All Forum Posts by: Richard C.

 You are in California. For any rental in California, you have no choice. You have no role. And you don't even get to charge higher rent.

 I don't spray.  Not since had two coats sprayed and it looked like crap.  So if you must spray, I'm going to say it is going to take either some additional brushwork or a third coat.

My last three paintings have been brushed.

Two coats if brushed, three if sprayed.

Ok, I found your house. I don't see anything wrong with the craigslist ad.

I do seriously question your property manager, if he led you to believe you could get almost $2200 for that house. Your current rent is much more appropriate, though still by no means the cheapest for a house of that sort.

You were wildly overpriced, in my opinion. Now you are slightly overpriced. So you may finally get some interest.

 Have you communicated with Greg H.?  That was a generous offer on his part.

How many bedrooms/bathrooms/square feet?  Single family or townhouse?  What is the upfront cost (first, last, security?  or just First and security?)  Do you allow pets?

It is really hard to help without details.

I give up.  Good luck to you.  You'll need it.

$1695 is not outrageous for Malden, but there are certainly cheaper options.  So you need to at least consider price.

One thing I think you should look at, if you have had people interested enough to come look but decline to rent, is how your sister interacts with prospective tenants.  Do you advertise the house as owner-occupied?  For many, that is a plus.  But for many others, a definite negative.  So if they show up not realizing the owner lives on-site, and get a lot of intrusive-seeming questions, they may be turned off.  In the past, your sister has had a third party in between her and the prospective tenant to prevent this sort of problem.

I don't agree that lowering the rent results in lower-quality tenants.  The opposite is usually true.

Smart people will try to get the best value they can.  The most apartment for the least money.  Well-qualified tenants have lots of choices, just like well-qualified car buyers can walk into any dealership and buy a car.  So people who will willingly pay at the top of the market for an apartment are usually doing so because they do not have a lot of choices.  Like a car buyer who has to buy at a "buy-here, pay-here" place.

 Do NOT do this.  No, no, no.

Let's sketch out some numbers a bit.  Really rough, as I am not in your market.

Let's say you can buy the place for $600k.  You borrow a million.  So you have $400k left to do the following:

1.  Tear down existing house;

2.  Permits and planning;

3.  Architect/engineer;

4.  Build entire new house, worth more than $1 million;

5.  Pay closing costs (twice!) and realtor's commission on eventual sale;

6.  Live for a year while your husband makes no money at other work;

7.  10% on the borrowed money;

8.  Your profit.

There is nothing there.  There just isn't.  I'm sorry.  Ambition and creative thinking should be encouraged.  But reality is reality.