All Forum Posts by: Jon Magnusson

"The landlord believes that "visiting clients" is frequently a euphemism for illegal activity such as drug-dealing or prostitution, thus "visiting clients" are NOT permitted at any time. These premises are for RESIDENTIAL use only, and no business use is either permitted or allowed".

I would send this to her and change the locks!! Good luck!

0 Votes

Originally posted by @Anthony Peric:

Originally posted by @Jon Magnusson:

If my memory from the BP podcasts serves me right, this is called speculating. With 200 - 250k at your disposal you could easily find a SFH house in South Orange County in the 600-700k range. With your down you should be able to cash flow between $200 to $500 for the right property. Rents in the right area down here for a 4 bed 2 1/2 bath are starting @ $3k a month and only going up from there.

Long story short, if you can't cash-flow on that property I would find one that will.

@kenneth Muench You could buy a home CASH in Santa Ana or Rialto

Then BRRRR a few times over!

1 Vote

I would call your agent and get a good attorney before all your copper and fixtures are gone. Sorry this is your first experience. It should get better before it gets worse.

0 Votes

Originally posted by @Mike H.:

@Randy E

Ha. Funny thing is I have never answered my phone after 9pm even if I see its from a renter. :-)

And here's my funny story on that. This was probably 5 or 6 years ago. It was a friday night. My wife was downstairs in the basement cutting someone's hair. Got a call from the fire dept in one of the villages nearby. I had just donated some money to some fireman thing so I assumed it was another ask - and I was playing halo at the time so I didn't pick up.

They called again. I let it go to vmail again.

About 15 minutes later, I get a knock at the door. This time, I stop playing and go answer. It was my town's local police. "Are you Mr. Hasemann?" Yep. "Do you own house xyz in town ABC?" Yep. "There's been a fire at the house and the fire dept there has been trying to get a hold of you. Could you give them a call?". SURE.....

Didn't have the heart to tell em I didn't answer because I was playing Halo. :-)

The tenant's little kid was playing with a lighter or something and set his room on fire. Everybody got out fine. But the fire dept did a number putting it out. Got a brand new upstairs, electrical, and kitchen out of the deal so it all worked out.

But thats kind of the story I think of when I hear people say they don't want calls at 2am. If you don't want em don't take em. I've had a house catch on fire and it didn't stop me from playing halo. :-)

Halo? Really? LOL

Great post. Personally, my goal is to hire a property management company (yeah you take some $ off the table) so that I won't even have to get the call from the police / fire dept.

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@Bob Bowling

I think my favorite investing quote is (and its in all legal investment verbiage) is "Past performance is no guarantee of future results."

If you are an investor who can afford to speculate and a $3600 / year loss (using Joe's math) doesn't phase you then go for it. No risk no reward. Personally and IMO that's not the best strategy. I'd rather cash flow $2400 / year. That's a $6000 / year swing btw.

Just sayin'

2 Votes

Keep in mind I'm a newbie, but it looks promising to me. Personally I'd want to do more homework on the property; familiarize myself with the neighbor hood, etc. But once you're in you can always wait a year and refinance and pay off the loan, take some equity and do it again!

0 Votes

Long story short, if you can't cash-flow on that property I would find one that will.

4 Votes

Vinyl flooring of any kind settles into groves and crevices over time. Take the tile up.

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I think there are some really good points in here; and here's what I agree with:

I would cut back on your pics and get some better shots maybe with a DSLR or a professional real estate photographer. If you're planning on doing a lot of flips it wouldn't hurt to have one you work with that'll get you 10-20 shots for about $100. If they water mark their shots and they are professional it could bring them business.
8-12 pics should do
fix the Zillow Pending sale / BOM issue (your agent should do this for you)
Cut the price to 119K. This will get more ppl looking
Stage it. If you do it your self, less is more. If you have it done, run open houses to get your moneys worth. Traffic is key.
Facebook and social media. If you live near a base you have younger families in the area and they all use this (especially the wives)

On a personal note, I would pass on this property because its a 3 bed 1 bath. But for new families starting out it's not a bad proposition. I think that's your target audience. Good luck!

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Great calculator. Thanks Andrew

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All Forum Posts by: Jon Magnusson

Jon Magnusson has started 5 posts and replied 54 times.

Post: Approved Tenant requires Owner's SSN/Taxpayer ID for 'Reporting' purposes

Post: Is it OK to buy into a Negative Cash Flow Property?

Post: need help tenant refuse to communicate with me

Post: How does small positive cashflow turn into real money?

Post: Is it OK to buy into a Negative Cash Flow Property?

Post: Deal or No Deal?!?

Post: Is it OK to buy into a Negative Cash Flow Property?

Post: Sub-Floor Question??? With picture

Post: First fip completed, however, it has been sitting on the market for 3 months! Help

Post: Pro's and Cons of Flipping in Canada