All Forum Posts by: Gloria Mirza

People living in the property is a major deal breaker!  I would drop my purchase price by at least 40k to account for the people living there.  The reason is that in California it can take 3 months to get them out and there is a very real possibility that they will vandalize your house on the way out.  Either make sure that the people living there are out before you close or re-negotiate the price, but under no circumstances should you buy the property unless on or the other occurs.

I own 7 SFR and closing on one tomorrow and another at the end of May :-). It's starting to get more challenging to manage with a full time job but property managers charge way too much relative to the amount of work that they do.

All of my tenants have computers and I don't expect any problems.  I have 9 rentals and just started using it with one of my tenants.  We'll see how it goes :-).  Main drawback is that it will take you a few more days to get your money because the ACH transfer takes time.

I have one for long term savings, one for investing in stocks, and one for rental income.  A good option is to use online rent collection software.  I have recently asked my tenants to start using cozy.co.  It's free and would help track rental income on a per door basis.  

 I just closed on a house in Elk Grove about a month ago, it was a short sale and I got it for 250k.  The house about 8 homes away with the same floor plan in the same condition sold for 305k.  I would call that a good deal :-).

@Mohit Madaan I'm an investor and real estate agent, and asking about homes for my own personal portfolio.  It's kind of hypocritical if you don't believe in what your telling your clients :-).  

@Wes Blackwell if you have any short sales that you are the listing agent for let me know. I'm interested in an SFR investment property in either Sacramento, Elk Grove, or Stockton

You would most likely have to sue to get the money you spent on inspection out of the house.  Another option is to negotiate a discount as you are now in the power position.  The owner will have a door that is sitting empty and will have to cover that cost themselves if they hold the property while waiting to find a new buyer and go through a 30 day escrow.  I would negotiate a discount on purchase price.  Also be very careful with this seller, since they are known to be dishonest.  

Hi Mica,

Welcome to BP!  I think you will find this site very helpful.

ummmm 50% rule?  That's ridiculous!!  If I own a 1,400 sqft house that cost $100k and rents for 800 a month in ohio would my expenses be $400 a month?  Now what if that same house was in San Jose and rented for $3,500 a month.  Did my cost of repairs just jump up to $1,750?  

@Sung Jin I believe my expenses for a 1,400 sqft house are roughly $300-$500 a month.  It's hard to get good number since one offs like replacing a roof or a broken fence are hard to account for.  

With regard to FHA loan, you can buy a 4-plex, live in one unit and rent out the rest and still be able to qualify for FHA. I live in San Jose and haven't seen any homes for 200k around here. Is this a condo with high HOA fees that possibly requires a lot of rehab work?