All Forum Posts by: Trenton Miller

What type of repair is needed?  Do piers need to be set?  Problems with the foundation wall?  Sagging joists?  Water damage remediation?  Send me a private message if you would like.

I have been using SmartMove recently for background/criminal/credit check purposes when screening possible tenants.  I am wondering what type of experiences others have had using this service?

Keep in mind I am using this in conjunction with a regular lease application.

Also, the experiences/opinions of users who have used this service will be weighed much heavier than those who have not personally used it.

Thank you in advance community!

I am going to have to disagree.  50k is not enough to "invest" in Southern California...  At least not a worthwhile investment.  House hacking, MAYBE, but with only 50k you are looking at major improvement costs to see a return for a home that can qualify.

You should always get multiple quotes.  At least 3.  Foundation issues are tricky...  Be advised that jacking up the home may cause cracking and other issues inside the home.  The price you were quoted seems a little high to me.  We just remediated a sinking joist for just under $2k. 

Have you analyzed using the four square method?  What are comparable rents?  Is the area up and coming?  Is it cash flow positive now?  There are a lot of factors in your question.  

I would suggest exploring the networking tab here on BP.  Chances are if they are on BP thats a good start.  However...  Do you due diligence before choosing and one professional.  Best of luck!

BP actually has a networking section where you can search for local REI meet ups!

AMBITIOUS!  I like it!  Clearly, you have experience within the industry.  My advice to you when sourcing outside capital would be to CLEARLY define roles...  40+ units is no small venture.  There will be MANY people involved, serving many different roles as you already know.

My second piece of advice would be to find a property where you can force appreciaton & rents through capital expendetures.  Fix a place up in an upcoming area.

First off.  San Fransisco is one of the most expensive cities in the NATION!  If you want to argue that look at the Governments BAH Allowance...

To answer your questions.

1.  Background checks, credit checks, and income verification.  A property manager should do this for you.

2.  Calculate these "projected" macro factors into your analysis.  If you find yourself in the negative sooner than you'd like, there's your answer.  IE Risk Analysis.  Only you can answer if it is worth it or not.

3.  If you have a CA property, reasonably priced, that isn't a dump, you will find renters.

Bottom line is the numbers don't lie.

What I would start with asking myself is what are all of my expenses associated with this venture.  I would research the BP 4 Square Chart.  This is a tool that is used to quickly analyze profitable deals just like the one you have described.

Keep in mind; A large majority of lenders are hesitant, or will not, lend money on land, let alone construction costs associated with a "tiny" home.

If you were considering using a VA loan (based on your profile picture) forget it. VA Loans must be used for primary residences and there is zero leeway.

If you have any question or would like help crunching some numbers send me a PM.  Vet to vet I would love to help you any way I can!