All Forum Posts by: Varinder Kumar

I am finishing up my first rental property and I would like to know what type of materials I should use which would be renter friendly and low cost to purchase and maintain. What type of floors for kitchen and living room? this is one connected area. For the bedrooms I was thinking carpet but my contractor is recommending tile?  Also what type of kitchen should i go with? I have chosen white maple cabinets with granite so far but i would like some input before making the final sale. Also kitchen sink (stainless steel or ceramic) ? I do not have a dishwasher, is it necessary? Any advise would be greatly appreciated thanks!

@Joe Homs,

I am located in Buena Park CA, right across from Buena Park mall and down the street from Knotts Berry Farm along with all the other retail stores literally 5 minutes walking distance. I do not want to make the mistake of marketing it too high either. What do you guys think a good number would be to start the rental price at? Also what should be included in the rental price and what should not be included? Security deposit? First and last months rent required? one year lease and then month to month? Sorry for all the questions I just want to make sure market this rental correctly and in a way that its safe for me and my renter as well. Thanks.

@Jo-Ann Lapin,

Thanks for the advise i will definitely look into that! 

I am located in Buena Park CA, right across from Buena Park mall and down the street from Knotts Berry Farm along with all the other retail stores literally 5 minutes walking distance. I do not want to make the mistake of marketing it too high either. What do you guys think a good number would be to start the rental price at? Also what should be included in the rental price and what should not be included? Security deposit? First and last months rent required? one year lease and then month to month? Sorry for all the questions I just want to make sure market this rental correctly and in a way that its safe for me and my renter as well. Thanks.

@Joe Homs,

Thanks for the input I really do not want to sell my self short. I know I can get a higher amount monthly for it. The home was completely gutted out and remodeled ( new electrical, plumbing, framing, floors kitchen). Should I market it high then wait and see and work my way down. I'd like to have a decent cash flow on it maybe 400 a month. 

Ok so my first ever rental is going to be done in a few months and I would like to know whats the best way to market it. I am going to go through craigslist since it is a free service how ever I would like to know what other methods I can use. My mortgage is $2300 a month. I am thinking of renting it for $2600. This is in Orange County, CA. I have looked up rentals in my area with the same style of homes ( single family 3 bed 1.5 baths with 2 car garage), and they are going for $2500-$3000 a month. Any advise would be greatly appreciated, thanks!

no worries my friend you are very welcome. I would not sell the home. I would rent it. Have you ran the comps on it yet?

To be honest with you when i bought my first and only home a year ago i was going exempt on my paychecks so i can quickly save up the money for a down payment and pay off some debt. When it came time to file for my loan approval they asked for the last 3 or 4 paychecks not sure how many, might have even been 2. My paychecks were higher of course so i got a good approval and they never said anything about the exemption. Not mentioning even without the exemption i made over 100k a year. However my situation has changed now where i dont make as much but still a good amount. To sum it up you can go exempt for a good while before you file for you loan and show you made more money that year and your recent paychecks the lender requires will also reflect that and im sure you will get approved. 

This was not something i had planned on doing to be honest its just how things fell into place. I just needed to be exempt to save up quickly. But now when i look back at the situation i realize it worked in my favor when getting approved as well. I did owe a good amount on taxes the following year, which i paid off but at i now have a good APR and a good mortgage amount living in the Orange County , Ca area.

As for your mothers home i would keep it and buy out your sister. I would leave the mortgage the way it is and pay it off slowly ($6k is really nothing for a home). Depending on your mortgage you can also rent it out and use it as a cash flow property.  You can also live in it and keep saving for something on the side. You have some options and i think your in a very good situation either way given the fact that you have this property now. 

Feel free to reach out to me shall you have any other questions, sorry to hear about your mom passing, God bless take care and good luck 

I also want to know! I was looking into park city Utah, expensive but good rental

sell it! unless you can get 2000-2500 a month.