All Forum Posts by: Rachel S.

You are in a long line of women that have persevered in spite of obstacles. People forget how it use to be not that long ago. When My mother graduated from high school and got a job, she could be fired for getting pregnant. She could not get credit without her husbands permission until I was a teenager (1974). I was in the first generation of (middle class) women that got an opportunity to go to college and choose any career I wanted. But the fact that I could get a job as an engineer, didn't mean that everyone believed I was just as competent as the next "guy." I worked as a software engineer for most of my working career and spent a fair amount of time as one of the few females in the room. 

I am a software engineer born in the 1980s and women are still few and far between in this field.  

@Rachel S.. Hi Rachel. Yes I am not planning on increasing it right to market rate. But do plan on increasing it every year to bring up the rent, yes I’ve read the AB1482 in detail so rent can be increased 5% plus CPI.  

I was wondering what to people do when tenants security deposit is very low ($400), so any tenants also try to increase security deposit to bring it up to at least the same as “one month rent”. 

I haven't had this come up *yet*. However, I don't see why you couldn't add an increase in the amount of the security deposit next time you renew the lease as the new owner. Hopefully someone else on here knows for sure. I would also be interested in this information.

Do you also raise the security deposit if it’s very low? I’m also inheriting long term tenants (16years) who’s rent is also very low, in addition to her security deposit.   I do plan to raise her rent when escrow closes (giving 60 day notice), property in CA. Currently we are on a state wide rent control. 

I would be very careful with this and research the local rent control laws. I don't think there is anywhere in CA that you can just freely raise the rents to market rate with existing tenants.

Lot's of great suggestions here and I agree with most of them. Comes down to what you and your family are really looking for. Any additional context? e.g. I live in Evergreen, Colorado which is great because it's in the mountains and has a "smallish town" feel but close to everything down the hill in Denver and the front range area. Personally, I could be in a smaller town which is more remote in the mountains like Southern Colorado, Montana, Idaho or Western Wyoming but my wife prefers to be closer to what proximity of a large city like Denver offers. (Salt Lake is another good area that would balance this.) @Will Fraser Are you looking for something more remote or closer proximity to a city?

Just came back to this one. Wish the OP well of course- but aside from that, from an investment perspective and this being an REI site, it cracks me up how none of the rest of you people have addressed 4k/mo total market rent justifying an 875k purchase price for an investor.

@Rachel S., I think that’s the one I’m talking about! So not in Harbor City, but adjacent.

Harbor City isn't much to look at, though there is a Whole Foods there now!

There's a Whole Foods in Harbor City? Seems like a weird place to open one since there is already one right where Torrance and Lomita meet (on PCH).

That might be for your market, but extremely false in the Phoenix Market. Home prices plunged immediately. 

 Same for Los Angeles. From my memory, it started to get really bad in 2009, the bottom was around 2012-2013 and I would say it took until 2016 to fully recover

I have property in southern California, and buying in bay area currently: In the bay area, properties are gone within a week, averaging ~30k over list from my anecdotal experience. Market is red-hot still. San Francisco and silicon valley seem to have more inventory for rentals, and slightly cheaper rents. These are areas that were/are highly desirable and had such high demand, low supply for so long that it has been a necessary minor correction in my opinion. 

There are 2 California storylines that are contradictory:

1. "Homeless is out of control! No affordable housing! Tent cities everywhere! rent control is making things worse! Homeless on every street corner, under every bridge! Not enough places to live!"

2. "Mass exodus out of California! Everyone is leaving en masse! Too many homeless and taxes have finally got out of control! State poorly governed!"

Either people are leaving California and alleviating the housing shortage OR there still is not enough housing supply and we have severe homeless crisis. Pick one. 

You can actually pick both. Our homeless population is not the "down on your luck, can't find affordable housing' variety. They are have a wealth of issues (untreated mental illness/substance abuse etc) that would need to be addressed before suitable housing could be found. If you transported them to a state where the cost of living was very affordable they would have the same issues. Probably worse, as they would be homeless in a much less temperate climate.