All Forum Posts by: Andrew Jones
Andrew Jones has started 15 posts and replied 233 times.
Post: What kind of cash on cash return are you landlords/multifam buyers looking for these days?
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Originally posted by Michael Zuber:
I won't look at a deal unless it is over 20%
That said the last 6 weeks have been tough, more buyers and less of a supply. If this keeps up for another couple of months I might need to adjust my target return
Good Investing
Michael Zuber I couldn't agree more. Just yesterday I inquired about a short sale and the agent told me "there are multiple offers over list price...cash and financed offers". The same home a year ago would have been an easy pick up at list price without much competition.
Post: Pit Bulls! (small rant)
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Originally posted by K. Marie Poe:
I don't think so. Glad I am not the only one who sees this. Pit bulls everywhere!
Post: What kind of cash on cash return are you landlords/multifam buyers looking for these days?
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
I am pretty new and am happy with 15%+. I work a full time job and hire a PM. I am pretty passive investor and 15% in my market is pretty easy to get when leveraged.
Post: Pit Bulls! (small rant)
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Pit bulls are everywhere in Bakersfield so I have to deal with them occasionally. I just evicted a lady with five pit bulls in a property I took over. Man the place smelled so bad!
I did inherit a good tenant with Pit bulls (this one I planned to keep). My major concern was liability so I checked with my insurance carrier (Farmers) before purchasing the property. My policy covers the first incident, but if there is a second incident they won't cover it. So if there is an incident I will have to get the dogs or her out. She keeps the dogs outside. She also maintains her property well. Although, I rather her not have the pit bulls I don't think its reason enough to have her leave.
My rants over.
Post: Non-Refundable Security Deposit
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
I know you can not label security deposits in California as "Non-Refundable", but I am not sure how it is in Utah.
I also know if I collect first and last months rent I must count the last month rent collected during the tax year it was collected. I would imagine this non-refundable security should be treated the same.
Post: Are you raising rents?
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Check to see that your rents are at least within 20% of market rent. If they are far below market I would consider raising them. I have not raised any rents, but I have checked my market to make sure I am on par with my tenants other options.
Good tenants are gold. Don't try to squeeze a small increase out of them.
Post: Hypothetical Situation: Would you buy this Property?
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
$2500 or $3000 a month for rent is a big difference. Try and pin down the rent rate to within $100. Use the low estimate in your analysis. If you haven't already drive the area and call up all the for rent signs.
Originally posted by Justin S.:
If by chance anyone does need to learn calculus check out the website: www.beyondcalculus.com created by a brilliant friend of mine.
Post: should i sell 3 small rental homes
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Look into a "cash out refinance" loan if you want to unlock equity without selling.
Do you have three separate loans or is it one blanket loan covering all three properties?
Post: Killing the goose - California
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
I love Cali!