All Forum Posts by: Harish V.
Harish V. has started 3 posts and replied 191 times.
Post: My lender is quoting me 6.75% interest rate?!
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kessy Similien:
Ah I can't edit my post I should have put my score there. It's around 718 last I checked.
Yea it's a condo.
Do you think buying points might make sense here?
I never buy points. Takes time to recover. I would much rather take higher rate and take credit. Make sure there is no refinance restriction for 6 months.
Post: Buyers or Sellers Market
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Eliott Elias:
Can’t speak for every market, here in Austin we went from .6 months of inventory to 4 months. Which is technically still a sellers market
That has changed fast. Looks like buyers strike to me, anticipating lower prices. I still see loan options in 4s so not sure why market should change so much.
Post: Does last-minute addendum to closing paperwork have any force?
- Investor
- Fremont, CA
- Posts 195
- Votes 112
It's very strange they wrote such specific letter. Bank only needs to care that you do not take additional debt and should ask for that " I don't have plans to take additional debt, bla bla".
I don't they prevented you from taking a vacation that costed similar amount or buy any other electric/luxury car. Don't make sense. I think you argue many ways, that your situation changed if you bought car,.
Post: Tenant is unhappy with the rent increase
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Let Tenant know offer expires 7 days after presenting and is subject to change. Increase offer by 100$ each week.
4 weeks before lease end. Say no more offer.
Post: Tenant is unhappy with the rent increase
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kar Sun:
Quote from @Harish V.:
Quote from @Kar Sun:
I have a tenant that pays on time and keeps place clean.
I also offer him a desirable place to live that is being taken care of.
To me nice tenant is not the one who expects me to subsidize their rent.
I provide a service and a roof and that is why I have responsible tenants that I chose to have a professional relationship with.
The place has lot of very desirable amenities and has a great location..
He has been with me for 3 years and I have only raised rent $125 in all these years and last year there was no rate increase.
However, things have changed.
I have expenses, taxes and other costs that must be covered as otherwise I will be in negative..
Also, there is a lot of demand.
I sent a very nice letter to a tenant stating the data and a comparison rate with the market properties.
In my market rental properties went up 124%.
The hike is $400.
Small apartments in my area go for the same as my discounted rate for him.
But the place is spacious and is a townhouse.
He is highly unhappy.
He calls it is a money grab.
He is saying that he is under duress if he decides to stay as summer is a busy season for him.
Well, the contract ends end of summer and the rate increase letter went out prior to that.
There is no rent control in my state.
And in my state I do not even have to send rent increase letters.
This tenant makes 300K in income.
I have been nice responding to his texts but it makes me think if I actually want to keep dealing with him.
He states that my property is not worth the increase.
Well, my property is in such a location and condition that it is difficult to find anything similar.
It is also a business.
Any one wants to share a relevant experience?
Please do not bother to send me points on how to write letters to tenants; mine was very much to a point with all the data, comparison photos, prices....
I just think if as a business person himself he does not value my business why should I renew the contract especially now he says he is under duress.
Although you do not need to tell them anything, just provide option and let them decide. The said person is making 300k/yr as per you, so is very aware of increases in pay and inflation and is probably enjoying the benefits or higher pay. You should not help them at your expense. If tomorrow rents fall or you are in trouble, they will not pay extra. You cannot make up lost time.
And people voting for higher taxes and inflation should be reminded of negative effects too.
Thank you. I actually sent him letter with a clear explanation of reasons, provided market data and photos of properties for rent, prepared a spreadsheet with the amenities for the comparable properties and included a form to return. All properties that I listed for him that were comparable and were available 2 weeks ago have already been rented. He just does not want to pay.
Post: Tenant is unhappy with the rent increase
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kar Sun:
Quote from @Harish V.:
Quote from @Kar Sun:
I have a tenant that pays on time and keeps place clean.
I also offer him a desirable place to live that is being taken care of.
To me nice tenant is not the one who expects me to subsidize their rent.
I provide a service and a roof and that is why I have responsible tenants that I chose to have a professional relationship with.
The place has lot of very desirable amenities and has a great location..
He has been with me for 3 years and I have only raised rent $125 in all these years and last year there was no rate increase.
However, things have changed.
I have expenses, taxes and other costs that must be covered as otherwise I will be in negative..
Also, there is a lot of demand.
I sent a very nice letter to a tenant stating the data and a comparison rate with the market properties.
In my market rental properties went up 124%.
The hike is $400.
Small apartments in my area go for the same as my discounted rate for him.
But the place is spacious and is a townhouse.
He is highly unhappy.
He calls it is a money grab.
He is saying that he is under duress if he decides to stay as summer is a busy season for him.
