All Forum Posts by: Erin O'Connor Smith

These are great points! Would anyone be willing to share their move-in move-out lists and addendum with pricing with me in a private message?

@Tracie Janoska listen to podcast episode 356

@Josh V. In Los Angeles and got a home advisor quote to replace a basic kitchen faucet in my rental (I mange everything myself and only since then have my properties seen black ink) for $820. I laughed. They were serious. I took to writing a few choice reviews — unbelievable rip-off artists!

I have about $2M of equity in three single homes (technically a triplex but not connected) on a hillside in Eagle Rock in NorthEast LA. Annual rents are $160k. I haven’t had earthquake insurance for the last 15 years but I am considering it. The homes were built in 1990 and I purchased them in 2004.

I got a quote to cover each of them separately: full dwelling amount is $333k, 15% or $50k deductible, rent coverage $75000. Annual premium for each about $600.

Thoughts welcome to help me analyze is it worth it?

Hi @John Warren, thanks for that! Wondering how you approach calculating a return on equity? I have my annual P&Ls from each property, which of course don't take into account the tax deductions... Your thoughts please! 

Erin

Chiming in late to some other really great advice... 
I always ask the previous landlords how often they heard from the tenant with issues in general and in what sort of condition they left it.
Also, when screening I tell tenants that I prefer those who treat the place like its owning their own home and either their face lights up or it doesn’t. During move-in walk-throughs with the list, I let them know as we mark off each item what I will fix and what I will not so there’s no surprises later. They are also free to add any thing we missed within the first week via photos.

@Daniel DeSurra glad you got out... Brandon says don't invest in a deal with less than 13% Cash on cash ROI

@Scott Mac thanks!

@Jaysen Medhurst Wow, these are really good points. I had completely missed the gas at $1400 per year. Mini-splits are interesting for sure, especially with just one per unit needed I'd imagine with 500sf per apartment. And the basement, I'll need to check what is possible with that but what a super idea... Thank you!

Thinking about building secure storage units in the basement of a 4plex. Any experience with the best way to build for the most value?

Also, how to price them for the tenants of these very simple 1 bed/1bath apartments that currently rent for $500-550 each per month. Include in rent (and increase slightly) or offer as a separate amenity? And for how much each?

Thanks!

Erin