All Forum Posts by: Brenda Garcia

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $1,119,000
Cash invested: $250,000

Duplex on west side Costa Mesa

What made you interested in investing in this type of deal?

I prefer multi family investments and I like the city of Costa Mesa.

How did you find this deal and how did you negotiate it?

I located based on web searches and my Real estate agent negotiated the deal

How did you finance this deal?

1031 exchange and traditional financing

How did you add value to the deal?

Did repairs to the front unit and found renters to pay market rent. Back units are long term renters and I am slowly increasing rents to get them to market level.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tim Carr was the sellers property manager and real estate agent. My real estate agent was Jordan Bennett

Need advice from more experienced self-managed landlords. I inherited a tenant in a duplex who I am unable to evict because of CA laws. They feel the need to tell me they’ve been there 9 years and that they know their tenant rights in every interaction I have.

They dislike the new tenants in front and have complained about smoking (not allowed) and loud fights. I have spoken to the front Tenant and they said they are not even home from work yet at the time mentioned in the complaint. As for the smoking my maintenance guy was there a few days ago and said there was no signs of it and the tenant also denies it. I believe them but what do I do with the complaining tenant? Do I tell them I’ve addressed their complaint and leave it at that? I don’t want to give them more info/ammo than necessary.

Hello all, I am in the middle of my first 1031 exchange. My investor and I owned the sold property 50/50 and now I am buying the next property on my own. 

The property I like is a $1.1MM duplex with under market rents in Costa Mesa; a city that appreciates well. But with 50% of net proceeds and another $100k for the down payment I am still going to have to pay +$2k a month to cover the expenses (largely impacted by the 7.5% interest rate). It would take until about end of Year 3 to break even monthly and thats assuming market rents and a refinance to a lower rate. Is this worth it? I am a long term investor so I think I will make my money back but others are telling me I will be in the red for too long. I appreciate any advice!

 Thank you, I realize now that it was not listed as as-is so I’ll get a 2nd bid and offer to split the costs if the agent kicks in too. I appreciate it, that seems fair for all parties.

We are getting a second bid tomorrow, but if much less would you suggest I give a price concession?

Hello I’m in need of some advice. I’m selling a 1960 duplex. Buyer did a specific sewer inspection and found corroded pipes with root intrusion under the concrete and the quote was $40K. Buyer is asking for a price concession but I don’t think it’s warranted. The building is being sold as-is, there is no immediate issues that alerted me as the owner that we even had issues and I’m told that pipes with corrosion are common and can still flow because the dirt below becomes compacted and does not impede the flow. What is the right course here? Price reduction or stand by as-is sale? Thank you for any advice. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $1
Cash invested: $60,000

First property investment

How did you add value to the deal?

Remodeled all units

What was the outcome?

Higher rents and long time tenants

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $780,000
Cash invested: $25,000

Rental long term hold

What made you interested in investing in this type of deal?

I prefer investing in multi family properties

How did you find this deal and how did you negotiate it?

Found on zillow, fell out of escrow and new the agent representing seller.

How did you finance this deal?

Cash out from another investment

How did you add value to the deal?

Complete remodel of one unit with higher rent and no remodel but kept long time tenant with slightly higher rent