All Forum Posts by: Ramon Mota

HI I just sold a business and used a good agent to do so. I will also be using him to sell a inherited  home that were unable to make cash flow. The question is it wrong to find a different agent to buy the next investment property or to start interviewing them? If we get another property it must be blow market value so we will be making a lot of offers that are not up to asking price. I know some realtors don't want to offend anyone but it has to cash flow to make sense for us. I may ask our current agent but want to make sure we have the kind of person that doesn't mind blushing a little when handing the offer so to speak. 

We are looking from Redding Ca to Medford Oregon and are going to get into multi family if we can find a deal.

Thoughts?

To close the loop we sold late may. It was lower than asking but were happy to be free of it and we are looking forward to reinvesting soon.

The restaurant has been closed from August  to now. Also I have considered leasing it to someone but I was concerned about if they take or destroy the equipment? 

Does anyone have advise about leasing out a furnished restaurant?  Also I figured if someone leased it from me I would pay the yearly due and then make them pay all utilities and business insurance with me as additional insured.

Last year my mom bought at restaurant in a small northern California town. After puting money into refreshing the eating area she opened. For a total of 39 days and then passed away. I just filled taxes and the business and it shows a -12k loss. So when people ask to see the books they see a loss and don't see any cash flow. She bought the building and business but the dirt is on a 15 year lease. 

So we have $3000 lease, $2400 insurance, $127 water, $160 power, $37 alarm and $850 LLC. Also sure I'm missing something. About $844 in the hole every month. No mortgage.

Anyway the place has been for sale for months but we can't take the loss much longer. We did a price drop 2 times so far. Should we show a big drop close to the bottom line we would take. Or should we leave room for a low ball offer to feel better. Any advise you may have would be helpful. 

Should we attempt to lease the building to someone else at the risk of loosing a possible sale?

Also thank you all for the information. I really don't have anyone to ask that I know.

ok this is a lot of information. 

1. I will document the rent rates in the area and reference comps on a paper that I will file for my safe keeping. 

2. It seems ca law is ok with 30 days because of the term and the proposed increase. something like $800.00 going up .09 making  870.00 the new rent. witch is still far below market about $130.00 per month in this area.

3. I have considered longer lease terms but would not want to offer it to a problem tenant. I also want to do 1 year but would like it not to line up with the winter freezing temps and snow. spring time would be perfect I think. 

4. They have paid a late fee in December as well for late rent. But I kind of thought its the holydays its ok.  

5. Can I add something that says if work is canceled by tenant within a time frame after I have made arrangements for the work, that they would have to pay a fee? Like $30. if they cancel on me within 24 hours or what ever the contractors fee would be?  

I honestly want to raise the rent about 9% and were in California. From what I found under 10% total in 12 months can be done with 30 days notice. Because they didn't pay till the 15th and I have had some trouble with them I'm not sure how to change the with out seeming like its retaliation? I want to hit them with a new month to month, and an increase at the same time. 

Were on month to month because there is a housing shortage in the area and want to be able to get rid of them easily.

The rent increase is because I looked into my mothers paperwork and the rent hasn't been increased since 2015.   

Can I charge a tenant for canceling a service request to fix something the day off or before I can cancel the work. This family has kids and I know fair housing seems to say that a worker can't enter without someone over 18 present. Now that this has happened more then 3 times I'm thinking of adding to the month to month agreement something that says canceling a service request 48 hours or less before the service time will make them have to pay a fee. something like $30.00 if it is me doing the service or what ever the workers company charges for the inconvenience. witch ever is higher. Is this legal to do? I want to add this to all of the units I'm managing because I normally let them choose from at least 2 days of the week.

Hi in October I took over managing 3 homes that I inherited.  In November I attempted to switch all of the units over to a new month to month. All but one signed the new terms and returned them to me. This month the one that never signed freaked out on me when I told them I was going to issue a 3 day pay or quit telling me rent wasn't due till the 9th. but the agreement on paper on file is the 1st. they did pay on the 15th. If the one unit I'm having trouble with is the largest 1400sf and also the highest cost to maintain. Can I raise that rent by a larger percentage than the others?

We have found that 2 of the three are well below market value on the rent. 

Ok thanks my deal fell through but I'm thinking that most people looking for a restaurant that also has the land with it will have a little trouble getting a loan.