Well, the contract ends end of summer and the rate increase letter went out prior to that.
There is no rent control in my state.
And in my state I do not even have to send rent increase letters.
This tenant makes 300K in income.
I have been nice responding to his texts but it makes me think if I actually want to keep dealing with him.
He states that my property is not worth the increase.
Well, my property is in such a location and condition that it is difficult to find anything similar.
It is also a business.
Any one wants to share a relevant experience?
Please do not bother to send me points on how to write letters to tenants; mine was very much to a point with all the data, comparison photos, prices....
I just think if as a business person himself he does not value my business why should I renew the contract especially now he says he is under duress.
Although you do not need to tell them anything, just provide option and let them decide. The said person is making 300k/yr as per you, so is very aware of increases in pay and inflation and is probably enjoying the benefits or higher pay. You should not help them at your expense. If tomorrow rents fall or you are in trouble, they will not pay extra. You cannot make up lost time.
And people voting for higher taxes and inflation should be reminded of negative effects too.
Thank you. I actually sent him letter with a clear explanation of reasons, provided market data and photos of properties for rent, prepared a spreadsheet with the amenities for the comparable properties and included a form to return. All properties that I listed for him that were comparable and were available 2 weeks ago have already been rented. He just does not want to pay.
Post: Tenant is unhappy with the rent increase
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kar Sun:
I have a tenant that pays on time and keeps place clean.
I also offer him a desirable place to live that is being taken care of.
To me nice tenant is not the one who expects me to subsidize their rent.
I provide a service and a roof and that is why I have responsible tenants that I chose to have a professional relationship with.
The place has lot of very desirable amenities and has a great location..
He has been with me for 3 years and I have only raised rent $125 in all these years and last year there was no rate increase.
However, things have changed.
I have expenses, taxes and other costs that must be covered as otherwise I will be in negative..
Also, there is a lot of demand.
I sent a very nice letter to a tenant stating the data and a comparison rate with the market properties.
In my market rental properties went up 124%.
The hike is $400.
Small apartments in my area go for the same as my discounted rate for him.
But the place is spacious and is a townhouse.
He is highly unhappy.
He calls it is a money grab.
He is saying that he is under duress if he decides to stay as summer is a busy season for him.
Well, the contract ends end of summer and the rate increase letter went out prior to that.
There is no rent control in my state.
And in my state I do not even have to send rent increase letters.
This tenant makes 300K in income.
I have been nice responding to his texts but it makes me think if I actually want to keep dealing with him.
He states that my property is not worth the increase.
Well, my property is in such a location and condition that it is difficult to find anything similar.
It is also a business.
Any one wants to share a relevant experience?
Please do not bother to send me points on how to write letters to tenants; mine was very much to a point with all the data, comparison photos, prices....
I just think if as a business person himself he does not value my business why should I renew the contract especially now he says he is under duress.
Although you do not need to tell them anything, just provide option and let them decide. The said person is making 300k/yr as per you, so is very aware of increases in pay and inflation and is probably enjoying the benefits or higher pay. You should not help them at your expense. If tomorrow rents fall or you are in trouble, they will not pay extra. You cannot make up lost time.
And people voting for higher taxes and inflation should be reminded of negative effects too.
Post: Negative cash flow rental
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Zachary Inman:
Cash flow is something you can control, appreciation is picking a good market and hoping for the best. If the deal is negative, then you greatly increase your chances of it going sideways.
You cannot retire on appreciation and no cash flow. You can retire on good cash flow and no appreciation. That should answer the question.
Post: Has anyone worked with or invested in Techvestor before?
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kareem Barreto:
Well, yes and not after a due diligence I did. Investors from Scoutpads transitioned their investments to Techvestor. The investment model changed from what I understand, instead of investing in single STR, they created a fund. In the other hand Superhostlabs still running under the new company techvestor (this is the designing and property beautification arm of the company).
I know those facts, so I was hoping to find some of those investors to validate this information.
Reorgs make it difficult to track failure. If you have spare money that you can loose. Invest in them. But expectation of profit should be low. It's high risk potentially not so high reward situation.
Post: Has anyone worked with or invested in Techvestor before?
- Investor
- Fremont, CA
- Posts 195
- Votes 112
Quote from @Kareem Barreto:
Has anyone worked with or invested in Techvestor before? They provide passive income if you invest at least $25K with them and they use it to buy, hold, and sell airBnb-able properties. They're from the same guys that built Scoutpads and Superhostlabs but neither those websites are live anymore. I would like to hear from your experience if any of you is an active investor on their STR fund
Your question answers itself. If someone has failed 2 times, it's likely that they will fail at it a 3rd time.