All Forum Posts by: Grey Stone

The housing authority direct deposits their portion into my bank account and I have a mailbox at a mail store where tenants drop off their portion via money order or cashier's check.

It depends. If you feel guilty of her making such a low comission, my answer would be a quick and definitive, NO! If she did an excellent job, truly went above and beyond and you want to build rapport for her to send you off market deals, I would lean towards something small ($20 or less). Like others have said, your continued business will achieve the same goal. And most business owners love 5 star reviews and followers on social media. Be very sure in what you do because oftentimes when giving gifts, at times it can shift the dynamic. Remember, you are the client. Treat your agent with respect, but they work for you....make sure that doesn't get lost through goodwill. 

I had this issue with a rental during an inspection for section 8. The house was built in the 1950s and almost all of the outlets in the home needed to be updated for it to pass inspection. I called a licensed electrician and for labor and parts it was $250. It took a few hours (with 2 men working). I recommend leaving this type of work to quality, licensed professionals. They can make sure it is fixed correctly and let you know the best way for it to be updated. I have bought houses from people that thought they were handy and with electrical and plumbing, it just isn't worth it. Also, if anything happens you will have documented proof that you did everything you were required to do. 

I love Lemonade Insurance (as a business), but I don't think they do insurance for landlords....do they?

I agree many developers left during the last recession and never came back. Now the newer builders overall tend to build in almost every category other than "affordable". The low to mid range category tends to be my favorite and seems to always remain competitive and in times like this may become fierce. There is a larger supply of people that can afford this tier and many investors love the cash flow aspect. The baby boomer impact seems reasonable. My father is a baby boomer and he has absolutely no intention of leaving his home, whether it's safe or not. I looked up a few articles on the topic and many children of BB are facing the same situation. And it's true, for most homebuyers if they sell they are worried about finding a home they love and becoming stressed with the entire process. It seems to be a flurry of different reasons that all lead to the same result of lower supply. 

 Completely agree with you. I wholeheartedly believe a crash will come....did I say "crash"? I meant correction...then again, if prices continue up 20% and then drop 10-20%.....what does that really mean? Other than possible missed opportunities with mortgage pay down, time to gain experience/confidence, low interest rates, etc. And if you are buying actual deals with equity, good cash flow and growth, I truly do not see anything to worry about. In my area we are heavily underbuilt and there is strong demand. At some point this will change, but unless something drastic happens to jobs and overall economy the market will continue to increase. Unfortunately, some families were negatively impacted, but I do not see it as something that will drag down the RE market. You never know what can happen....we just have to do the best we can with the information we have.

You made a lot of really great points.....however, I prefer to quarantine in my home in California. When I do go outside, it is beautiful and like many others have noted we have so many different temperatures and different activities. The issue is if they won't allow us to go to to the beaches, national parks, etc. Otherwise, I still prefer so cal. A side note I have also noticed a strong migration to cheaper cities in California. 

I don't believe the story of people leaving in mass numbers. I have family in Texas and they have been telling me for years to move and that sooooo many Californians are leaving and moving there. Are Californians moving, yes! Are people moving to California, yes! Are some people staying in California, yes! To say there is a mass exodus is to grab your attention and is akin to a title reading, if we have a stimulus package, it will include...

Adding it to the back of the loan gives breathing room for landlords with little reserves. It's not a free ride for LL, but wouldn't screw us unless trying to refi or buy now.

I perform periodic inspections every 4 months or so, for the first year. They are not white glove inspections, simply making sure of no leaks and red flags. After the first year, it may go down to 2 per year. I try to be optimistic, however people are people. You will only know how they will take care of the home after they move in. If it makes you sleep better at night and is legal, run your business the way YOU see fit. Personally, if you told them about the inspections prior to move in, they already know what to expect and if they are now trying to resist....that would be a problem for me. Make sure to document EVERYTHING. I would also be mindful that if things turn sour, you may be creating a bigger problem than necessary. If they are paying their rent, I would tread lightly until the eviction moratorium is up.