All Forum Posts by: Richard Chang

Richard Chang has started 28 posts and replied 129 times.

Hi everyone :)

I have a 2br 2ba both Upstairs and Downstairs and frequently get calls for Tenant with a dog.

I have rented with cats ( no problems so far ) but I'm reluctant to renting to dog owners as I'm afraid of the barking dog problems and any liabilities if the dog bites someone.

Can anyone advise on situations where a dog would be acceptable and if you can determine if the dog will be a problem or not ? :roll:

So, any advice on taking a tenant with a dog ? can you try and charge more ?
Seems like a big risk to me.

Thanks, Richard C

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Hi all,

So, for those interested in the advanced course. Would it also include some mentoring / handholding on making a deal (after the course ) ?

Didn't see a specific answer to this.

Thanks, Richard C

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Hi all,

My tenant just gave me notice that they are leaving at the end of the 1 yr lease at the end of Oct. So, I usually put an ad in craigslist and a For Rent sign on the front of the property.

Should I put the For Rent sign up as soon as possible and list on Craigslist ?

Any drawbacks to advertising / listing a bit early ?

Thanks, Richard C

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Hi,

I agree that the Hot Tub is another maintenance item ( not as bad as a pool ) and a potential headache for you.
So, I vote to get rid of it.

Great if tenants buy it but you need to be prepared for them to leave it when they leave.

Or see if you get any takers on craigslist etc.

Richard C

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Hi,

Curious myself, how much, how many days, do they take you through analyzing and completing a deal ?

Thanks, Richard C

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Hi,

So did you buy one ? How is it working out ?

thx, Richard c

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@Scott J.

Biggerpockets doesn't allow a PM message without being a Colleague first ? How to do that ? I followed Scott J and clicked the Add as Colleague but it didn't seem to save the Colleague status.

Thus not able to PM

Hope Biggerpockets admin can look into this issue.
Since, you can open a PM message and write it and then the message is lost ! telling you cannot PM unless you are a Colleague.

Richard C

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Originally posted by Phillip Gainey:

How do you find an out of state team? Trial and error, and money out of your pocket. Try to meet fellow investors. Stay away from people who make their money selling you rental properties. but not the money.

Hi Phillip,

Thanks for setting the record to beware of PMs. I will have to put in the leg work to build proper relationships and team and a fair process for the team and the investor. Probably makes more sense for a block of investors to pool their properties to support the team.
I think that if we get rehab, repair teams involved after the purchase to prepare the property and then get them to do some maintenance where possible/practical then it might make more sense in building a mutually profitable relationship.

So, how do you arrange it so there is "enough volume/income" for your team to pay attention to your interests ?

Thanks, Richard C

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Originally posted by Joel Owens:

Properties here you can hit for multifamily a 10 to 11 cap going in.

If you do distress you can further your returns.It all depends on how much money you will have to play with after you sell your property and 1031 exchange it.

There was an investor before that told me of a 1031 exchange where his funds were held by an intermediary waiting to exchange the funds into another property.The 1031 company filed BK and the funds have been tied up for years.

So when putting with a 1031 you have to make sure the funds you will be exchanging are protected.

The people I now just keep exchanging and refinancing out the equity.Then when you pass away your heirs inherit at a stepped up basis wiping out the deferred gains.

Sometimes doing a 1031 the seller you are buying from will play hard ball as they know you have a certain timeline to perform to get the exclusion.

It all comes down to where you feel comfortable investing (location) for the returns you will be getting.

Yes, timing is very important. After the sale you have 45 days to identify in writing all the possible target property(s) to exchange into and then 180 days in total from the sale to complete the transaction.

So timing is the most difficult part of this as you have to start identifying target properties during your For Sale period.

I will also look into the purchase side soon but I need to figure out the sale part first.

Great point on refinancing out the equity ( I will look into this ).

Thanks, Richard C :D

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Originally posted by Joel Owens:

I bought a 20 unit multifamily A location here for 1,450,000.

How much would that cost in California?? I'm just curious.

Hi Joel,

Of course you got a great deal.
What is your ROI on cash invested ?

I don't know anything on large units but I found this

http://www.loopnet.com/California/Los-Angeles_Apartment-Buildings-For-Sale/

$2,695,000 / 15,278 SF / 22 units
6.30% cap rate / Multifamily / Garden/Low-Rise

Thanks, Richard C :D

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All Forum Posts by: Richard Chang

Richard Chang has started 28 posts and replied 129 times.

Post: Have Duplex Apt Unit - Renting to dog owner ?

Post: NORRIS GROUP REO BOOT CAMP

Post: Got early notice from Tenant - how soon to list

Post: Remove the hot tub or rent with it?

Post: NORRIS GROUP REO BOOT CAMP

Post: Would You Buy a Home Warranty for out-of-state rental?

Post: Help with idea to sell my rental duplex in Costa Mesa

Post: Property Managers treat owners like "mushrooms".

Post: Help with idea to sell my rental duplex in Costa Mesa

Post: Help with idea to sell my rental duplex in Costa Mesa