All Forum Posts by: Bettina F.

This is a story from my childhood..... I grew up near Lompoc, CA.  The major industries were agriculture and Vandenburg Air Force Base, which is where the missiles for the space race and cold war were test launched over the Pacific, and a federal prison.   Lots of 1970s middle class tract developments where the military families and civilian workers lived.   Then Carter was elected President, he cut funding for aerospace, and the bottom fell out of the housing market.  You literally could not give a house away.  

My mother was an elementary school teacher.  She would come home and talk about her work.  Her principal started buying up the abandoned houses in the neighborhood near the school.  People laughed at him, but he persisted.  The local prison went from being for "white collar Watergate-types" to gang-bangers from LA.   California realized it would be cheaper to house the prisoner's families (all on welfare) in depressed Lompoc rather than high priced LA.  The principal started filling his houses with prisoners' families (now I realize probably Section 8).  He had great cash flow.  4 years later, Regan was elected and funding was restored to the space program.   Real estate prices rebounded, the principal made a fortune.  He was an honest to God millionaire in the 1970s.  His name was Wally Fuller.

To this day I do not know how he had the foresight to do this.  

I do minor appliance repairs all the time.  Replace the seal.  It is easy to do.  Go to Appliance parts on-line and watch the video to see if it is something you can handle.  

Howdy!  I am in Rathdrum, ID with my rentals in Post Falls.  I love Idaho.   I was at a meeting two weeks ago where a state economist gave a presentation on Idaho's economic forecast.  Houses are selling fast in Idaho because there is a huge influx of retirees moving into Idaho from higher priced states (Typically California and western Washington and Oregon.)

My handyman's son recently bought his first property. He was able to get FHA financing on a commercial property with ground floor professional office space (CPA) and two apartments on the second and third floors. He owner occupies one of the apartments, and rents out the other spaces. His monthly mortgage payment is covered by his rents. Try the same strategy -- look for a duplex or triplex and owner occupy to get good financing. Also look into USDA financing in Rexburg. There are special financing deals in some depressed rural communities. Happy hunting!

Northern Idaho is another good investment option.  We bought in Rathdrum, ID in 2011, (home on 5 acres) rented it out for 2 years.  We sold our house in Tacoma in 2013, moved to Rathdrum in 2013.  We used the proceeds from the sale of our house in Tacoma to buy a six unit apartment building in Post Falls.  It has been great all around.  Rents are rising and both properties have appreciated nicely.   There is a great need for affordable housing in the area.  People are retiring from Seattle or California and moving to Northern Idaho and paying cash for houses.  This is driving up the housing market for the locals.

Watch AirBNB to see if your property is being advertised.   If it is, have a friend rent it.  You then have your evidence to evict.

Have you ever cleaned a non-self cleaning oven?   Toxic lye based chemicals and HOURS of scrubbing.   I doubt the average cleaning service would be willing to do it, and, if they do, you will pay dearly for their work.  With a self cleaning oven, you set the oven racks to soak in the bathtub, set the oven to "clean" and do other tasks for 4 hours.  Wipe out the ash with a damp sponge.

They will vet themselves.

We bought a fully rented 6 unit apartment building in 2013; half were on annual leases, half were month to month.  Within 1 or 2 rent cycles it was apparent who we wanted to keep and who needed to go.   We based our decisions on which units to remodel and when upon the (un) desirability of the tenants.  4 years later we still have 2 of the original tenants.     

I believe that FB goes through your contact list (email addresses) .   

You need to update your procedures!  Give a receipt for security deposits, and first month's rent.  On your deposit receipt, add language to the effect, that if the tenant decides not to move into the property, they will forfeit 1/2 of the move-in monies.  The rationale is that you have taken the property off of the market, and possibly declined other good applicants in order to hold this property for the applicants who gave you a deposit.  If they decide not to move in, you will have lost 2 months rent -- the time you are holding the property for the tenants and the time it will take you to market the property and find other tenants.  

We rent apartments, not SFH. I would never hold a vacant apartment for a month, it is just too costly. We hold for 2 weeks max,

The great thing about owning your own business is that YOU GET TO SET YOUR OWN POLICY.  Just make sure your policies are in writing, (we date ours and place in a 3 ring binder), follow your state and local laws,  and are consistently applied, so you are not inadvertently discriminating toward tenants you like.   This will protect you from a Fair Housing complaint.  It also allows you to decide the best course of action BEFORE you are put in the position of having to decide on the spot.

I have a family member who was in one of these. They would be a good use for an older but serviceable `house.  His house was NOT governed by normal LL/tenant laws  -- if the resident did not follow the house rules they were immediately evicted.  Rooms were basically furnished -- beds. dressers, shared bath and kitchen.  Extra refrigerators in the kitchen.  On site manager.  The house my family member was in was associated with a church, and had on site AA meetings.  You will need to work to have good relations with the neighbors, but it is a needed service.   Residents were placed from county detox and hospitals  -- many were on SSI or state assistance.  Good luck.