All Forum Posts by: Peter Mckernan

@Kimberly T.

I have not held a holding deposit for move-in; however, I got burned on the last place we rented out when we did not charge a holding deposit and that prospective tenant canceled at the last minute.

I have read that there really is not an amount to require, or hold. In The California Landlord's Law Book: Rights & Responsibilities, they state that within the laws of California there is really no clear and outlined amount to keep in regards to the damages that a landlord would face if they lost that prospective tenant. The book does not recommend the practice because the ambiguity of the situation and how little it holds up in court.

It's up to you if you feel comfortable getting that money to hold the house/unit.

Good Luck,

Peter 

Welcome @Isaac Antoine

You are in the right place to find a mentor and find one in your local area. I hope that you find one that will be able to help you with all your needs in real estate. I found one on the site and work underneath him in a brokerage office. 

Welcome @Matt Twaddell!

That's awesome that you are getting your Maters Degree! There is a meetup in LA that @Jon Huberruns and he keeps inviting me, but I have not been able to get up there due to work! Sorry Jon, I'll make it by the end of summer! Also there is an investor club in Riverside, Ca that some guys put on who started a hard money lending company. 

I currently invest in the Inland Empire and I look in Orange County as well since I live in Orange County. If you are headed out to the Inland Empire one day let me know and maybe we can meet up to chat. Also, contact Jon about his meet up.

Welcome! 

Peter 

Hello @Account Closed

Welcome to the site! It sounds like you have a plan established and that's a great way to start moving a long to the road of success! This site is full of helpful people that have a wealth of knowledge. I know that you will learn a ton on this site and it's good to see you diving in! 

Good luck,

Peter 

@Dan K.

Also remember that an appraisal with an FHA loan lasts for six months, so if you are not completely sure that your asking price is what you want, the price will stay with the property for the six months.

@Dan K.

Thanks Dan for the insight, I was unaware and currently looking for my first flip. I will keep this in might with rehab time and turn around time. Great information and I'm glad I jumped on the site this morning to see this post! 

Thanks,

Peter 

@Erick Garske

I currently invest and live in Southern California, and I would agree with @Bill S. The agent knows the area the best and what will get the property sold the quickest. 

I would also check in with the water district and see if there are any other changes to the water schedules of the city. You do not want to put down a landscape that will require a decent amount of water, and once the buyer moves in the city changes the schedule to make it impossible to water and the landscape dies quickly. 

Good Luck,

Peter 

Welcome!

@Dayton Tomisato

This site has so much to offer, I know that you will find exactly what you are looking for through the networking you spoke about and the just diving into the sites information. 

I visited the Big Island of Hawaii a long time ago and had a blast! If you come into Southern California for vacation or anything, let me know! 

Good luck,

Peter 

@David Dennis

Welcome to the site! This website is full of so much information you can get lost for days in the stuff you find. There are many people looking to help inexperienced people and mentor them while they make deals happen. Just take some time to soak up the information and read as much as possible! 

Peter 

@Alex Bejenaru

Hey Alex,

I have not started a direct mailer yet, but I have everything lined up to start within the next couple of weeks. I can keep you posted on how the marketing angle works for me. I'm going a little different route than marketing for flips. I have been looking through the MLS and have found some possibilities for flips, but with the direct mailers I am using to build my cliental for buy/selling and property management.

I believe that the direct marketing mailers are something that should be a constant in your marketing arsenal while you utilize other avenues for marketing. It keeps your name popping up every couple of months and also let's people know when they are ready to sell their house they can come to you since your marketing is always coming to them and they know you are still very active.

Peter