All Forum Posts by: David Dachtera

Hhhmmm... Well, first guess time, the worst of his behavior is likely to occur when he's intoxicated. Maybe get law enforcement involved as well as consult your attorney for actions you can take.

Shaming him out could backfire and result in damage to the property. Not sure I'd recommend such actions. He sounds like the kind who transmutes shame into blame - it's not his fault for f---ing up, it's your fault for calling him on it and that never turns out well.

0 Votes

Newark, New Jersey

Quote from @Michael Peralta:

Hi -

Is it possible to draw up a offer letter without an agent? I think I found a solid home I want to capitalize on.

I did all the work myself so I feel guilty in giving someone a cut if I went through the trouble of doing all the work but, need assistance drafting up a solid offer letter. Any advice or template available?

Your attorney should be able to help you. You'll be signing legally binding contracts at closing; so, you should be using an attorney whether you have a buyer's agent or not.

My $0.02 ...

1 Vote

Jersey City, New Jersey

Quote from @Jay Hinrichs:

Quote from @Eli Kallison:

Quote from @Jay Hinrichs:

Quote from @Lauren Ruppert:

Thank you Mark!

One more question, will a title search indicate all liens on a property? I want to make sure I do my due diligence, but I'm not sure what else I might have to check after having a title search done.

Tax sales in CA wipe out everything but IRS liens and the IRS just has a few short months to redeem and pay U interest they never redeem.. CA tax sale is the safest tax sale I have seen for those that are worried about liens.. NOW whats more important and risky is usually access issues encroachments non build-ability code violations etc.. but not monetary liens those all get wiped out.

It's my understanding that state tax liens (not just the county tax liens from the foreclosing county), child support, and mechanics liens survive the CA tax auctions as well.

if they do the laws have changed.. at least with Mechanics liens.. for sure those are extinguished along with mortgage debt and my experience of doing this for 20 years and 1000 plus purchases is nothing stuck. Since 99% of what we bought was bare land maybe those owners did not have these other liens. Very few improved properties ever sell in CA at tax sale. They all get redeemed either by the lender or the owner or other investors who pick them off of the default list and make a deal with tho owner to buy them pre tax sale.

Child support? Why is that a lien against the property instead of a judgement against the owner of record if they are the delinquent parent? ... or is that just a CA thing?

0 Votes

Modesto/Merced, California

Quote from @Kyler J Sloan:

Has anyone quit their job after just one or two deals?

After the second one I have in mind, my net income will equal my W2.

Just curious. I am tempted.

(I posted this in the STR discussion because I doubt this has occurred in long-term except for those investing in commercial properties)

The key phrase there is "my net income". Remember, you still have SUTA, FUTA, FICA and elective benefits (usually healthcare, and often includes retirement funding). xUTA can help provide income in case your job evaporates before you are ready (your current employer pays half of those). FICA can help provide income beyond retirement age to support you during challenges with your properties.

My personal preference would be to build a business entity structure which will help shield me from the risks and liabilities of REI as well as provide a W2 income to help keep me viable as a borrower until the businesses can get credit on their own.

My $0.02 ...

1 Vote

Quote from @Britney Allan:

Looking in the near future to get my first investment property and leaning most towards going the Air BNB/STR route. Is this even the best route? Or is LTR better in your opinion?

I am wondering which property type is best for this route in terms of success and the least hassle when it comes to things like HOA's (As I know a large portion of HOA's are not friendly to this route).

Which property type is best? Condo, apt, or house? I am leaning towards Condo, but worry about HOA's.

I am looking in the STL, MO and Naperville/Champaign, IL areas.

STRs are *NOT* investment properties - they're part of a Hospitality Industry business. Unless you have hospitality experience - hotel / motel management, etc. - I'd recommend to avoid it until you have some.

That said, I'd recommend to avoid HOAs entirely. Instead of condos, you can do what's called "rent arbitrage" - rent an apartment with the understanding that you will be using it for short-term rental to cover your rent + expenses and provide some profit. HOAs in condo buildings and even in some SFR subdivisions may be receptive if you state your intentions up front.

These days, HOAs are not the major concern. Municipalities have started banning STRs across the Country due to neighbor complaints about tenant turnover, noise, etc.

