All Forum Posts by: Anthony Gayden

I don’t play in the hood. That is my rule. I decided on B class single family homes as well that are valued between $100-150k. In my market that is the sweet spot for good rentals.

New law in Oakland, California. 
https://sf.curbed.com/2020/1/23/21078782/oakland-background-check-renters-criminal-fair-chance

I am of course opposed for obvious reasons. Just as an example while running backgrounds recently a tenant applicant had multiple convictions for theft and fraud. Not only that but a credit check revealed he owed his previous landlord $3200.

I’m not a moron and I threw that application in the trash. 

Good luck to Oakland landlords.

Originally posted by @Alex Bucse:

What do you guys think about these numbers?

Do it?

Walk away?

It’s hard to say because you didn’t provide enough info.

Where is the property located? That is a high HOA cost. Is this a condo? How much is the property and what is your down payment? Is the property updated and rent ready? Is there potential for rent growth or appreciation? Is this single family?

 When I purchased my 5th investment property I had to move from a personal to a commercial umbrella policy. 

Now your specific question is a little deeper than I first thought. You seem to be talking about choosing between two different private schools, one of which is much less costly. Keeping that in mind I would first make sure that the Catholic school is up to your standards. It doesn't mean anything if you save money and the school sucks. If the school is still up to your standards, I see no reason to pay far more, especially considering that we are talking elementary school.

I am curious what everyone's opinion is on this issue. I have seen areas with relatively low property values that have high property taxes (Texas). At the same time I have seen areas with high property values, but relatively low property taxes (California). Of course there are exceptions to this where you have high property taxes and high property values (New Jersey) and low property taxes and low property values (Missouri).

Still it made me really wonder if the tax rate was having an effect on values. Obviously adding hundreds of dollars to your mortgage to pay taxes can have a detrimental effect on what a person can afford. 

It's not in Midtown, though it is close, it's on the wrong side of I-480. The demographics of the renters for the area near that property are going to be lower income. Be sure there are Spanish speaking people with your property management company. 

 I'm 40 as well, and married with one daughter. So I can understand what you are feeling. If it is a sign of your relationship being in trouble, you need pay close attention and take action. There is no reason you should be miserable every day.

Good luck to you.

Originally posted by @Susan Tan:

If you have an annual paid membership, do you recommend the rentometer pro subscription and why? Is it more useful than looking at Craiglist apartment prices? I saw a special discount to buy it for $199/year to all-access to this website including historical rent prices and more search filters. I'm still waiting for my LLC to be formed first before considering if I should buy this membership as a business expense.

 It works well in my market and I use it a lot. I do recommend it, however I got it on sale and it was only $99 for the year.

Not surprised a mortgage broker would say that.

No, I have never informed any of my lenders of anything. Especially since nothing you are doing is out of line. As long as they get their money, they shouldn't bother you.