All Forum Posts by: Kyle J.

@Ari Hadar The other site you’re thinking about is called PadMapper. It’s listed in this blog article, along with quite a few other resources you can check when trying to establish accurate rent comps:

How to Determine Fair Market Rent

Hope that helps! 

@Sharon Beatty Your best bet is to check a few different sources (e.g. Rentometer, Zillow, Craigslist, Facebook Marketplace, local property management companies, etc).

The following blog article has quite a few resources that might be helpful to you:

How to Determine Fair Market Rent

 
No, there is no California law that requires you to use the CAR forms. I assume you are not a Realtor working under a broker (if you were, your broker may require you to use the CAR forms).  But for off-market/private party transactions, you are free to have your lawyer draft up a contract for you to use.

I think what it's saying is that if you have one applicant come along and turn in an application and on paper they meet all of your criteria (income = 3x the monthly rent, no prior evictions, good prior landlord references, one year stable work history, or whatever).  But then you have a second applicant come along and also turn in an application and they not only meet your criteria but way exceed it (income 5x the monthly rent, no prior evictions, glowing prior landlord references, 12 years at the same job, etc), that you're going to pick the MOST qualified applicant out of the two (assuming you don't live in a jurisdiction that requires you to go with the FIRST qualified).  

@Devon Rollison To me, a Proof of Funds (POF) is just something showing you have all the funds necessary to close the sale in your name (the buyer).

Could be a copy of your bank statement, or something much less formal like a screenshot of your account balance from your bank website (that’s what I normally use). 

You actually appear to be planning to finance your purchase. So, in that scenario, you'd normally use a pre-approval letter (not a POF) showing you've already applied with a lender and are a qualified buyer because you've already been approved for a loan by that lender.

What you've shown in the screenshot above is neither of those things. It's not a POF in your name, and it's not a pre-approval letter. In fact, any Realtor that Googles it will see it's something that DoHardMoney sells for $50 and it's not a guarantee of anything. It actually says right on their websites that these letters "in no way indicate that you have been approved for a loan".

A Realtor (knowing that) is not likely to take that letter seriously or allow their client’s property to be tied up by a buyer who presents such a letter. 

If you don't actually have real POF and you don't actually want to get pre-approved with a lender, then you should focus on off-market properties.

Properties listed with a Realtor on the MLS don't tend to make good wholesale properties.

@Andrew S. There was recently a good post written by @Michael Plaks about this new form here: 

1099-NEC due February 1st (replaces 1099-MISC)

And here’s a blog article that discusses the differences between the two:

What is the difference between IRS Form 1099-NEC and Form 1099-MISC?

Hope that helps. 

@Tyler Kruenegel Property owner info is public record and you can get it for free from the County Assessor’s office by phone, email, or in person. Here’s how to do it:

https://assessor.saccounty.net/ResourcesForPropertyOwners/Pages/Ownership-Information.aspx

Gov. Gavin Newsom today signed a bill that will use $2.6 billion in federal funds to pay landlords up to 80% of rent owed by qualifying tenants with COVID-19 financial hardships.

Read the story here: https://caanet.org/gov-newsom-signs-bill-with-2-6-billion-in-federal-funds-for-unpaid-rent/

Perhaps this can help some of you California landlords with tenants who haven't been paying their rent.

It's not a perfect solution, but at least the payments go directly to the landlords (unlike the stimulus checks).

Note that there is a deadline mentioned of February 28th to provide a specific Informational Notice to their tenants who are behind on rent as of February 1st (there's a link to this Informational Notice in the linked story).

Here's another story on this new law with some more info: https://sftu.org/2021/01/29/senate-bill-91-eviction-protection-and-debt-relief/

@Nathan Gesner If you have a tenant that is still communicating with you and somewhat cooperative, some ideas are:

- Issue a notice of non-renewal (notice to terminate tenancy) and hope they move out voluntarily

- Cash for keys

- Offer to pay for a moving truck

- Agree to forgive any past due rent if they move out voluntarily on a date you choose (or at least agree to)

- Convince them that moving out voluntarily is better than having an eviction on their record which may affect their ability to rent places in the future

On the other hand, if you have a tenant that is no longer communicating with you, and is not cooperative, and refuses to move out of the house voluntarily, then unfortunately there is no other legal option other than eviction to recover possession of the property.

I used to wonder about this too. So I started looking into it more (just because I was curious), and listening to people who actually study charts and talk to smart people for a living (like Bruce Norris for those of you familiar with him), and here’s what I found.

Much of California’s population growth is actually due to births, but NOT people migrating into this state from other states. Now kids are great (I have some), but these babies are not bringing job skills or paying taxes when they arrive. 

And this isn’t a new/COVID thing either. This article (California population growth slowest since 1900 as residents leave, immigration decelerates) from 2019 talks about it, and I’ve listened to a bunch of Bruce Norris’ talks/presentations where he’s went over the charts (starting well before COVID).

Bruce actually goes even deeper into the charts to show that when people do migrate OUT of California, they tend to bring a lot of wealth with them, and other states (like Florida) tend to benefit from a lot of wealth coming INTO their state. That’s definitely not a good trend for California.  

Anyway, like I originally said, I’m not really trying to convince anyone of anything. I just appreciate the discussion and all the thoughtful comments so far.