All Forum Posts by: Dave Chow
Dave Chow has started 15 posts and replied 89 times.
Post: leasing with washer and dryer
- Investor
- CA
- Posts 91
- Votes 16
Hi @Linda S., where do you get a brand new washer or dryer of $350? What brands are they ?
A brand new washer or dryer is only $350, and used ones can be as cheap as $100. We always include them-- it brings about a better quality tenant IMO. It's pretty common during a showing, to have someone point at the WD and say "that's the biggest selling point!" It's a really big perk, and a reason someone might pick our house over others in the low income sector.
Post: Insurance not paying
- Investor
- CA
- Posts 91
- Votes 16
10k sounds really high.
Get multiple quotes?
Post: Insurance not paying
- Investor
- CA
- Posts 91
- Votes 16
I mostly put 5k as deductibles since I always try to avoid claims. Thoughts ?
Post: Insurance not paying
- Investor
- CA
- Posts 91
- Votes 16
Sounds paying out of pocket to fix it would be easier. Otherwise they would increase your rate a lot after the successful claim. If you want to use the insurance, hiring an agent to claim might work better. Sometimes those insurance companies are a bit hard to work with once comes to claims.
We tent to evaluate insurance and shop them around annually.
Post: Rental property under LLC,do I have to inform the Mortgage Comp?
- Investor
- CA
- Posts 91
- Votes 16
Basically what I was told is the lender does not need to be informed if transfer is after closing. They do not “care” as long as the mortgage is under the borrower name. But if it’s transfer at closing, there would be some trouble.
Post: How to extract equity from 10 homes?
- Investor
- CA
- Posts 91
- Votes 16
Originally posted by @Thomas S.:
Find a mortgage broker. They will do all the foot work necessary on your behalf.
In your position, with the markets as high as they are and potentially a market adjustment on the horizon, I would be selling not holding SFHs at this time. SFH properties are at high risk. Roll your money into an apartment building.
Wonder why sfhs are at high risk ? Compared with multiple units, sfhs are easier to rent out and manage, at least that's my experiences. They are easier to get high quality tenants.
Post: Criminal record found
- Investor
- CA
- Posts 91
- Votes 16
Hes been at his new job only 3 weeks and makes 36k a year. So income is not meeting our requirements. But hes cosign with his fiancee who is pregnant. So might not work very soon. Right now they are making 5k per month.
He also has 40k debit due to college loan.
Considering all the above, it kinda of has more risks than we expected.
Post: Criminal record found
- Investor
- CA
- Posts 91
- Votes 16
Hi BP members,
Do you consider someone has criminal recorsd 10 years ago?
1) He has a full-time job right now.
2) Credit score is good.
3) Has 2 criminal records 10 years ago. Right now hes 30.
a)COMMITTED: RECEIVE/POSS/SELL STOLEN VEH
b) OPERATE A MOTOR VEHICLE IN A CARELESS AND IMPRUDENT MANNER
All the above crimes were committed when he was much younger.
Or allow him to occupy but ask for his family to cosign?
Thanks.
Post: Information on depreciation
- Investor
- CA
- Posts 91
- Votes 16
Some tax software like TurboTax , or professional services if you are too concerned, can do it for you in a more accurate way .