All Forum Posts by: Sam Leon

does OP mean electric or water?

probably require some reconnaissance to make sure the usages are not all "tangled" up before you try to separately meter them.

I know of someone who had a 4plex and over the years previous owners have fixed problems without considering what should go where as long as it's on one bill. So you might find unit 3's water heater actually feeding hot water to the sink of unit 4 because it's on the same wall, or two of the receptacles from unit 1 was split off a junction box in the attic to feed unit 2 etc etc etc...

Also you might have common usages that was not an issue when it's just one bill. For example two hose bibs outside in the common area and if unit 1's tenant used it to wash cars who pays now? If the building has a common area that has a shared washer & dryer, or irrigation pumps, sprinkler water, swimming pool filter pumps etc...do you create a 4th water meter and a 4th electric meter to track those and divide them up?

Actually that's not entirely true.

F-1 student visa holder cannot accept employment during the first year of their studies. After the first year they MAY BE granted off campus employment if there is an extreme and sudden financial hardship.

However, one exception would be merit based employment or on campus employment that's part time - less than 20 hours a week. Examples of those would be teaching assistants or research associates, those are based on grades and merits and are typical while attending graduate schools, and requires no special permits. Also, commercial employers the University contracts to provide services - bookstores, cafeteria, dormitory personnel, campus security or maintenance etc...those are considered "on campus" so foreign students can work there part time. During the summer months if they don't have class, they can actually work full time.

J-1 students (exchange students) may not work unless that work is an integral part of the studies, such as an exchange doctor may practice medicine if that's part of the exchange program.

Spouses and children of students, those holding M2, J2, F2 cannot work legally, period.

But most work illegally if they really do need money, such as working on weekends in a Chinese restaurant getting paid cash under the table.

I don't think you will have any problem.

Typically foreign students on visa keep to themselves and are not trouble makers and unlikely to turn your place into a frat house.

I would sign the lease with THEM, not their parents. Their parents paying them is their business, you collect rent from them.

Most foreign students who are granted a visa have to demonstrate that their sponsor have enough funds in the bank to finance their entire education - like 4 years of tuition + board before they will consider a student visa. They don't want those foreign students to run out of money and have to resort to working part time which results in taking jobs from Americans. Therefore you have a pretty good bet the rent money is already set aside. Perhaps establishing an escrow account for the entire lease period is something to be explored.

They choose California for two very simple reasons, it's very heavily populated with Asians but most importantly it is the closest to China so the trip home during summers, holidays etc...would be the shortest.

meant to say *legal*.

wish there is a short window to edit posts.

you can usually get plans from the building department of the city or county. Here in Hollywood last time I paid $28 for plans for a single family home with all copies of plans and permits.

Compare the plans with the actual layout and you know what improvement is leg

Since you bring up Star Trek, then let me add that I really look forward to the day we have a teleport device to beam us from one spot to another.

So as landlords all we need is to build a corridor or with say 10 doors. Your rent out the "SPACE" behind each door. The tenant says he want a 3/2 2500 SF ocean front place. You say OK the rent is $2500 a month. You give him the key and once he opens the door, that act of opening door activates a teleport mechanism that beams him to the entrance of a ocean front unit in Thailand which you own and it's already furnished with a maid who charges you $50 a month. You as a landlord just need to have the physical space to provide entrances and exits.

Now of course the tenant didn't go through immigration to get inside his house in Thailand, so he got picked up by Thailand immigration official for illegally sneaking into their country and got thrown in jail. With the tenant in jail you are now truly "tenant free" but the tenant himself is not "free".

I am looking at a series of properties where the owner wants to sell all three houses one next to the other on the same street. These were originally single family homes but legally divided into duplexes and zoned for multifamily use. The owner wants to sell all three in a single package.

I am looking to buy and hold for rent.

Obviously this is a more expensive way to get a six unit rental versus buying a traditional six-plex building.

Also more issues with these older, unique homes. These these issues are more unique due to them all being different homes, unlike a six-plex you will have similar, routine issues that could rarely surprise you.

Higher maintenance cost due to more items to repair. Instead of one roof you have three, instead of mowing one yard you have three etc...even pest control is more costly.

Not to mention three property tax bills, three insurance policies, three of everything.

I do think I can get higher rent on some (only SOME) of them, and obviously there is not going to be a parking issue, and I have a more flexible and potentially more rewarding exit strategy. Plus I could restore them back to their original state 3/2, 4/3 etc and rent them as SFHs and some of these have garages (storage).

Logic tells me I should just look for a traditional six plex or two triplex, less headaches, but I kept telling myself I should go for it - the price is not too bad - more than what you would pay for a six-plex of course.

Appreciate any thoughts, comments, advice, or someone talking me out of doing this or not. :)

LOL we also have crocs and pythons down in my area so we are waiting for croc-bite and python-bite fittings.

Also when glass tiles or mosaic stones are on clearance load up a few boxes and put in backsplash. But higher end tiled backsplash and laminate countertop looks odd.

If you can get a higher rent with a minor kitchen upgrade I would go for:

(1) Wrap the countertop in stainless steel sheets.

(2) Backsplash.

(3) Cabinet pulls.

I will lost that depressing drapery.

Also new pulls but don't buy retail. I get pulls when they are on clearance like 50 of them for $35. Lowes just had a clearance with their oil rubbed bronze pulls normally $10+ selling for $0.85.