All Forum Posts by: Tina Tsysh

Yes, this is something that multifamily owners do! Usually CA law requires an on-site property manager (someone who lives at the property) for 16+ units. If I were you, I would drive around some neighborhoods and see where they are doing renovations / finishing up a rehab of a medium size apartment complex. Try to find an owner and ask them if they have a property manager yet. 9/10 they usually don't. If they like your experience, I don't see why they couldn't make it work! 

If there is no lease, then the best option may be offering "cash for keys". Offer a few thousand of dollars for the person to move out and maybe offer to pay for all the moving expenses. It might seem like a lot at first but if the tenant does move out, the higher rent in the future will cover the expenses 10x! 

Just sent you a message! 

If he breaks the lease, do you think you can find a replacement tenant fairly fast and charge the same or higher rent? 

If you are willing to offer him any discount, I would put that in a contract. Don't do it over text or verbally in case any issues arise. You always want to protected and a signed contract will definitely help you with that. 

What does your financial situation look like? Meaning how fast can you get financing? Are you looking to go with a traditional lender from a bank or do you want to have a partner? If you go with a bank, depending whether you are self-employed or have an employer, it may take you a week to get pre-approved. That pre-approval letter is usually good for 90 days. In some markets, 90 days might be plenty to find a deal vs other markets it may take even longer. What are you seeing in your market right now?

I would 100% refinance it. 
You can put that cash as a down payment on another property. You can have cash flow from a current property and use that property as your leverage for your future investments. That's how the wealthiest people in real estate started. Don't sell your deals unless they are a disaster; rather keep the properties that you have and keep expanding your portfolio. It will pay off 100 times in the long run!

I agree with what @Brandon Sturgill said. As Grand Cardone says, apartments are the best investment. People will always need to live somewhere. 

Denver is a great market for multifamily - everyone from CA and other states is moving there so take advantage of the momentum. With $400k you can buy a nice size multifamily apartment. To achieve the kind of returns that you want, you are definitely looking at a value-add. In this case, you want to find some mom and pop owner who is tired of owning an apartment complex. It will most likely need repairs, but after repairs, you are able to raise rents considerably. 

If you have never analyzed a multifamily deal, I would recommend investing in some courses where you can download models and learn how to use those. Good luck! 

Every investor has different needs so any pre-made spreadsheets that you find you will have to adjust for your own goals / outcomes. If I were you, I would check out courses on udemy, I took some courses from Justin Kivel - he has tons of different courses and they all come with spreadsheets so you can adjust them to your own liking and use them to your discretion. 

I think that weekly check-ins are more than appropriate. This is something you should discuss with your agent at the beginning - it is always important to lay out your expectations at the beginning so there are no surprises at the end! 

Call the Law Office of Dennis Block, they do ~80% of the evictions in SoCal. Good luck!