All Forum Posts by: Nicholas N.

Hey @John Rubino,

If you're on a desktop/laptop, one way to add names is to type @?

Also, above where you enter text, there's a button for adding hyperlinks.

@Joshua Dorkin, I installed iOS 7 yesterday and those features don't seem to be available on the iPhone app (I suppose it could just be me).

Anyway, here's a link to the blog: Meet Up? Topics, Timing, and Location

Thanks for posting.

nmn

@Brian Yoshimura

It's funny, lately I've heard several people say investing in Los Angeles is hopeless, while others say there are still good deals to be found if you look hard enough. I did my first deal in LA about 9 years ago. Prices were astronomical so I ended up partnering with friends and we all pitched in for a down payment. That's definitely an option in a high-priced area, and we were successful, but I wouldn't recommend it unless you spend a good long time planning for the worst, and you put that plan in a signed written agreement. We spent a huge amount of time driving by listed properties, going on walkthroughs, getting a feel for different neighborhoods, etc., which I though was critical. That would be very difficult to do for out of state properties.

Nonetheless, the thought of buying a cash-flowing property for $110k (that's not under the 110 freeway) is enticing. It's made me think about investing in other parts of America too. I think BP is the right place to be, and if there's a particular area you're interested in, I'm sure there are BP members from there who'd be willing to share what they know about the market. I moved to the east coast 6 years ago, so I'm interested in hearing what folks have to say about what's currently going on in LA. I still think it's the best city in the galaxy.

nmn

@Ellis San Jose Thanks, that's exactly how I feel. The difference is about $1k/mo. A short sale on the credit record might make traditional borrowing difficult, but it seems that it might not be much worse than having a monthly obligation like that.

@Jon Holdman Thank you too. I'll look closely into the answers to those questions and do some serious math. At this point, the lender refuses to even talk about a short sale until the property's listed, so I'll think about whether I want to go that route, while also considering some of the other options you suggested.

@Rob K. Values in southern CA appear to be rising slowly now, but if they ever get to where they were 8 years ago, it doesn't look like it will be very soon.

nmn

Yuliany, I've been very happy with my property management company. They've done everything from tenant screening, filling vacancies, and collecting rents to handling the eviction process. They also have an in-house maintenance crew that can handle almost all repairs. All I do is answer the phone every once in a while and say "I approve." Cost is 8% of rent. If you want, I can send you a link to their website, which I think has a good list of services to look for in a PM. N

Bienes, Lower rents don't necessarily mean worse tenants. Even the best tenants would pass on your place when it's cheaper to live next door. I was in a similar situation and ended up hiring a property management company that managed A LOT of other properties in the area. They were able to suggest some minor touch-ups to increase rentability, and to suggest an appropriate rental price based on their knowledge of the area. Plus, they were much better at advertising than I, and they already maintained a list of interested tenants. Ultimately, the rent wasn't as high as I had hoped, but I got a great tenant quickly and expended almost no effort. N

Hi All, I purchased a condo as a primary residence in 2005, but it became a rental after I had to relocate. Since then, rents in the area have decreased resulting in a negative cash flow on the property. Property values have also decreased, so the negative equity is significant. I've contemplated a short sale. The money saved each month could be better invested elsewhere, though I'm not sure the bank would approve or whether the credit hit would make future deals unnecessarily difficult. Any suggestions on what you'd do in such a situation? Thanks, N

Maggaline,

Whew, I thought you were gonna say something about last night's football game. Welcome to BP. I'm in Silver Spring too. I'd be interested in learning what kind of deals you've found around town.

Nick

I was once walking through a property as a potential buyer and noticed a trap door in the middle of the kitchen floor. I asked the tenant what was down there. She opened it up and a whole mess of chickens flew out.

hello(Jeremy)

{

It's good to see another geek from Maryland here. Welcome to BP. Your enthusiasm in light of your prior misfortune is inspirational. Thanks for sharing. I look forward to seeing you around the site and reading more of your //comments

}

Hey Matt, welcome! Good to see some other MD folks in here. - n