All Forum Posts by: Andrew Fingado

@Narelle Myke How exciting! All I have to say is good luck, and the advice you got about joining a landlord association is spot on. I'd also suggest buying a property management book, preferably one written as a textbook type for educational purposes.

@J. Martin

I'll be there. This will be my first time coming to one of these meet-ups and I am looking forward to it!

In State / Out of State?

Not a current investor but interested in finding that first one. I am a property manager located in Richmond and serve contra costa/alameda county. A good chunk of the properties I manage are in Berkeley as of now. Interested in getting into the investment game though, just have not found the "one" yet. If I found a good property it would be in-state, preferably within a 60 minute radius of where I live.

Strategy?
As I said above, not a current investor but always looking. I would rather have cash flow vs. appreciation at this point, and prefer the buy and hold method above all else. I look forward to the opportunity to network with owners though and get some advice about how to find good cash flowing properties in my area.

As far as my property management strategy goes, I always say "When tenants respect management they respect your property". If tenants see a management company slipping, or if they do not know/don't care how to talk to people professionally, tenants will see this and use it to their advantage. Returning calls/emails promptly, keeping detailed records, sending out renewal notices early to minimize vacancies, being licensed and aware of state/local laws, and having a strong team of contractors/accountants/etc is what separates the good companies from the bad. A manager who is one step ahead of tenants, aware of what's going on, and who is polite but firm shows that you are not just another burnt out manager who is sick of his job. Tenants often exploit weaknesses, so the key is to always be on your game and enforce the contract at all times.

Type of properties?
I would be ideally looking for small apartment buildings (4-10 units). I manage single family homes and apartment buildings, so that is really where I am most experienced.

Looking for?

Advice from investors about their strategies, as well as any investors interested in property management services.

Can offer / knowledgeable about?
Property management strategies. Berkeley rent control laws. Landlord/tenant issues. Great stories....every manager has them.

Looking forward to meeting all of you.

@Kevin Young Thanks so much for the welcome, and I would very much enjoy discussing business with you. Feel free to give me a call (my websites below with my contact info), or I will get in contact with you. Always nice to hear from local investors.

To everyone else, thanks so much for the warm welcome!

@James P.

All I can tell you is do not stress the math. I did not have 1 math question on my entire exam. However you know those words hardly no one uses anymore like littoral, riparian, avulsion, accretion, etc. They will throw those at you so know them well.

Although the association fees are indeed high, I like the numbers. Then again, I live in Northern California where it is often difficult to get cash flow that good. So if you think you can do better than this, I would move on.

Keep the tenant. Often times on craigslist, managers/owners will "fish". Meaning they will post an ad for a rental 10% or more than what it should really rent for just to see if anyone takes it. If after a few weeks there are no bites, they lower it to market rent. Don't take all craigslist asking rent prices too seriously.

@Evan R.

You make some very needed points. Each city has its own version of rent control and/or eviction control and it is imperative to understand before you make an investment. Interestingly, some cities have eviction control (like San Diego), but no rent control and vice versa. Normally they go hand in hand, but there are a couple of cases where one is without the other.

I also wanted to clarify one more thing to the original poster, its not just San Francisco that disallows rent control on single family homes. It is statewide, as the Costa-Hawkins Rental Housing Act exempted SFH and condos from local rent control laws. So if you are interested in buying property in a rent controlled city, always remember SFH/Condos are not subject to their local rent control laws.....but they MAY be subject to eviction control.

Oh, and Evan if you ever want to meet a guru about Rent Control laws (especially Berkeley rent control, which is the most complicated in the state), check out a Berkeley Property Owners Association meeting when Dr. Michael St. John gives a speech. The guy wrote his Cal thesis on rent controls effects on housing prices in Berkeley, and runs a consulting business concerning landlord/tenant issues in regards to rent control. Talk about a specialized profession!

He has helped me immensely in understanding Berkeley's ridiculously complex rent ordinance.

@Allen Maris Like Allen said above, I also want to add I am not associated with the Real Estate Centre either! I know sometimes people start to wonder about someones recommendation when it sounds too good. I just like to endorse good products, especially when it worked for me.

@James P.

I used 4 audio CD's by Broker and Attorney John Henderson to pass my CA Brokers exam. I passed first try, and the test was not as easy as some may think. John has spent decades teaching potential test takers the ins and outs of how to pass the exam.

I believe he said the CD's would prepare you for either broker or salesperson exam, so it will help you. I listened constantly, in the car, exercising, cleaning my house, etc. Its not very expensive, and the CD's are actually pretty enjoyable. He jokes and hams it up and keeps you interested. Just type in the "Real Estate Centre" into Google. That is the RE education place where John owns. I think you can buy them on that website, although I believe I bought mine on First Tuesday.

@Jason Flynn

You would be certainly correct about that. I think Anna's few chances to find cashflow would have to be in that area though, cash flow just doesn't seem possible at all anymore in the bay.

Have you found anything recently that looked good even in the outlying areas of Sacramento? Last time I was on loopnet I saw a few places that looked alright, but I think they were up by Yuba City.