fee even though it is high.

Quickbooks is something great to use just starting out and can be a cheaper route than paying for a monthly subscription. @Mike Young