All Forum Posts by: Chris Paez

I am definitely a type who manages my own rentals (for now). And as bad as this may be compared to professional property mangers... If you nickel and dime every tenant the karma of bad tenants will probably follow. I like to think of this system of landlord and tenant to have a foundation of simple human connection. Sucking up some small things that would probably fail if you were the one living there. Then the tenant won't feel like you are taking advantage of holding that deposit and leave your property feeling like you took care of them. It goes a long way. Good luck!

Last year we found a great deal on a new home. The house we were living in would not cashflow as a regular rental. We are in the Los Angeles market, we put 5% down to get it 4 years prior. Short term renting our previous residence allowed us to keep it and we are now cash flowing a minimum of 1500 a month from it through Airbnb. The STR strategy will empower new investors to get to the next level, and grow that portfolio.

I've done it before, took some time but wasn't that bad. One thing I should have done was to do a couple thin coats of polyurethane. I tried to lay it on thick, took a week to cure! but now I wouldn't dream of it, found a great guy who did a hole house for $3000 (+/- 1200sqft) good luck!

just to update from this initial post. 

Everything worked out wonderfully. The comps used by the bank for the purchase have already been resold at over 900K! I paid 680K dropped another 60K in rehab. Im running low on cash now but all in all, it was a good thing to run into in the face of the pandemic. Thanks to all you for the advice and positivity!

@bruce park episode 83 Marcia Maynard she drops nothing but calm knowledge about this stuff. best of luck!

I appreciate your responses! The shock is wearing of and positivity is coming in!  

Had our tenants submit a 30-day notice the day shelter in place was implemented in Los Angeles county. I freaked out for three days. Got through all the worst case scenarios in my head then finally listed it on Zillow. We have had a solid stream of responses and have a couple screened candidates that should pull through. The flow of inquiries is much less then a couple years ago but, its still solid and my worries were unfounded. our price for rent has actually gone up so we are getting a raise. We use a technique from a lady on an older BP podcast that was super diligent in her screening process and we follow that like the Bible and it has not steered us wrong! Thank you BP!

This will be owner occupied and is double the size of my current home. We are getting at 20% off retail value direct from the owner. Does that even mean I'm getting a deal in the face of this recession? 

This home is in a A class neighborhood in a suburb of Los Angeles. Im fine living here for the next 10 years with my growing family, so Im pretty secure in waiting out a downturn. Either way, I'm feeling the pressure. Escrow deposit is being made tomorrow so I'm tripping out if its the right thing to do...

I've already had a lender go through my financials with a fine tooth comb, but I'm also weary about the banks coming through on the loan...

Any input or guidance from this awesome community would be greatly appriciated.

not sure whats up with the upload but shoot me a message or email and i'll shoot you the flic. 

UPDATE: almost 2 years later. I don't regret a thing. Spent about half a year second guessing what I was doing and how I should have done this or that. I was really doubting myself for a minute there. I dragged my feet toward the finish line and then magically it worked out. I still have some things that "need" to be done but its cozy and it is currently being rented out by a very dear friend of mine. One set back, that was a bummer was that I waited 9 months too long to order my extra water meter for a minimal fee of $3,700. The policy changed and LADWP would only grant multiple meters with properties zoned for more units, and they tripled the fee for adding meters to any property. I do still wish I made the foot print at least a couple hundred sqft bigger and made the ceilings higher. It would have made a world of difference. This will be one of the key planning factors I will not overlook on the next one. Currently I'm getting quotes from banks on refinancing. I'm planning on using this to fund the addition and garage conversion on my personal residence. Also pondering if I can do this again or burn the extra money on paying a contractor for the hard stuff: Footing, framing, roof, etc... Here is a pic of what it looks like. I had a couple people reach out during the past sorry I didn't get back to you! Im here now.