All Forum Posts by: Diran Deukmajian

When operating a business, it pays to know the laws.

In most states, guests staying fewer than 30 days can be removed by police for failure to pay rent or obey the rules. Hotels and motels do it all the time.

Sorry, man....not trying to be condescending. I just have a tendency to tell the truth when I see it. The only question you asked was which eviction process to go with and I guess I didn't answer that directly.....so here it is... I would see an Atty first before doing anything else. That's your process.

Hi everyone, 

A bit of a unique situation. My dad invested in rental properties from 2008-2014 and made good rental income on them. Our city has now ballooned in value and no property is renting at 1% of price anymore (300k house is renting at 2k, 800k is now 3.5k). While not with my money, I have been working on the real estate business for my dad since I was 14. I've gone through eviction court proceedings, ran thousands of background/credit checks for application, made numerous leases, dealt with repairs and whole house renovations when a few tenants nearly destroyed properties, and worked with property management companies on the HOA units.

So I'm familiar with managing rentals (even remotely, as I still helped during college) and am hoping to get a good cash flow rather than appreciation. I'm 24, currently have about $200k saved up, and have talked with a mortgage lender but not finalized getting pre-approved. I'm looking to invest out-of-state for my first real estate investments and was hoping for some guidance on where? I have family invested in Cleveland but the declining population and snowy conditions makes me hesitant (lived in CA all life, no idea what repairs snow damage needs?)  

**Another aspect is that I am worried about investing my cash (currently in 5% HYSA) into real estate and then the market declines as interest rates are cut. 

Hello everyone,

I have been looking to get into real estate for sometime and finally want to take the next step and secure my first property. Over the last few months I’ve been trying my best to learn as much as I can to gain knowledge in the business and help me make good decisions. 

My first issue is I live in a HCOL area (NY) and investing locally seems like numbers are not worth it. I’d have to spend big money on a downpayment and most properties won’t even cash flow enough to make it a good deal.  

I am now trying to learn as much as I can about investing out of state. I finished reading long distance real estate which was very helpful in showing that it is feasible to buy properties out of state. 

I have a good full time w2 job so coming up with a down payment is not an issue. I just am having issues feeling confident in an out of state market that I have no clue will be good. 

I’m looking for advice on what I should be doing to get where I need to be. So far I’ve read long distance real estate, rental property investing and abcs of real estate. I’m also reading forum posts and listening to the bigger pockets podcast when I can. 

My goal is to buy my first rental property this year, preferably a duplex and would like to get to a point where I feel confident to put my money down and make my first deal. I currently am not a homeowner so this would be my first property all together. 

Thank you for the help. 

Hi all, first time posting here.

I have been listening to the BiggerPocket podcast for a few months and would like to get my feet wet.

There is an opportunity, close to where I live in Los Angeles, which asks for 2M. In our market, it's better to pay 30% down to secure a loan. This basically means we need to spend all of our cash reserve in the downpayment.

I also heard that in states like Ohio and New Mexico, you could find good properties with possibly cashflow under 60k. With what we have, we could pay cash for those properties, so that we can avoid the high interest rate nowadays. But it take a lot of luck and effort to choose the right market to invest in, and managing an off state property is also challenging.

I would like to hear people's take on this topic.

Thanks!

Yang

I would bet this one is going to make money for anyone who knows what they are doing.

https://www.zillow.com/homedetails/1409-N-Hill-Ave-Pasadena-...

Hello rockstars! Especially to landlords. This is the first time that we are renting out to someone for midterm rental. My prospect tenant just completed his application form/background check thru avail.co. Can i ask for personal reference and professional reference like coworkers no.? He's a retired military in his 40s. He has 9 month work gap in 2022. And in 2023 up to present he does not have employment but just accepted at a military or base near where we live. He even sent his 2 previous pay stubs from 2022 and an acceptance letter from his current military employer. What else can i ask just to prevent potential issues with a tenant. This is a big deal since we live in the same lot with my family and I'm renting out my ADU. Its just so many horror stories out there dealing with bad tenants that it's making me nervous although I need this rental to help pay for mortgage.

You can tell declined applicants the reason for their denial, but I would recommend not going into too much detail. I've been doing property management for 5 years now, and I have a denial letter I've created. Something like: Hello, thank you for your application. . . unfortunately the application was denied to due x,y,z "does't meet income requirement." "unable to provide proof of income documents" ect. the application fee is non refundable . . if you have further questions, email here.

Overall, I think you should develop a screening process. Because you have to be able to protect the integrity of the property or unit by screening applications properly. It's a great start that you're asking for help.