All Forum Posts by: Adam Hershman

Not that this is in any way common, or a reason to keep garbage disposals in units, but I would never even think to look if there was a garbage disposal in a rental, because I would assume there would be. That being said, if I were a renter I would never rent a place without a garbage disposal, I don't care if it's a 5 bedroom house, or a studio apartment. It's something that I wouldn't be willing to go without if there was no significant price difference in rent, if there were significant differences in rent, I might offer to install one in the unit that doesn't have one. 

Just my 2 cents. 

 You might not have a similar company in your market, but here in Vegas there is a company called big traffic. They essentially use box trucks with a smaller box on the back, you can check out their website for pictures to get an idea of what it would look like.

www.bigtraffic.com

Just a disclaimer, I'm not affiliated with or interested in www.bigtraffic.com, sometimes people get excited about "advertising".

Adam

 Wrapping is VERY popular in Las Vegas right now. It seems like everyone has a wrap on their car. Attorneys, check cashing places, medical centers, you name it, they probably have a wrapped car. Findlay VW in Henderson has a couple VW Routan vans wrapped in a hippy rainbow theme, I think those are my favorite. 

I don't see a whole lot of magnets anymore, although i think that has more to do with the fact that most people realize there isn't really a time when they don't want to advertise their business.

Just my 2 cents

Adam

@Kris Scott

I'm not 100% convinced on this idea, and personally I think apartment prices here are so high it would make more sense to buy a SFH for the money. There is a fairly strong high end vacation rental market here in Vegas, but I'm talking $750K + houses. The resorts just have such a stranglehold on the tourists, and they are incredibly responsive to matching pricing to demand, so I think it would be a fairly difficult play, but could work out very well if you can drive enough business to it.

Let me know if you pursue it, I would love to know how it works out for you.

Adam

 Hey Roman,

I can't recommend a company, but that's because I work for one. You will want to do your due diligence and find a custodian that fits your needs in terms of fees, investment options, etc. There is no reason that your solo 401k plan and your Roth IRA wouldn't be able to invest as joint owners.

That being said, most of the self-directed custodians could open both accounts for you, again you should do a little research on reviews BBB rating etc. Find a few custodians that you think will fit your needs and give them a call to discuss the process.

Adam

Hey @Tri Ly

The system you will hear most often is to buy a distressed or semi distressed property for say $75k, force appreciate it to say $95-100K with a rehab, and then finance out the original cash price. I'm sure some of the champions of this strategy will be along to go into more detail about it for you shortly.

Adam

Hey @Carlos Powell

It's great to see some RE interest from Stockton! I grew up in Stockton, so I don't know if it would be my ideal investment area, but that has more do to with watching the neighborhood I grew up in go from B+ to C- in the span of 10-15 years (Lorraine & Hammer Ln. area). I hope things are turning around, I have a lot of love for Stockton and I hate to see what it has become! 

As far as the city filing bankruptcy, the chances of that impacting housing prices any more than it already has is minimal. Most people know that Stockton has filed, and if that is factor, they have probably already moved on to another market. The only thing that would drastically change housing prices would be if the city stopped providing services, but most of the non-emergency services are provided by private companies, so as long as the police/fire/ambulance keep showing up, it shouldn't make a big difference. And just so you know when our house was broken into in 2001, the police were alerted by our alarm company and our neighbor, who was in the middle of the street on a cordless phone with the police, describing the burglars and what they were taking, they showed up 7 hours later. So it's not like Stockton residents are accustomed to a high level of civic service or that there has been some degradation due to the bankruptcy, they have been underfunded and under-performing for 10+ years. 

Another side note, Stockton dropped from #1 to #11 on the Forbe's Most Miserable Cities list...That's the first time in 5+ years that it is outside the top 10! That's progress, and I hope it continues!

Good Luck

Adam 

I agree with @Nicole A.

@Vivian D. We know your happy with the tenant you have on the lease, and we know that your happy with the amount of rent your getting for the house, the only reason to raise the rent due to additional occupants would be increased utilities or if you were concerned that the additional occupants were engaged in illegal activity, or were destructive of the property etc, basically additional risk. There is always greed, which is great in moderation, but again if you are happy with the tenant and the rent and you don't see any additional risk to your assets, whats the harm in having additional occupants. That being said you will want to explore that what risks additional occupants pose, so a background check on the additional occupants might be prudent.

I would think the best way to handle the subject would be to call your tenant and explain your situation to them. Let them know there are many reasons you need to know who is occupying your rental property, not for determining rent. Let her know that you aren't angry or upset with her, and as long as she's honest about the situation she won't face losing the opportunity to live in your rental property. Also let her know that you may have to ask the additional occupants to vacate, or be added to the lease, but that you want to work on a solution with her, not just a punishment for having additional tenants. If you approach it from the perspective of trying to accommodate her needs if you can, I am sure it will be easier to get a rent increase if you need to, and she would be more likely to stay long term. 

Just my 2 cents

Adam

Hey @Account Closed

My rule of thumb for things like this is pretty simple, it's a 2 step checklist. 

1) Do I 100% understand the situation?

2) Am I confident enough in my ability in this area to justify risk?

If the answer to either is No, then seek professional help. I use this for literally everything in my life from attorneys to CPAs, to realtors, to doctors. 

For example, if you are considering purchasing a $62M multi-unit mega property, even the most experienced RE investors would likely have an attorney look at the contracts, but a $75,000 SFH might not warrant the same treatment.

It's all about determining if you REALLY understand the situation, and the worst case scenario if you don't do things correctly yourself. 

Adam

 Hey Richard,

You can always get your appraiser or inspector licenses, either or both would eventually prove pretty valuable to you in helping to evaluate properties, if you plan on pursuing REI long term.

Adam