All Forum Posts by: Trudy Pachon

Very cool. I like saving money!

Hi all,

Could anyone recommend a good CPA here in San Diego? Thanks so much!

I know this has been asked, but can anyone recommend a good attorney in San Diego that can help us set up an LLC?

Thanks so much in advance!

A DUI is a character issue, but, as several have said, it depends on the situation. If I had a dearth of applicants, I would consider the person. But from my experience, a person with a DUI is usually someone who habitually drinks heavily. Yes, some are really unlucky, but statistically speaking, @Sarah Larbi is exactly right about the other poor choices more likely to come with the person. We had a heavy drinker in our rental and she was OK. But lots of personal drama, job loss (late rent), and carelessness with the rental, and headaches.

This is a really interesting thread to me. I would put them up in an inexpensive hotel and do the work. If it were multiple affected tenants, then that would be a different situation, and thank goodness it isn't!

Although you might not have to do it, I think it's the decent thing to do in this case. I think the remedy of using someone else's bathroom is completely ridiculous. If I were a tenant, and the new landlord told me to do that, I would be really upset and would probably start thinking maybe my new landlord was a bit dodgy. I think I would look into my rights as well! I guess I'm saying, they might be perfectly good tenants, and just are concerned because of the way this situation is being handled. 

I've put my tenants up in a hotel for plumbing before, and just looked at it as a cost of operating my business. The tenants are people with lives and work etc, and as much as it sucks for you, it also really sucks for them. 

Just my $0.02. 

Hi all,

I'm a new and basically don't know what I don't know! I thought we had found a decent property. We just put it under contract. It's a VA foreclosure in Savannah GA. We are going to keep it as a rental. The area seems to be appreciating and it cash flows slightly according to my numbers.

Here's a breakdown.

Purchase price

Year of home: 1994

Price: 106k

rehab costs: 25k

arv 150-160k

rental 1400

But the really bad part is the home has a pool. I don't want a pool. It is nice marcite pool, but again, I really don't want it. I think with pool removal, it's going to be too expensive. But maybe not.  

What do you all think if this?

Second question, do you think it's possible to remove the pool for under 5k? If so, can you give me the name of someone who might be willing to do this work for us if we decide to move forward? Any help much appreciated!

Thanks so much! 

I love having open houses to get several tenants in at the same time. I can also chat with them and take  notes. That seems to create interest in the house. I have them fill out the application if they want to, and then I select using my notes, the application, reference check and credit check. It just works for us. We have had nothing but awesome tenants. 

I think it may depend on the type of IRA you have. I don't know a lot about this, but did find out recently that I can't borrow from my 403b account. I can't even touch any of the money in it until I'm 59.5 or I separate from the district I teach in.

On the other hand, my husband can borrow from his 401K plan up to 50K, and we have to pay back over 5 years with 4.5 interest back into the account. We were going to use the money for a down on an apartment, but they didn't say there were specifics on what we could and could not spend the money on. It was just a cash loan. 

Then we were thinking about switching over part of his 401K to a self-directed IRA, which would allow more flexibility in what we invest in. But we haven't gotten enough information on that to make it happen, or if we even can.

So, as everyone else has said, call your company and see what their rules are. We invest with Schwab and Fidelity and reps from both were happy to explain everything over the phone!

I would love to join you! Please send me the info and I'll try to make it as well.

We pulled out of the deal.

The thing that killed it was the apartment across the way is super nice, and competes directly with the complex. Their apartments are much nicer, and almost the same rent. With move-in specials. And amenities!

Market seems a little high. The search continues! :)