All Forum Posts by: Mark Whittlesey

If you are in it for the long term, I would rent it. 

Rents will go up. Value will go up. 

In 20 years, you will look back on the decision and think,  "Why did I even need to ask that question? What there really a decision to be made there?"

Complete hysteria.

The water police are NOT coming.

What you read about is only a sleight of hand because the Pols do NOT want to address the elephant in the room ie BIG AG. Look at how much it takes to grow a walnut or an almond. THIS is where the problem is (80% of the problem that is). Not some poor slob trying to brush his teeth.

Lastly, you might have noticed that there is a largish body of water near CA. Eventually, the environmental whackos will be set aside and desal will be a solution.

CA isn't going anywhere but some people will have to change.

Yes. Based on what you have said you are being reasonable. You got multiple estimates for the painting. 

If a tenant paints the property a non-standard color, it is their responsibility to paint it back.

Cleaning is NOT automatically a landlord's responsibility. If the property was clean when they moved in then it should be clean when the move out. 

Think about the opposite:The property is move in ready (ie CLEAN) when the move in and when they move out they leave it filthy? Toilets not clean. Floors dirty. Kitchen soiled etc. Does that make sense? Nowhere I do business. Dirt and grim is NOT normal wear and tear.

@Stan Butler  I don't put rental real estate into my SDIRA. I put real etate notes or rehab properties that I intend to re-sell (ie flips).

You are getting a lot of different answers (to questions you didn't ask).

It sounds like you are wanting someone to find you a tenant, execute the lease then step out of the picture (rather than managing the property month after month).

One month's rent  is indeed a "standard". I pay less than that with one caveat.

Yes, it is free to post on the MLS but if a broker OTHER THAN the one representing you brings in the tenant, how does that 2nd broker get paid? If I choose to have the property posted on MLS (and I always do) then that 2nd payment is in addition to what I pay my broker. So in that case it does end up being about a month's rent.

For ongoing property management, the model is completely different since the PM will get paid every month. Some still charge lease up fees, re-lease fees, vacancy fees, contractor up charge fees, accounting fees, account set up fees, bank fees, etc etc.

Up charges may or may not be "common" but I consider them to be outrageous. A 10% charge for what? Calling a tradesperson and paying an invoice?

If you are already paying 5-10% of GROSS rents to a property manager then what does THAT money go for (since it apparently does NOT go for dealings with tradespeople).

I encourage all investors to shun property managers who throw in bogus fees such as contractor up charges and vacancy fees.

You aren't THAT far away. Just roll into town and take a peek.

I think the issue is refundable vs. non-refundable. I am NEVER putting up a non-refundable deposit.

@Account Closed 

When you say "for any reason" I assume you are talking about an inspection contingency? I guess you can call this a "weasel clause" but even on my cash purchases, I am inspecting with an inspection clause. Because buying a house is not like buying a loaf of bread, and I can't know what is there without an inspection. Nor do I want to pay for an inspection on evey property I look at.

What is the benefit of selling a house to buy another house? There ARE reasons to do it. But I am not sure I have heard them here.

Typical reasons would involve moving up (or possibly down but typically up) in density, neighborhood changes, your lifestyle changes.

I guess what is your motivation.. if you sell one to buy another, you will still only have 2 right? And there will be costs on both transactions.