All Forum Posts by: Kaenan Whitman

For the postcards you are mailing - I would add your mailing address to the list so you can see how the postcards look, confirm the are being mailed, and the phone number is correct?  I think it is fair to ask those questions if you have mailed 3k postcards and didn't receive at least 1 unpleasant call ;) 

@Jesse K.

Is the income or expenses what’s not meeting expectations or both. Are you experiencing a lot of tenant turnover? If it is then you need to re-evaluate your rental process from tenant applications to screening to leases. A great book on this is Brandon Turner book - the book on managing rental properties. If you don’t manage the properties it will give you a good idea as to what to look for in a property manager.

If your just not getting the income you need take a look at surrounding properties and see what if any upgrades you could make to get better tenants and or higher rent.

@Lee Ripma thank you. Have you had any issues with the 2.5x rent with tenants not being able to pay. 

@Sam Shueh Thank you. Have you had any issues at 50% or have tenants always been able to pay. 

Thank you @Lee Ripma

For the Los Angeles investors - I was curious  what rent to income ratios you use on your rental properties.  I know the rule of thumb for the average place is household income should be 40x's the monthly rent.  However I feel that in areas where rent is so high you probably don't need that same ratio to cover your other expenses.  Thanks  

http://www.boe.ca.gov/proptaxes/faqs/propositions5...

@Sophia Berry since the home is located in CA and you are her daughter. When you transfer the property contact the assessor office in the county the property is located and apply for a parent to child exclusion. This will keep the property tax bill the same as it is now. If not the property will be reassessed and the assessed value will be the fair market value of the property. If your mom has owned it for a long time this will save you thousands of dollars annually. Outside of her primary residence she can only transfer up to 1,000,000 in assed value (not fair market value).

Also you can have a legal document preparation company draw up a grant deed, gift deed, ..... and have it recorded in that counties recorders office. But please be aware of tax consequences of such transfers. Discussing this with a CPA who is familiar with Doing business in CA will easily pay for themselves.

Also the lender could call the note due because she transferred title. This is rare but it could happen.

It’s a very generous gift from your mom. Good luck

@Cameron Dye continue learning, read a lot, stay out of debt, save as much as you can, network, and I would drive for dollars. It’s a cheap way to practice marketing, it will get you engaged with buyers and sellers, and you will gain experience in many aspects of real estate. If you do land a deal I’m sure a local investor in that area would work with you to close the deal and teach you along the way.

@Denise Roman I highly recommend you talk to a CPA about owning an LLC in another state while living g in CA. The CA Franchise Tax Board will look to collect $800 annually and they can charge hefty fines for not properly notifying them. They don't care who manages the property but who owns the LLC and do the owners of that LLC love live/pay income taxes in CA.

I would not talk to an income tax preparer but to an actual CPA.