All Forum Posts by: Jasmine Batt

Thanks @Bjorn Ahlblad and @Dick Rosen. Both of your comments make me feel better and hopefully about possibly getting some $ back each month with a washer and drier. Plus, I personally hate doing laundry at a laundry mat and would like to give my new tenants the ability to not have to go to a laundry mat.

Thank you @Nathan Gesner for your insight. I will have to look into the cost of operating the machine and how much they can reasonabily make a month.

I just got the keys to my 1st property (3-plex) last week!

The property has a washer and drier hook-ups in a little laundry room, but I do not know where to purchase a coin operated washer/drier and or what is the going rate for this type of machine.

Can anyone suggest a location to purchase and what they have seen as this type of appliance can go for?

Thanks for any help.

I am looking to chat face to face with a local Lake Havasu City Property Manager/Investor/Realator. I am looking to buy a rental/vacation home in Havasu, but want to get to know the market.

My fiancé has been vacationing in Havasu his whole life, but I have only been going the last five years and we pretty much stay to the island and the water. I want to talk to some local investors and manager to see he different neighborhoods, development trends, planned development, etc.

I will be in Havasu Friday (6/1) morning to Monday (6/4) noon-ish. And I am more than happy to buy a coffee or beer to chat and get to know the area better.

Can anyone refer a lawyer that is knowledgeable on insurance policies? I need someone to look over my policy prior to me closing escrow. I want to make sure that I am fully covered.

I am currently in escrow on a 106 year old 4plex in Long Beach CA. I have received an insurance policy quote for CA Fair Plan. I let the insurance agent know that the property has knob & tube electrical wiring and cast iron plumbing, and they are still willing to insure me at a greater price. I am worried that even though that they say that they will cover any damage due to the very old/unsafe electrical and plumbing, that when push comes to shove I won't be covered.

I am currently in escrow on a 106-year-old 4-plex in Long Beach CA Historic District. I need help on deciding if the deferred maintenance from previous owners is outweighed by the potential for appreciation in the next few years. Those are that knowledgeable of the owning property in Long Beach, please weigh in with your experience, reason’s why you choose to stay in Long Beach, and any other help you are willing to give.

The numbers at a glance:

• Purchasing price: $860K
• Down: $44,350 (5%)
• Interest: 4.375% (high due to lender credit to buyout Mortgage Insurance at closing)
• Op In: $74,364/yr
• Op Ex: $17,870/yr
• NOI: $56,494/yr
• Mortgage: $48,869/yr
• Cash Flow: $7,625
• GRM: 11.56
• Cap Rate: 6.6%
• Lot sqft: 2,988
• Sqft: 3,656

The property is within blocks or so from the all the new construction the city of Long Beach is doing on Pacific between Broadway and 4th street. The property is on the edge of the St. Mary and downtown Long Beach neighborhoods. This area is coming up (gentrification is kicking in), but might take a few years. My strategy for this property (my first property) is hold on it for 2-3 years until the City renovations are completed and sell it. I am not looking or have the capital to upgrade all the work that has been deferred for years.

Property Cons:

The property has original knob & tube electrical wiring, cast iron plumbing, needs a new roof (estimated at $18K), major work to the original wood siding & windows (estimated at $40K – need to stay within Historic District requires), and extermination of pests (estimated at $5K). The seller did a shotty job at moving the in-unit water heater out to the yard of one of the lower units, which required boarding up that unit’s back window. I do not have the capital to upgrade the existing electrical and plumbing, but can put on a new roof and eradicate all the pests (roaches and rats).

Property Pros:

Location, location, location. In non-rent control area (all Long Beach is non-rent control) and three of the four units are on month to month leases, so rent can be increased. All four units are 2 bed / 1 bath with washer/drier in units, but only street parking (1 block from metro). The two top units have a small pouch, while the bottom two have a small cement back yard. All four units have fake fireplaces features, built in bay windows in living room and master bed rooms. The top units have built in “hutch” in living room and large walk in closet in master.

Does anyone else know of articles or studies done in CA against rent control. I want to contact my representative, but would like more ammo on why it hurts REI and renters.

I have not done it, but it sounds like a great way to get to know your market and make a little cash on the side. I have spoken to many Uber drivers and they say that find so many great unknown to them areas throught Uber.

Jeff, I should be able to attend the 10/8 meeting, but would also like to be added to the email list.

Thanks @Anu Gunn, I will definitely look into it REIA and @Jeff Greenerg