All Forum Posts by: Karl B.

Keep track of a dozen or so rental listings in the area you're interested in (save the ad URLs in a Word Document). 

If they appear to be in nice shape and the price is fair and they're languishing on the market, there's likely a soft market in that area. And of course for every ad that disappears/is deleted it will show you which are rented. 

If the numbers make sense and it's a good deal, buy it. When it comes time to adjust rent, do so, especially if the tenants annoy you. :-)

When I bought my first multi-family (also a 4-unit) the upstairs units were vacant and the two downstairs units were occupied. One of the tenants heard my dad and I on the porch and literally invited us in to check out her apartment - we saw that it wasn't a wreck and it gave me an idea as to the condition of the other units. 

Both downstairs units are occupied by good people. In one unit lives a couple and they're terrified I will raise rent on them. They cause zero issues and only call me when there is a legitimate issue. Their rent is very low (I could raise it 25%) but I like them and the other unit occupant and don't feel the need to raise rent on them (I got a great deal and they definitely look out for the property). 

I get more money for the vacant units - I don't plan on raising the rent in those units, either - they definitely pay more than the downstairs people but I factored the increase in from the start and plan on making more upgrades to those units as I reinvest the profits.

Point is, I treat my good tenants well. It sounds like you're dealing with whiners. The good news is if you buy the property I assume you have at least a few months of interactions where you can get an idea as to whether they're good tenants or not before deciding whether or not to keep them.  

When I first met the first floor couple the woman showed me the things that needed repaired (and they were legit repairs) and her boyfriend told her to slow down as I was overwhelmed. But they've been good tenants. Don't let the tenants scare you away if it's a good deal.  

A lot of realtors are lazy. I was interested in a property (my first multi-family) and my realtor at the same told me she attempted to contact the selling agent but received no response and left it at that. 

When the property went off the market a month or two later I found out who owned it, eventually got in contact with the owner and bought it without us using agents (no 6% = a great bargaining chip for a lower sale price). 

The agent I bought my primary residence with (totally different market - L.A.) is awesome. She has a team (a secretary as well as a showing agent - I believe she has more people working under her now) and so I was able to see properties and leave messages with the secretary. I never felt neglected. Despite the market heating up they took me as a serious buyer and after I few months we got an offer accepted.

When I told her the refrigerator was missing when I was there for the inspection my agent said, "Aw, helllll, no!" and called the selling agent to telling her to tell the seller to return the fridge or give me credit for a new one (they returned the old fridge which I still use). She was also good at adding credits for damages based on the inspection report. 

Point is, this agent fought for my best interest and didn't sit back and only do things half-heartedly when I asked her to. 

She still holds parties for her past clients (I need to go to the next one), has a newsletter she sends me, sends Christmas cards, etc. She treats her business seriously. If I ever buy in the L.A. market you can bet I would hire her again as my agent. 

Hi, Dan. Here's what my research found: 

"Asbestos is dangerous when it breaks into small fibers and becomes airborne. Asbestos fibers are very light. Because they are so light and because of their shape they can float in the air for long periods of time. It can take 48 – 72 hours for asbestos fibers to fall in a still room."

https://www.cpwr.com/sites/default/files/training/...

When I was 14 my dad bought a warehouse that had asbestos insulation in the offices and I remember removing wooden creosote bricks with my bare hands and breathing in the foot of dust when we were cleaning the warehouse out. I'm kind of surprised I'm healthy! 

You can always work in the property wearing a proper asbestos-approved mask. Things like opening the windows and letting in a breeze would likely disturb any asbestos. 

Finally:

"Do not dust, sweep, or vacuum debris that may contain asbestos. These steps will disturb tiny asbestos fibers and may release them into the air. Remove dust by wet mopping or with a special HEPA vacuum cleaner used by trained asbestos contractors."

https://www.cpsc.gov/safety-education/safety-guide...

Hello. In my downtime I am always looking at and analyzing deals, improving my current properties and find ways to get more ROI (coin-op washers and dryers, etc.).

I've also continued to educate myself (reading real estate/success-related books, listening to podcasts, chatting on BP, etc.). 

I haven't bought a deal for a while but I have accumulated more funds - I'm planning on moving out of SoCal and FHAing a 4-unit wherever I end up, plus I have the money to buy another property in my East Coast market if I see something I like (I'll be back there next month visiting family, arguing down property taxes for my newest property at a hearing, working on my properties).

Hopefully these ideas are inspiring. And one thing I recommend that I also need to do (that I don't) is attend BP meetups here and everywhere else I visit.

@Jim Webster It was a mortgage lender. 

Hi I would recommend working with a loan officer. I've told the story on here a few times about not getting a loan from a specific bank, began working with a loan officer and she ends up getting me a loan (at a good rate) with the very same bank that was previously unwilling to give me a loan. 

She provided the bank with more information/paperwork and I'm sure her relationship of working with the bank in the past helped. 

First you must file eviction papers. How this is done depends on your local laws. 

Once you file I would speak with the officer/office person as to how soon you can legally have the locks changed. You really do want to do this legally so you don't run into issues. 

I can 100% understand where your neighbors are coming from. They likely fear filing with their insurance will result in higher monthly payments. 

I had a somewhat similar situation when I had a condo. The upstairs neighbor's shower was leaking down and caused mold on the wall. 

I told the condo board and they claimed I couldn't prove it was their unit and that they can't require the upstairs neighbor to see if he's at fault because that would require him breaking the tile in his shower. 

Fast forward to shortly before I moved - someone bought the first floor condo next to mine and when they were renovating they were shocked to find mold behind their wall - and they were able to trace it to the upstairs neighbor. 

Well that proved it and I was able to get a major repair in my unit which included a nice new glass shower stall (the old glass stall was nice but dated and it needed to be removed to redo both the wall and ceiling). Awesome, as I sold the property with those nice new updates. 

Condo boards are typically pretty weak but if your neighbor can prove you caused the damage to his/her unit they can simply sue you and you'll have to pay fees on top of that. Just pay to fix the damage and apologize.

As long as the robot doesn't go haywire and self-destruct, sending paint everywhere, this is a great, neat idea.