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All Forum Posts by: Eric Gerakos

Eric Gerakos has started 0 posts and replied 661 times.

Post: Tenant eviction negotiations

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943
Quote from @Jen Le:

Thanks for responding Gary.  I do have an eviction lawyer, Brian Heckman if you have ever heard of him.


I’m doing extensive remodeling, it’s on knob and tube, over 100 years old building and plumbing, so about 2-3 months renovations. It is obscene and my lawyers says it’s still better than you going to court by jury.

Your need a different lawyer. That’s terrible advice….

Post: Not new but returning member

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

Reminds me of a great quote from Viola Davis. “Everything that you ever wanted is on the other side of fear.”

Post: Tenant doesn’t want to place TP in waste basket

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943
Quote from @Don Konipol:

All the replies above are based on ASSUMPTIONS about the condition of the plumbing.

Is the plumbing able to handle the “standard” amount of toilet paper being flushed and the tenants are just “loading it up” before flushing thereby causing the problem?  Or is the plumbing not able to handle a normal amount of TP and rather than the tenants being the problem the fact that the plumbing is inadequate is the problem?  So first, you need to determine whether or not the plumbing CAPACITY is up to today’s standards.  If so, you’ll need to stand firm with your tenants.  If it is not up to today’s standards, and the tenant was not informed of such before he signed the lease, then ethically, if not legally, it’s “on you”.  If this is the case Step 1 is to determine a fix and the associated cost. If the cost is reasonable, I would go ahead and make the improvement.  If the cost is out of line, I would try to reach an “accommodation” with the tenant.  Something like he agrees to flush more often and for every month with no back up I credit his rent $25.  
Good luck.  What you’re experiencing is the problems, responsibilities, and negotiations, frustrations, expenses, etc. of being a landlord.  Most of us doing it a long time have developed systems so that we handle these things efficiently.  My particular program is to only invest in class A in residential (I do b, c and even d in commercial), charge the tenant the high end of the scale, and fix immediately anything he wants that’s even semi reasonable.  That works for me but probably won’t for a majority of landlords. 

Class A, high rents and immediate repairs. That's my strategy. Works great.

Post: Inner City Properties

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943
Quote from @Trevor Mutepfa:

Thanks Samuel, I'm guessing that would be because of the upkeep, right?

Always consider who your tenants are going to be. Those areas usually attract crappy tenants who don't pay rent.

Post: Should I start to Invest or keep saving?

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

Keep saving.

Quote from @Josh Aljets:

Thank you all for the more complete picture! This is giving me an increased sense of caution and I appreciate the heads up on the impact of these other factors on what I'm seeing in these listings.

It seems so daunting to get at the truth and the details, especially for a first go round. How much can you lean on a good investor-friendly agent for any of this, especially for a first timer?

Josh, never depend on an agent to steer you away from bad deals. Always keep in mind that their goal is to sell you something. Your goal is to make sure the numbers make sense. Best of luck to you.

Post: New Investor with $100k - Where would you start?

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

It depends on his goals, but if he's looking for cash flow I would buy a secured first trust deed. Currently paying around 9.5% interest. Hassle free passive income.

Post: what happens when a tennant dies

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

If they were a good tenant and paid the rent on time, heaven. If not, the other place.....

Post: What is your eviction rate?

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

23 years of buying A and B properties. 0 evictions......

Post: Have you ever offered rent concessions to entice potential renters?

Eric GerakosPosted
  • Investor
  • Costa Mesa, CA
  • Posts 677
  • Votes 943

If you buy upscale (desirable) properties in desirable areas as opposed to affordable (undesirable) crapboxes in undesirable areas you won’t need to entice tenants. I have a waiting list for tenants as my rentals are all where people actually want to live.