All Forum Posts by: Yue Lehman

When you file a claim for a rental property and receive loss of rent reimbursement, is your property manager entitled to their percentage of share? If yes, it does not seem very fair because they don't pay any out of pocket deductible.

What are your thoughts?

Hi Har, 

Welcome to the forum! Excited to see another local joining the real estate investing world. Houses are expensive to be buying presumably using your own cash so it'll take forever to scale and eventually become financially free (assuming you're an 8-5 working class like me). For a rental house in Fresno, let's say $300k, and you can save $30k a year, it'll take 10+ years (price of a home will probably be higher in 10 years so you'll have to have more cash saved up), while not receiving any rental income, or being able to deduct your rental expenses. But if you purchase using mortgage assume 25% down ($75k), it only takes less than 3 years and you can buy a rental house, start receiving rent, start deducting rental expenses and so forth. There are so many other factors not mentioned here that other more experienced investors talk about like the experience you get from buying a rental, managing one (or finding a good manager), or running a rehab if you need to. The sooner you gain these experience, the better investor you will be and that'll take you so much closer to financial freedom. 

Hope this helps! 

@Patrick McCandless thank you so much. I'll give them a try. Our plumber has not been the most helpful and I'm looking to find a new one. I will for sure mention your name.

Hi BP Family, 

Can anyone recommend a trusted plumber for an emergency leak fix? Location is in Los Osos (San Luis Obispo County), California. There's a leak in my rental property's kitchen area behind the trash compactor (disabled). I will need someone to take a look at it ASAP as the leak has already shown on the outside of the wall below the sink. Thank you! 

@Michael Fulmer if you want to hold on to the property, the best is probably get a 30 year fixed rate loan. In the podcast, many experienced investors recommend a portfolio lender who lends out their own money as opposed to Fannie Mar or Freddi Mac. Some don't require a seasoning period at all if you can find them. I'm located in California and know such portfolio lender but not sure if you're also in CA.

@Marcus Auerbach

Just curious how you (and everyone) actually reads the "low unemployment" news headline. In CA, it seems like a lot of people are sitting at home claiming COVID, and not wanting to work, yet national unemployment rate is getting lower. I don't trust how it's calculated and/or what actually constitutes unemployment.

@Bryce Betley

Maybe it's a good idea to think of who you want to buy house from, what situations they're likely in, and then work backwards - why do they want to sell their house fast and take cash. While some might be in desperate needs of money, some might just want to walk away from some problems.

@Kay March

BP had a show with a female guest who is the superstar rehab manager. I can't remember the name or the show number, but in the show, she said she's respectfully challenged the appraisals on multiple properties after she's completed the rehab, with solid comps that she provides as reasons why they arraised value should be higher. The bank has often accepted her "appeal".

Aside from that, buyers still buy properties with or without the appraisal, some offer cash, some borrow extra money from family, some negotiate with the sellers. The comps for single family homes are based on past properties that have closed (how much buyers are willing to pay), not exactly what the banks say they're worth.

Hi Owen, thanks for posting this great opportunity! I'm located in Fresno area but would like to join if your group has any weekend meetings. 

Hi Shannon, welcome welcome! I live in the area and know an expert in pool maintenance. Feel free to message me if you would like his contact.