All Forum Posts by: Gary B.

Thanks you all for your devise. 

I evaluated this deal with a normal 3 weeks ago,  and it had good cashflow out of inventory available in market in my range. It's a 1960 property and needs rehab (not immediate) but over the years, sits on a septic and own water well.

World has changed in 3 weeks, and US in last week. My Delima is should I rather sit on cash for few more months and I might be able to see similar returns with newer properties. All signs are alluding to deeper recession, and this pandemic can be deeper that we see right now. 

@Brian Briscoe thanks for your insight. Yuba City is primarily agricultural economy, plus all industry + government & medical jobs that comes along with it.

Hello Fellow Investors,

I just have a 15 unit deal locked down at 6% CAP in Yuba City before COVID-19 havoc struck this week. What would you advise if this good time to buy or wait till more till economy comes down further, if it will ?

Thanks,  Gary

Hello Fellos,

My property manager do not communicate to me in time if tenants has put in notice to move out. Once i find this out looking from deposit receipts that someone is moving out. Property Management tries their level best not to give move out date to me. 

Could there be hidden agenda or just lack of communication, but has happened several times and i have pointed this before ?

Best, Gary

Hi Fellow investors,

I understand in single family homes (in California) it is legally required by seller to deliver septic tank empty. Are you aware of any such laws in septic tank for multi-family property in California?

Seller wants me to do the inspection on septic tanks and he will take up 50% cost upfront and will like me to pay 100% if I go for the property. First step of inspection in septic tank is the dig out the lids and empty them.

Thing is property had 10 tanks and are buried and it will cost ~$10K to Unearth + empty + inspect them.

I am not sure why this is not sellers responsibility to deliver septic tanks empty.

I will highly appreciate your advice, how to approach this situation.

Best, Gary

Hi Fellow investors,

is there any change in RUBS laws for multi-family properties in California?

Best, Gary

@John Teachout - thanks for your response. Are the well companies local or these are franchise chains? I want to talk to one of them not sure how to look them up.

Hi Fellow investors, I am evaluating a property that has a septic tank + own water well. Seller says city connection is available but he choses to keep it that way. Seller is offering property at 7.5 CAP rate. What could be the catch ?

Best wishes, Gary

Thanks all for great advises and spending time to read my problem. That is why i love BP community. PM did have some lapses abut trying to keep me in loop as she is in mode of getting advantage from Week 1. 

California laws a bit tenant friendly so cannot evict her but keeping documentation of everything. I like the idea of billing her back that way she will stop making up stories.  

Hi Fellows,

i have a new tenant, she works for adult care facility. From day one she is trying to trying to make up things to get free rent by giving empty threats. Following is sequence of events:

1. Tenant moved in 68 days ago, PM gave her the lock box code and she moved in two days before actual move in date.

2. Property was delivered clean to her in walk through with empty garage and we had pictures.

3, she claims when she came in property was in mess, more junk in garage was there. She claims that she spend all day cleaning the whole house. Threatened to have pictures but never shared them. Garage had junk (not sure how it landed there) which we promptly removed.

4. Next, Toilet rings was leaking and PM promptly fixed the issue

5. Next, she was getting mild electric shock from refrigerator. Moment she reported I replaced the fridge and later found out it was lose neutral issue which electrician fixed and installed grounding. she cancelled twice the appointment before we could get access to fix this.

5. its a 1950's build house so it does not have grounding, i needed to get into home to fix the grounding issue for all outlets. Month goes by and she gives and cancel appointment to electrician.

6. Now, she say washing machine is pumping back dirty water in kitchen and bathroom.

7. Then she reports that heater is not working and she went ahead and bough three room heaters for each room and lost the receipt but wants me to pay for it.

8. Then we get access to home after giving her 24 hour notice.

Findings: Heater pilot light was off and we turned it on and it was up and working. We ran snake test on drainage and also tested washing machine - no dirty water coming issue discovered. Also, we grounded whole house.

9. Today she reports that house has dry mould and insulation issues and she is getting health issues with it. Baseless again, we getting experts to verify it this week.

10. She claims her mom (who is not on lease) pacemaker got reset with fridge electric shock and she facing health problems because of mold and she has missed work and risk of losing job.

So settlement offer yesterday was that give me one month free rent or pay my medical bills. We did say no

Today she say return all my rent + security or pay my medical bills. with new story of mold and health issues + job issues.

11. bottom line i have all the email communication to show that she is trying to find a reason to make money from landlord.

12. she has 10 months on the lease, can you suggest how can i get rid of this tenant. She is a young girl working for an assisted living facility and sort of passed basic background checks. We are also following up with her old landlord to understand more about her.

I will highly appreciate any guidance here.

Best, Gary