All Forum Posts by: Daniel Garcia

Thank you @Grant Rothenburger, and @Thomas S.! 

Hey Team,

I purchased a SFH out of state in 2014 and kept the tenants and PM. As I had kept the PM I never kept a set of keys for myself. (Tenants are still in the home.)

Fast forward to today, and I've planned to go visit the property and the PM is refusing to give me keys to my own house! I've decided I'm replacing the PM, on other grounds but what I don't understand is the fact that our contract has no clause regarding no allowing the owner to have a set of keys. 

Has anyone ever faced this? What did they do?

Looking to put some love into a SFH rental I have in La Pine Oregon. I'm from SD and don't have a network so I'm reaching out to the BP peeps for recommendations for a hardwood installation and interior and exterior house painters.

Thank you!

@Karen Margrave I own a 2/1 in La Pine, but need to bring the rent up to market value, since I inherited the tenants and PM. Do you have any recommendations for PMs in La Pine? 

Thanks for the info! 

@Jeff Smith I ran the numbers on the refi and it'd save me $43 dollars a month and if I brought the rent up to market value I'd definitely be in a a little better position in terms of cash flow. Even with the $2000 in costs for the refi. 

And I agree, I'm flying out to see the property and have a face-to-face, since multiple phone calls haven't worked. I'm also interviewing other property managers as well while I'm in town. 

@Tim Coulter I'm in SD and just started analyzing properties using BP insight for practice and past investments. I purchased a SFH in 2014 and just acquired a duplex in January, but am looking to expand in 2018.

I am by no means am an expert, but I am looking for someone to compare numbers with on the same hypotheticals. Let me know if that's something you'd be interested in. Cheers! 

@Andrew Kerr my mid term goals are to continue to acquire SFH or duplexes in my home market or out of state. I had imagined using the return, coupled with some cash to get into another property before the end of the year avoiding capital gains. I agree with @Henri Meli nobody can predict the future, but I do imagine being able to get into a better cash flowing property with the 8 remaining months of this year and I'm hoping climbing interest rates, bring down prices. 

@thomas 

@Thomas S. yes, your nose is on to something. The rent is not at market, and when I purchased the property along with the PM, I also kept the tenants on. They have NEVER paid late, but market rent is closer to $1000 conservatively.  And I agree, I haven't established a rapport with the PM, and that is very much part of the problem. 

@Henri Meli thanks for the thoughtful questions, you're raising points, I hadn't researched yet, and I came up with some important information. 

The area took a major hit in 2008 and prices were cut in half, however the area is one of the fastest growing cities in the country in 2017. Furthermore, in terms of unemployment and job growth the region is strong with 5% and 5.84% respectively. 

Finally, the tenant is solid, as I said above, never missed a payment and works ironically in PM, not in my properties though. 

Thanks everyone for your perspective on this! 

@Karen Margrave I just created a profile, and came to this subforum to introduce myself. But saw your request first, and decided to update my profile picture first.

On another note, I'm heading to Bend/La Pine this coming week to walk my first every investment property I bought back in 2014. I'm bummed I just missed the meetup for Central OR. 

Hi team, I'm trying to decide if I should continue to hold my first ever investment property or cash out while the market seems hot. I just got into BP and have started learning about all the various metrics to determine if a property is "worth it" after having bought the property back in 2014, so you could say I'm a bit of a late starter. 

Simply stated: Question 1) should I keep the property or cash out and put it into another property? Follow Up: What should be the profit margin threshold to sell? 

Subject Property: 2 br/1 ba | Purchased in 2014 for $110,600 | 

Per my 1st ever comps analysis: ARV $132,000

County Tax Valuation: $168,185

Zillow Zestimate: $205,721

RE Agent Suggested Listing Price:  Pending interview a couple this week

Cap Rate: 6%

CoC: 1.9%

Monthly Cash Flow: $40

Mortgage: $657

Tenants have been in place for over 6 years before purchasing the property. Not so good property manager (kept her on when I purchased) and seems to be very close to tenants so I've been reluctant to fire the PM in fear of losing the tenant. 

I appreciate everyone's two cents, thank you for all your help!