All Forum Posts by: Brian Ploszay

Section 8 is about the only way to go for true lower income neighborhoods.  The true costs of evictions are staggering.

You'll do just fine.  But get a lawyer.

I would never have made that mistake.  I always close with an attorney who gets title insurance.  

Not too bad.   When you deal with quality apartments, with real middle class residents, you inevitably end up with losing tenants to the purchase market.  Work force housing has more "permanent renters."   I seek these types of tenants because they stay longer.  Turnover is costly to my business.

@Russell Brazil I was reading statistics, showing a high percentage of FHA loans were in default (incuding forbearance). Originally, I thought a high percentage of these would not re-perform. But maybe some of these folks have equity in their properties.

We're approaching one year of eviction moratorium.  I have been completely spared by this, mostly due to luck.  I paid exorbitantly last April to get someone to leave.  If not, he'd be riding 16 months before I get him out.  Win win situation.  For me, for him.

Anyway, the news gets worse for landlords.   Eventually the moratorium ends but the courts and sheriff are backed up.  

Some of this might last into the year 2022!  That's just my prediction.

Owning properties is not really passive.  And it will take quite a few units to replace the income of two IT professionals.   Many of us make most of our Real Estate returns, over the long run, from appreciation over cash flow.

You may become very successful because you mentioned:   " we absolutely LOVE REAL ESTATE."

The problem with California is making the numbers work.  But I'd stick in that market if possible.  Or pick one out of state market.  Generally a mistake to spread yourself into too many places.

PM me.  I'll give you my email.  Send me what you have.  How we run our numbers?  It is simple math, yet you have to know the inputs.  Basically rents minus costs minus mortgage.   I've been doing it awhile, so I really just focus on price and the amount of construction dollars needed to get it ready to rent.

41K is a lot!   

The worst story I heard was a long ongoing eviction, that got stalled in April of 2020.  Tenant is still there, approaching a 1.5 year default.  

The goal is to get them out.  You will most likely not collect 41K.  I offer cash for keys these days.