All Forum Posts by: Chad Hale

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I'd recommend using either a CAR (California Association of Realtors) or CAA (California Apartment Association) residential lease in CA.

Congrats you are off to a great start.

The multi-family units will give you significantly better cash-flow than SFRs in the bay area if you decide to look locally.

Couple of sources recommended by California Apartment Association.

https://www.tenantalert.com/

https://www.rentspree.com/

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Largely agree with @Marc Winter.  My goal is to make my clients/customers know/feel that their property is being taken care of, so they can focus on other things.  That is why they are paying!

Check your local governance for how long to retain.

In California, for a written lease keep it for 4 years minimum from the date of vacancy.  That is the statue of limitations.

@Roger Chan  Based on what you shared, my inclination (like Chris Mason) would be to hold and rent making some $$.

It sounds like you should have enough equity in the condo to refi or HELOC. Note, when taking out a HELOC, it will count against your DTI ratio even if you have not used it. Most lenders will compute a minimum payment assuming it was fully utilized. Best to work with someone like @Chris Mason or another mortgage broker to get exact numbers.  I rarely find the "big" banks to have the best rates and/or flexibility.

I'll offer a small discount (1-2%) for managing multiple properties.  Much depends on the properties themselves, condition and location(s).  Regardless of who owns the properties, the same amount of work/effort still has to be performed per property.

I was using Credit Bureau Associates who have recently moved/consolidated with TenantAlert.

Have the option of running, criminal background and identity fraud checks.

Have the option of  paying for it myself or applicant to pay.

I get the credit score, account types open, closed, payment history, status of accounts, balances, etc.  I get a pretty good idea of how extended they are and their payment history.