All Forum Posts by: David Hutson

Morning,

The process you would use for a non Section 8 tenant except that you need to notify the housing authority also.  I strongly recommend sending a certified or return receipt copy to the Section 8 office as they have lost/misplaced/not received documents in the past.  Also, if you purchase this home ensure to use the correct form when doing rent increases, either the 30 day or 60 day notice, depending on how long the tenants have been residents.

Rents usually are not increased because either the property is not up to current standards, management is afraid the tenant will move out which leads to a big turnover or that area where the triplex is isn't worth the market rent of the area around it.

We do not have many locations with triplexes in our area so I would that the rents are low due to a little of all three of the above but without knowing which triplex you are looking at and more info I can't say for sure.

I was happy to help out and ensure it went well.  The group is ours, not mine, so let's all start a list of topics for the next meeting.  Maybe work through some scenarios for purchases or pull up some potential deals online to evaluate.  I'd like to expand on what we are doing.  Have a "mini-class" on one or two topics.  Maybe 15-30 minutes each.  Any other suggestions?

@Al Williamson 

Sorry for your loss.  Hope to see you at the next event.

We had a great event tonight.  It was good to see/meet everyone who attended.  We spent three hours discussing real estate throughout the country.  We had new, soon to be investors through people who have completed many deals.  It was pretty evenly split throughout the group.

We discussed everything from where to invest, the local market through insurance.  This was definitely worth taking some time out of the schedule to meet with all of you.  I hope everyone got something out of tonight and didn't find it a waste of time.

I want to thank those who stayed after to mentor those with less experience.  I walked around after the meeting and listened in on the four groups of people discussing different strategies and types of investing.  Each group had a person or two sitting with someone less experienced discussing ways to get started or improve on what they are currently doing.  That was awesome to see.

I look forward to meeting with everyone again in a few months, before the holidays.  If anyone has any questions feel free to message me or ask here for all to see.

Again, thank you to all who attended and made tonight a worthwhile event.

@Alan Malicse 

Got it.  You will miss a lot of good discussion but we'll see you next time.

The restaurant told me that the parking off J street between 4th and 5th is open.  That is where they park.  It's the parking further down J street that is closed.

Take the parking ticket up to the restaurant for validation.

@Troy Fisher 

  See you there. Definitely will have traffic.

Everyone else, please see my previous message about parking.  There is significant construction in progress in that specific area. 

Vacancy rate for Elk grove is high.  All of my properties average 4-5% so go with 6%.  It's always better to go highh.  Insurance is usually around $700 for homes around $250k, but that is a general number. Utilities are $70 every two months and water, charge it to the tenants because if it isn't metered today it will be very soon.  20% down is good for the first four mortgages you have.

This is a perfect question to bring up at the Sacramento Meet Up on Thursday. 

Evening all,

I will try to be there at 5:30 for those who cannot stay or chat a little prior but it will be difficult because of work.

I'll have nametags and markers available. I am not good at remembering names and it will help everyone else.

I'll order some snacks as soon as I get there as many of you have stated you will attend. Drinks will be on your own so try to grab one before 6pm.

Parking will be a pain so I recommend you park underground off of J Street between 4th and 5th. The restaurant will validate the parking if you bring the ticket up.

I'll have a sign in roster for those who wish to check in and provide an email. We can discuss it at the meeting. It is not required to sign in or provide any information. I see it as a means to send info within the group who wants to put out things such as spreadsheets or files that are investing related.

I have only had one person provide topics they want to discuss. If anyone else has anything they want to learn/discuss/teach then bring it up on here.

See all of you on Thursday, David

I posted a message in the other thread.  I am tracking this one now.

@Mark Pedroza 

We have switched to the other thread.  Two were started for an unknown reason.