All Forum Posts by: Charles Renn

Hi Kat,

Great questions. I assume the tenant is month-to-month which should make it an easier process, but I would suggestion consulting a real estate lawyer about the situation. The small amount it might cost can provide more clarity and set expectations as you move forward.

I can share with you a referral if you'd like.

Good Luck!

Hi Peter, Matt and Caroline offer great advice. If I can add anything, as @David Greenepreaches, add someone to your team who has their eye on the market and send deals your way that fit your criteria. Know what you want. The market is strong at the moment, but allowing a qualified professional the opportunity to find those deals will free up your time. 

Hope this helps!

Hi James, 

It sounds like you're looking to invest in the Reno area. While I don't have a lot of contacts there, I do have a reliable real estate agent who can help with finding you a place.

Hi Brad,

In the end do what you believe is right, but there are many factors that point to this being a strong market vs. a hot market. In my opinion, this strong market is built on things like solid finance options including low interest rates, demand, and the opening of the economy. A "hot market" is built on hype, shady finance deals, and economic uncertainty. 

Now that people are getting back to normal, I expect the market to stay strong as sellers/buyers that weren't getting out of the house over the last year, are getting more comfortable letting people into their houses or seeing houses, and will add further strength to what has been a strong year. 

Like others have said, if you find a deal where the numbers make sense, consider it.

Best of luck!

Hi Mary,

Great questions! Adding to what AJ recommended, if you are still in escrow it's good to know if the property has to follow any rent control ordinance. This can greatly impact your cash flow up front, and in the foreseeable future. Last, I'd ask a real estate lawyer to review any documents the seller has so you can have piece of mind.

Hope this helps! 

Hey all, looks like the original group isn't active, but I'd be interested in meeting up on a Sunday morning for an hour. There's a Coffee Bean in South Pasadena that should work. If you're interested, let me know and I'll post confirmed details here once we get a group of 4+. Thoughts?

Hi @Jazmine Kravitz, California doesn't make it easy, and I agree with a lot of what's being said here in the thread. I know you mentioned you only qualify for a condo, I'm also in favor of staying local and this said have you considered house hacking? Depending on where you live in CA, and your level of comfort, you might be able to rent out a room to lower your monthly cost of living. In addition, there might be the chance you can qualify for a duplex, live in one unit and rent out the other. If your lender isn't familiar with putting together a pre-approval for a duplex, let me know and I can share my resources. The benefit here is that the lender can use the additional rent for the extra unit in a duplex to raise your pre-qualification amount. Hope this helps and best of luck!

Charles

Hi Esther,

Thanks for reaching out! As a first time investor, I recommend staying within driving distance from where you currently live. This will greatly improve your odds of success because you will be able to develop a stronger team that you trust being able to meet contractors, the tenants, or property managers in person. Now this isn't totally necessary, but just my thoughts. 

Also, are you currently a home owner? If not, you might also consider a house hack. This allows you to lower your monthly costs of living by renting out a room in your own home or possibly a separate unit, like a duplex. Feel free to contact me directly if you want to know more about this investment approach.

Best of luck,

Charles

Congrats on your first rental, Brett!