All Forum Posts by: Reba Vera

Hi BP fam!

Question for those that have partnered with a GC before, how have you structured the partnership?

I have been presented with a partnership opportunity to do flips. Short story: he is our GC who just finished our current rehab.

During our final walk today he mentioned partnering up. He is willing to bring most of the capital and finance the entire rehab. My role would be to find the deal, get it under contract and make sure the numbers work. I am totally comfortable with that, however, I'm not sure how to structure the split of profits. We haven't discussed that yet. We are meeting next week to discuss further and I would like to come in with an informed decision.

Your thoughts are greatly appreciated, thanks!

Hi BP community,

I am a new investor. Just closed on my first SFH. This deal came with tenants. Now I have the option of keeping the same property management company and thought this was a good idea but now I have a couple of concerns regarding their terms.

This property is in Bakersfield, CA. The property management company first sent an addendum that wasn't clear about how they run their business as the middle guy between me and the tenant. I reached out and asked if she could include in writing the steps taken on our behalf. Like when they collect, when they send out a late fee notice, and when I can expect payment to my account.

So the first Addendum starts with "The following terms and conditions are hereby incorporated in and made part of the", the box that was checked said "Other" and they only listed their company name and requested that their name be added to the liability insurance. 

During our phone conversation she asked if I was a first time investor and I said yes. She then agreed that it wasn't clear and said she would send a new one for review.

Well, the revised Addendum does have the breakdown of the steps and procedures, however, I noticed the Terms and Conditions changed from "Other" to now being "Part of the Purchase Agreement". 

So my question is, should this concern me? And would this affect me if I decide to stop using them in the future?

Your thoughts and advice is great appreciated.

- Reba

Hi BP community,

I am a new landlord in California. I have one SFH with tenants and I need to get landlord insurance.

So my question is what insurance company do you use and/or recommend?

I was also informed I have to add my property manager and her company to the insurance. And, Im not sure if this matters, but I will be doing construction work to the garage conversion in the back. 

Any suggestions or advice is greatly appreciated. Thanks in advance

- Reba

@Bill B. @Jonathan G. @Kenneth Garrett @Bob Floss II @Bob Collett @Account Closed

Thank you so much for support and lending your knowledge. I was able to get the lease and now I am getting an estoppel this Monday before I close.

These two steps I had listed in my offer but the seller was taking his time and kept having his agent tell us to refer to the property manager. And because I am new to real estate and this is my first deal I thought this was normal and trusted the process. Luckily, after a lot of back and forth I was able to get what I needed. Hopefully nothing else comes up.

Thanks again!

- Reba

Hi BP community,

I have a question for landlords buying properties with tenants.

If you buy a property that comes with tenants, do you typically see the lease in contract before you close escrow?

I am due to close on a rental property next week but have yet to see the lease the tenants have signed with the seller and now I have to comply with. I have reached out to the property manager and seller and seems like they are not willing to disclose. Am I in my right to see it before I close escrow?

I would love your thoughts. Thanks in advance

- Reba

Hello BP community,

I am a new investor and closing in a week on my first duplex in Bakersfield CA. It has been a long journey but I very happy to say that I am finally starting my career in real estate investing. My main focus as an investor is multi-family.

I am hoping to connect with other investors who are experienced in the area and learn a bit more about the community and hoping to join events as well.

Thanks for reading. Looking forward to connecting with you.

- Reba

Hi Kris,

These are great questions. I am a renter in Los Angeles and looking into investing in my first multi-family as well.

While Im on the search for a great investment deal I am also looking for a great deal on renting. In Los Angeles rents are so high and quite frankly my landlord does not provide much for us, other than a rent increase every year. We have been renting our place going on 8 years next month. We have great credit and our jobs are not affected by the crisis. However, we've been thinking this over and realized we've had a hole in one of the bedroom's ceiling for 8 months now (!)

So because of all this happening right now with the crisis we are looking to rent elsewhere. If I can find a deal on a rental with a landlord that will appreciate the kind of tenant that I am (pay on time, willing to make small repairs) who is considering charging less than the rest in order to keep money coming in then Im in! But I think Im not the only one. Im sure there are a lot of people right now, great renters, re-evaluating their situation and will want to start fresh with a new landlord.

I wish you good luck with your first investment! Don't get discouraged!

Michelle, this is terrible. I am sorry to hear this happened to you.

I have never worked with Dustin or his company but I am working with someone out of state in a similar situation as yours. My question is, had you decided to buy in Florida before you met Dustin?

Thank you for your time. I hope everything works out for you and thank you for the warning.

- Reba

Hi Katherine,

Currently, I am hoping to buy my first property within the next 60 days out of state 🙏

But I'm also looking into getting a seller financing deal in my area. So lots of hope during this time.

And I will join the webinar today!

This is great Todd. Thank you for sharing