All Forum Posts by: Wei Xie

Dear fellow BPers, I just passed my California real estate salesperson exam and expect to receive my license soon. Now, I need to look for a broker to hang my license. I am primarily interested in using my license to find MLS deals as well as doing value/rent analysis. My focus for now is buy-and-hold on residential properties. So far, I have one SFR and am looking forward to more as I see fit. Of course, I would be happy to help my friends and family for their need but will not be actively soliciting retail clients as I still have a full-time job. Given my background, could you please share with me your thoughts: 1. What kind of brokers should I look for? I am thinking about brokers with low monthly expenses and reasonable commission split. Brokers with active RE investing experience will also be a plus. Do these thoughts make sense to you? Did I overlook any important characteristics? 2. I am living in Orange County, Southern California and I am interested in local properties, particularly in Riverside and San Bernardino counties as the propertie prices are not too high. Could you please suggest some brokers that I should talk to? Thank you all in advance! Wei

Victor Nelson I am curious how you would make the previous owners willingly produce a quitclaim deed? They usually have no incentives and probably not in the best mood either. Thanks!

First of all, I see you have $375k as capital, which leaves only $25k after downpay. Do you have additional cash reserve? Otherwise, the liquidity is a little too tight, particular as house is old. Secondly, do you care to share which city is in? Based on the rent, it seems like in a big metro. You probably want to ensure the house in a place with steady supply of good tenants. Just my 2c.

No title company will insure your property unless it's more 1 year old. I would suggest you hold off renovation until then. It is hard to predict the outcome of a legal proceeding.

Lauren A. You need to check your lease to see if it includes provisions for legal expenses.

It seems that a probate is very likely, which could last a few months at least. If so then you need to submit your secured claim to the court and wait it to be paid out. It is likely that the judge will order the house to be liquidated to pay back the obligations. I am not an attorney and therefore you probably need to consult a local attorney before taking action.

P.J. Bremner My lease has a term that sets the maximum number of days guest can stay. I would use this to ask tenant A's girlfriend to leave or it is ground for eviction. Overall, you probaly should have filed a 3-day quit or leave letter when tenant A brought back his girlfriend despite your disapproval. You always need to let your tenants know that they need to observe the lease terms or you WILL evict them.

I used US Bank's business checking and it has no fee as long as the balance is higher than the min (~$150). It has many branches and makes it convenient for my tenants to deposit rents.

Jonathan Watson I worked with Jennifer Burnaz at LCL Realty when she brought me tenants on a contigency basis. She lives in Menifee and is quite close to Moreno Valley. Although I did not retain her because I do not have enough properties to justify PM expenses, I definitely feel her knowledge in PM and drive for results are outstanding. In addition, the brokerage LCL seems to manage quite many properties in SoCal. Hope this could be of help to you.

Thank you Brandon Hall . Does it means that I cannot offset capital gan from stock sales with capital loss from rental property sales and vice versa?