Since you're looking at covering a large area, get good at finding and coordinating service companies to meet the needs of a hospitality business: cleaning, supplying, maintenance, etc.

My $0.02 ...

0 Votes

@Bryce G.,

I understand you would like everyone to look at the question the way you do. Homeowners, however, are not concerned about investor benefits, they are focused on their own property values and on quality of life which is what gives value to the neighborhood as a whole. Speaking as homeowner myself (gotta update my BP Profile).

My $0.02 ...

2 Votes

Quote from @Myeasha Jones:

I’m having a hard time on Deciding to take a job offer in Palo Alto My biggest hesitation is the average rent cost in Palo Alto being $4,200 for a 1 bedroom

My personal non negotiable are not having a commute / living within 5 miles of my job

the offer I got is $100,000 base and $40,000k in equity after 1 year.

I’m currently with a company where my base pay is $38,480 and $26,100 (housing allowance) & there’s $100 bonus per lease.

So people are saying I’m crazy for even considering to stay but I’m truly having a hard time because

I also would need to pay for full time childcare in Palo Alto most quotes I have are within $2700-3500, so I’m adding that with the cost of housing and it doesn’t really add up and it’s making my head hurt. I’m the sole income provider.

Is this offer something I should be moved to take?

$4,200 / mo is $50,400 / yr . At $100K gross, your take-home will be around $74,000 net before voluntary deductions (health, other benefits, 401k, etc.).

After daycare, "Cowboy math" looks like you're coming up negative before you even look at groceries and other purchases.

My $0.02 ...

1 Vote

Folks listing their properties with brokers / agents are usually looking for top dollar. So, MLS is often not a source to find "bargains". You may find some here and there, but not as a matter of course.

If a property's asking price is not supported by the property's condition, that needs to be expressed in your offer. Explain why your offer is below the asking price so the seller can decide if they want to negotiate.

Sellers are often not so different from investors: they have dollar signs in their eyes.

My $0.02 ...

3 Votes

Quote from @Joe Goerdt:

Quote from @David Dachtera:

Does anyone know a vendor who can make new screens for my existing storm windows?

These are dual-track storms - the inside window slides up and down while the screen remains in place with a window above.

... except the screens are missing, and I cannot replace the storms at this time. So, I need to have new screens made. They're roughly 31 inches by 30, the screens are half as high - about 30 wide by 15 high. I can provide exact dimensions if that would help.

Anyone have any recommendations?

David, I know your post is from 6 years ago but I am having the same trouble. I need to have several screens made and the local window company does not have the metal frames that will fit in the tracks for the storm window/screens. Do you find the metal hardware needed to be able to replace the screens? Thanks

There's a kit you can get at Menard's to make screens in the size you need. Cut the rails to length and join them with the joiners in the kit. Then, install screen fabric. It's for fixed-position screen only - no latches or anything like that. Maybe that's how they're all made these days.

Hope this helps ...

0 Votes

Quote from @Jim K.:

Just a redirect here...the OP is in the Catskill Mountains in upstate New York, a prime weekend vacationing area for couples and families out of the New York City area. This is her first post. She took the time to set up a profile. It would behoove you to at least look at it before commenting.

The OP is a realtor and looking to expand into STR, which is HUGE business in the Catskills. This is not some newbie wet behind the ears who has never managed property.

@Laura Krukowski

Good luck, Laura. Wish I knew something that could help you.

It's important to note that Short Term Rental - the business AirBnB is in - is *NOT* real estate! It's the Hospitality Industry and is a whole different ball of wax. If you have no prior experience with it, you should pursue that study first and decide if you even want to do it.

My $0.02 ...

1 Vote

All Forum Posts by: David Dachtera

David Dachtera has started 94 posts and replied 4493 times.

Post: how to evict a horrible tenant

Post: I found a property without an Agent

Post: Tax default auction in California????

Post: Quit Job after 1-2 Deals?

Post: STR/AIR BNB- House, apt or Condo- Which is best?

Post: Why are so many HOAs and local governments against STRs?

Post: Considering job offer 100,000k base salary

Post: MLS Pricing too high, no room for profit.

Post: Replace Screens in Existing Storm Windows

Post: Someone wants me to manage their property & I have questions