Since my rentals cash flow, there is an excess to cover cap ex, vacancies etc.

No vacancies when I took over and at a 9.2% CAP.

Would you be willing to describe a bit more about how you determined your utility caps? 

@Deirdre Lizio see a lot of competiting PMCs start with a pledge of doing it better than "what's out there".Always interesting to revisit them 3-5 years later - after they've experienced the reality of challenging tenants AND owners.Look no further than Evernest: they started out with flat fee management at $99/month and promises of better & fairer service & pricing.Now they're at 10%, capped at $199/month - wonder what changed?

CA, in total continues to lose 100k's of population and continues to add onerous legislation, including the state rent cap they passed a few years ago (doesn't apply to sfr's though).I am not sure why anyone would want to jump in the deep shark infested waters right before feeding time, unless you have a clear proven strategy, or a very long time horizon.

How will know where all the cap ex is?

Yes, the more units you go up, generally the less players in the game so there is some advantage in purchase competition as you go up, but also more management scale and cap ex for someone who is new.3.

So if prop 33 passes it will be possible to cap rent increases from one tenant to the next.A recipe for blight.  

Does Trump's election yesterday, with presumed higher GDP growth and higher inflation (Tariffs/Deficits), which means higher 10 yr and Cap Rates, change timing of CRE acquisitions?

Purchase price: $81,000 Cash invested: $30,000 I acquired this property at an 11% cap rate, which provides strong immediate cash flow.