All Forum Posts by: Account Closed

@John Clark No felonies should have been on the list of requirements. Or if you’re willing to accept some criminal background it should specifically state it in the advertisement. For example “no felonies in the last 10 years”, or something like that. He probably singled your ad out because it didn’t say anything.

@Michael Montana If you were “flooded with responses” maybe you under priced the unit. Like others said anything will rent for the right price, but don’t price it under market just out of fear it won’t rent.

@Andrew Freed

No inspections

Not to mention the rent control and tenant friendly laws.  

@Brian Gerlach same here in Torrance. It’s insane. Sigh....but the weather is sooo nice lol.

@Ben Brown that’s what my wife and I do. We rent an apartment in LA and buy houses in the Midwest. The rent on our apartment is MUCH less than a mortgage would be if we bought a comparable unit in this neighborhood, and the DP required would be in the six figures. We save money by renting and invest in real estate that cashflows. The down side is we miss out on all that appreciation. You need to know what your goals and priorities are at this stage in your life. We’ve chosen to build our barn first.

@Tina Tsysh You may be able to rent the property out for $3,000 a month, but that’s for nothing if the mortgage is $3,500...which it probably would be after putting a down payment in the six figures. Take that 6 figures worth of capital and invest in something that will cashflow.

@Timothy Ray

Ask if they have an in house handyman to handle all the small repairs. Otherwise they’ll be calling the plumber to go over and the light pilot lights, or contractors to patch holes in drywall. Those tiny jobs will cost $100 or more to outsource, and will eat your profit. Another thing is ask if they do regular inspections of the interior. Every 6 months I get a detailed report of the condition of the properties with pictures. Nothing worse than a tenant moving out, only to find that they’ve been trashing the place for the last few years, and now you have to completely remodel, and all that cashflow is gone.

@Wesley W. It would depend on the market. My wife and I rent here in Los Angeles, and even though we have income and excellent credit it took us awhile to get an apartment. That quick draw tenant might just want to get a jump on the competition. Some people are also just extremely decisive. They know what they want.

@Anthony Holloway Ask this question and you’ll get 100 different answers, mostly from agents claiming their city is the best.