All Forum Posts by: Richard Durant

From my experience, here is a safe process:

1) ask for a cashier check for 1st month & deposit for the Move In to happen & avoid any issue

2) mention in the lease the exact process in case of late fee, like:
  - when payment is not received by due date + 1  this happens
  - when payment is not received by due date + 2 this happens
  

3) Wires are much safer I use both venmo and direct bank transfer, I don't want mail issue BS...

For your case, I would execute #2, you should act like a Robot, do not think, just execute the process.

Dear members,

I would like to see if anybody has a good suggestion for the following case.

Please see the picture of the gate; as you can see, there is a deadbolt but it can be reached from the other side as it is at arm length.

Would you have any suggestions?

Here are my idea so far:

1. Install a steel grid in the inside (I am not thrilled by the look it will create and one could also simply cut the grid - not likely to happen though)
2. Find a mechanical deadbolt with code for both side (I don't think I can find one that will fit within the tiny square)

Note:

• It is a safe neighborhood
• It is for a primary house (fire regulation not as important, but still, one should not have to spend life saving time finding a key to exit if there was a fire in the house)

Thank you for your input

Good point @Brian Garrett, I have attached screen shots in the thread, thank you

Dear forum members,

Thanks for taking the time to read this!

I am a newbie investor, I purchased 2 rentals when I started generating income and thought of getting those to help in the case something were to happen with my job.  I bought in the area where I live so I would not have to pay property management fees and to deal with the distance (I know this does not sound that wise).

Questions for you experienced/professionals folks :)

1. How would you rate both Property1 and Property2?
2. If those were yours, what would you do? (keep, sale, something else?)
3. If you would say sale, what minimum price would you think is required for the sale to be worth it?
4. Any other advices/thoughts for a beginner?

Spreadsheet:

https://docs.google.com/spreadsheets/d/1E1pVHd-Wjl...

Thank you in advance for your time

Spreadsheet Summary:

Property1

Property2

@Jeff B. I completely understand your point of view, at the end of the day, this is subjective and based on personal experience.

What I can share is that I evicted a tenant who came back to the unit and changed the lock on me.  I had to go to court twice with a no show from the same tenant and still had to pay lawyer fees, on top of several months of unpaid rent.

After going through that, I changed my position to being a "hard nose" with the slogan: Never Again! :)

I once learned the hard way that all the legislations in the world are useless for people who do not care about their credit score, which could be the case for the "Daddy".

If you want to avoid trouble, you know what you have to do.

Thanks for your reply @Brandon Sturgill and @Alexander Felice!

Primary house:  $600k mortgage for ~$900K+ value
1st rental: $160k mortgage for ~$350k+ value

I guess my long term plan is to retire asap, life is so short...  I don't think I want to invest in more real estate in this area as I am afraid a earthquake would wipes out my eggs basket.

Another mortgage seems like a lot, I think I am reaching my limit... but definitely something to think about.

Hello,

First of all thanks for the taking the time to read my question.

Here it is:  

I have a rental unit (2b2b) in Hayward (CA) worth ~$250K which got paid off due to an HELOC repayment on my primary house when I sold it.

What would you do? Just leave it that way and enjoy the yearly net profit (~$11K)? Get an HELOC just in case (if I need money at some point / lawsuit liability) and/or for investment? Any other idea?

For context: I have a primary house with a  $600K mortgage (ouch! :( ), another rental unit with a $160K mortgage and this paid off rental.

Thank you in advance