All Forum Posts by: Vicky Yu

Thanks everyone for your feedback! My lease says rent due on the 1st with grace period of 4 days so to avoid penalty the tennants are supposed to pay by the 5th. One of my tennants lost his job and i dropped the rent for them, then after that they are just always late by a day or two after the 5th. I was kind of sick of it. So I guess the only way to give them warning is initiate the eviction process. Can anyone briefly describe the process of eviction? Thanks a bunch!

Hi,

I'm a newbie as a landlord. One of my tennants are always late on rent for like a day or two. What can I do about this other than charging late fee? Is there any landlord network that I can report the tennnat so that other landlord won't end up with them? or is there any credit agency that I can report to so they credit score would reflect the late payments?

Thanks a bunch!

Thanks for everyone's advices. Seems like no one would like to have seller rent back? did anyone had bad experience? what are the down sides? it would be convenient to rent it out right away.Please share!!! Thanks a bunch!

I just got the approval from the bank that we are in for a single family house in San Jose, this is a short sale. The seller told us before they presented my offer to the bank that they wanted to rent the house back for a year. I'm getting a little nervous because what if the tennants dont pay rent and if this happens and I start the eviction process, they might thrash the house. How should I proceed? Has anyone had similar situation before? Any advice would be appreciated!!!

Thanks Will for your input! I'm actually thinking about going into flipping as well but don't know how to study title search. Will you be so kind to point me the direction please? Thanks a lot!

Which REI club do you guys recommend in the bay area? Newbie here too. Thanks in advance.

Thanks everyone for your great input!

Thanks Bienes. I will have an electrician to check on it just to be safe.

Newbie here, I just bought a SFR in N CA from Fannie Mae. It's a 3 br 2bth as well as addition(2 br right on the patio, attached to the house). Seems to me a lot of REOs in my area are like this. I just want to know if it's ok to rent it out like this. I mean more brs will help with cash flow but what happens if there is a fire that starts in the additional unit with no permit? Will insurance still cover? Does anyone have experience with this? I would love to hear from you. Thanks in advance!

Thanks Aaron for your reply. I should've been more specific. I have bought two rentals for around 200k each and currently renting them out for about 1.8k each. I have been watching the market and seems to me I cant get good deals from short sale or bank own as i could in the past 2 years. I wonder if the market is going up again. I have about 1 million cash to invest but I dont know if I should flip or keep doing what I have been doing-buy and hold. I heard ppl make very good money buying from auction and then flip. My goal is to reach financial independence in 20 years. I know the definition of finacial independence varies to different ppl. But please give me some ideas. Thanks a bunch!