All Forum Posts by: Davi Fu

BTW the condo is not rented it's basically vacant with my stuff in it but wanted to make it clear.

Hello group, in 2005 after reading rich dad, I bought out of state in Dallas TX. two one bedroom condos to learn how to landlord and to grow my $.. I learned a lot and got rid of both properties in 2010. In 2013 I was able to buy in Long Beach, Ca. my home state. 126k for a 1 bedroom condo. Now in 2021 I have this long distance relationship in CT. and am wondering what to do with my condo. It rents for 1900-2100 a month cost of ownership is 350 mortgage 370 HOA 100 insurance, and 150 property tax 970.00 I did the calculator and it said I have 4% return and 590 a month positive

I can sell it now for 375-395k. If I stay in CT. I am not sure I want to deal with a rental in CA.... just too far although I can have a friend be my property manager type person.... CT is very strange on property tax and real estate does not go up in a normal manner vs. Ca. curious what you might do.....

Hi, I bought a Goodman Heatpump 2 ton for my condo on ebay from a place in Florida I believe what you're referring to is the air handler I believe outside is the compressor you might consider a new unit my entire 2 ton was 1400.00 and the estimate to replace the broken part was close to 1000.00 I hired a guy who works for an AC company for 1000 and 350 for crane I was quoted 7-10k from an AC company. Note, I also bought 100' of wiring for the unit (condo roof) plus conduit, insulation foam and UV tape to go over the foam for the rooftop install....

HI Benson, credit scores are very import as I said in my case most important. Find a company that will run credit checks make the tenet pay the 35.00 and run their credit it will tell you what kind of person you are dealing with. You'll see their adult life including autos and cell phones... The other add ons such as evictions and things like that maybe, calling references is only a 50/50 chance they are real and honest. Credit you can't lie... 650 or less means they are late on credit cards maybe had a car repo'ed... A couple of people I tried to help them as they seemed like they were tying to rebuild but I got burned you know the story of frog and scorpion well in real life it's true...One of the worst was a woman with 680 a PM found her and interviewed her I had nothing but problems... everyone over 700 all smooth but that's my experience. Also, it is based in what kind of neighborhood. You're not getting a 750 credit in a so/so neighborhood unless it is a Grad Student or Resident if you're near a Univ. All of this is why you should be your own PM so you can learn and this is why you should try to be driving distance 2-3 hours or less. I did 1800 miles and if I didn't work there sometimes I don't think I would have done it but I also bought really cheap. Be real careful if you are dropping a lot of money you can really lose your mental and physical well being and your credit if you make a mistake...

You are correct 65k sixty-five owed and it sells for 340-360k I meant I bought for 126k put 60-65k into it, but last time I tried the 1031 it was not close couldn't make it happen.. That was Dallas to LA

BTW I have 180k in the condo its selling in the 340-360k 

Thanks Jaysen... I'm thinking of dumping the Long Beach place not sure about CT.. it's a very strange place and I've been coming here for 8 years on and off.. I'm actually in Woodbridge never thought about buying here but maybe I can chat with you in a few months once I get rid of Long Beach

When I read Rich Dad Poor Dad he had two points I took to heart 1. Small deal in case it blows up 2. Be your own
property manager for 2 years. From dealing and owning a few properties Property managers are 1-2 star everywhere. I'm sure others will disagree but that's my own experience. Actually on one of my Dallas condos the manager was embezzling and the other the HOA hired a general contractor who was hired to oversee the work of others but he preyed on the HOA pres older single female she gave him power to do a huge roof and HVAC and he was able to oversee his own work so he put a mechanic lien on all the units basically caused this hug lawsuit etc Sorry off topic and probably why others will say SFR but I also know the larger the property the more people the more chance for issues.

Funny I say all this as I'm trying to post my own question about renting or selling my own condo and being long distance.

On a current tenant or all tenants there is no real way to check on them being good as there are a lot of mom and pop and they don't want the hassle of reporting a bad tenant and the bad ones just shrug it off IMO the credit score is the top indicator.

One final point, in Dallas Tx. The state has no income tax so property tax is assessed every year especially for out of state owners. They really screwed with me as the lower unit was investor owned and he never had his unit reassessed. Be careful out of state is easier now but it will cost you 1k a week minimum to go there for a visit if something goes south...

BTW I had to get rid of two tenets I made a deal with one and offered him full refund of his deposit if he showed my place and didn't talk badly about me or the unit I offered him 500 if he could find someone...