All Forum Posts by: Vivan Bhalla

Hello all,

I closed my first turnkey property deal in May 2023. It is a SFR in Akron, OH and I used a very trusted company (do not want to share the name now) which has a big presence on this site and is very well known. Before closing the deal, I had a tenant in and everything looked perfect. The tenant signed the lease starting May 1 2023. I was given access to certain apps by the PM company to check the rent paid and all the cashflow etc. In June I noticed something odd, there was no rent for the month of June. I thought this might be a glitch and since I recently signed up I will give it sometime to sync up. I then went on a vacation and this slipped out of my mind. In Jul I checked everything again and noticed there was no rent. I immediately reached out to my PM and they said they will find out what is going on. After a day they got back to me saying the tenant lost the job and has not paid the rent yet. I got furious as this was going on for more than a month and the PM did not pay attention. I immediately raised this to the company through which I bought the turnkey property and they told me they will reach out to the PM company.

After a day they came back to me saying the tenant has been communicating and has partially paid rent. This is basically a hicckup and they will complete the rent payments by Jul 21st. The tenant kept paying partial payments after Jul 21st. As of today, Aug 3rd, the tenant has not paid the rent for Jul and no rent for Aug. PM has put 3 day notice and going to offer the tenant cash for keys. They said the good thing is that the tenant is communicating and making partial payments.

This is my first ever property and I am kind of disappointed. I am also very furious that why are tenants protected if they do not pay rent. If they cannot pay rent then the owner should have the right to evict them immediately. But that is another topic altogether. I want to know what can I do here and how to make it correct.

Thanks

 going to send you a message

Hello,

My goal with real estate is to replace my monthly income with passive income. For that I have chosen - Multi family investing. This could me anywhere from duplex to apartment building. 

Can experienced folks tell me what is the best city where I can pursue this? I have around 50k saved.

Thanks

I believe the STR market is getting very saturated now. I tried one rental arbitrage in Los Angeles and it was not so good

Hi everyone,

So 6 months ago I had close to 100,000$ saved including my 401K for real estate purchase. Out of this, close to 40000$ was cash and crypto. Over the past 2 months, my financial life became quite bad and I lost almost all of this cash. I still have 15,000$ but all of that is stuck in crypto which I may never get back. Fortunately I still kept investing in 401K and saved upto 70,000$ in it. 

I feel lucky that I got my life back on track and starting saving a lot again. However, it made me realize that I was so vulnerable depending on a job and it is something that I want to change aggressively over the past year or two. I decided my per month cashflow number which will be enough for me to leave a job.

My monthly cashflow number is 6000$ out of which 1000$ I achieved by investing in a rental arbitrage property. I now have to make 5000$ using real estate. I am looking for markets where I can make close to 1000$/month in cashflow and still be in budget. I know a lot of people use creative financing and buy properties with no or very less money down.

If there are people here who can help me out reach this goal by guiding me, it will be a huge favor. 

Thanks
 

Hi there,

I know a lot of the posts here involve around buying property but I am in a situation where I believe a lot of real estate landlords or realtors can help.

I signed a lease in Oct 2022 for a house in Venice Beach, CA. It is a 1 bd 1 ba. I did a 1 year lease. 2 months into the lease things happened in my personal life that I have to break the lease. I have been looking at replacements tor the house to take over the lease starting Dec 1 2022 but it is getting very difficult. 

1. The apartment was over priced. I was able to talk to the owner and bring down the rent from 3800$ to 3500$. I took his permission to get it rented out to someone for 3500$

2. the house is not at all at a good condition. In the first month there were roof leaks, broken knobs, electric panel problems etc. and I told the owner that 3500$ is a good price for this kind of house

3. i have very less time to get it rented- possibly just 10 days. 

I am not sure what to do here. Is there any suggestions or way I can get out of this situation without any costs to me. There must be people who have been in such situations. But I would love if someone can help me.

thanks

Hello everyone,

I am looking to invest in a property in Portugal, the price of the property is around 600k$. I am trying to find out lenders that will lend me for this property.

Any help appreciated. Thanks!

Hello,

I lease an apartment in FiDi at a very cheap price. I got this apartment during covid at very discounted rate. The lease is month to month for the rest of my life and it is rent controlled being in SF.

The current rents are way more than what I pay. I want to sublease it and let a property management company handle it. Is there any property management company in SF that can handle it for me?

Thanks

Hi everyone,

Very recently I made a post on the forums as I have around 50k$ saved and looking to start out. My aim with that post was to get some idea on how I can proceed and which market should I buy in. My long term goal is to have enough cashflow to retire and then never worry about 9-5 (Goals of a lot of other people). Few things that I learned from the very initial posts and some of my questions:

1. One market that has been popping off a lot is Ohio. A lot of people are giving me good advice about the Ohio market. Is this the next famous market? 

2. Famous markets like AZ, FL, Texas are not being mentioned by anyone. I guess they are saturated?

3. STR is also looking as being saturated. People prefer getting into long term rentals as a way to make stable and sure income. Would need someone to comment on this?

I am considering Ohio, Oklahoma city, Pittsburgh and SLC. I have friends living in Ohio and Pittsburgh and can use their help with stuff. I have a real estate agent whom I know from a long time in Oaklahoma city and that is why I am considering it. SLC came in my search and I have just kept it in mind. I know no one there though and have never been. What do you guys think from the markets I have? How should I choose one?

My journey resembles a lot of REI journey and with these post I aim to teach others on how they can do the same (once I achieve my goals).

TIA

 Most of the places in California are not airbnb friendly otherwise I would have considered it.