All Forum Posts by: Mia Trasolini

Hello fellow investors,

Looking for thoughts/advice on this refinance situation.

This property is a 2/1. Purchased for 76,000. Fixed it up. Renting it for $1325/month.

Currently have a $60,800 mortgage w/ 5.75% rate. Monthly payment is $355.

Two separate refinance offers.

1). $3,500 in closing cost. New rate 5%, monthly payment $326. Saving $6,940 during 30 year loan (closing cost-difference in monthly payment).

2). $3,500 closing cost +$1,500 in points, New rate 3.75%, monthly payment $282. Saving $21,280 during loan.

Does it make sense to pay out of pocket now to save during the long run? I know these rates seem high it is because its such a small amount and an investment property. Called multiple mortgage companies to refinance and no one was interested. This offer is actually from Wells Fargo.

Hello!

I am in the search for a real estate investor friendly accountant in San Diego...Any recommendations?

Thanks!

Hello!

I just purchased my first investment property in NJ and figured purchasing the Bigger Pockets Landlord Forms would be a safe investment.

After reading through the documents, I noticed some gaps that are causing concern.

I do not see anything in the lease agreement pertaining to:

-Penalty for the tenant breaking the lease early

-A 30 day notice period at end of lease if the tenant is moving out

-Clause about the right to raise rent upon lease renewal

Has anyone used these forms for their rental properties in NJ?  Have you noticed anything else is missing? Should these things be added via an addendum?

Any advice would be much appreciated! 

Thank you,

Mia

Hey ya'll! 

The San Diego city council recently voted to limit short term vacation rentals to primary residences only (http://www.sandiegouniontribune.com/business/touri...).  This market is extremely saturated with STVR investment properties and this vote will make many of them illegal. 

Do you think this will this impact the long term rental market or home prices? 

Would love to hear your thoughts! 

@Wai Chan Thank you for the positive insight and for the great lead! I will certainly take a look at that property :)

@Joseph M.  Love the suggested research tips. I have used the Yelp search before- that's a great way to see the type of businesses in the area! If breweries are coming in, you know it's on the up!  I agree though, I have to be careful as I would be self-managing initially. It's a balance of risk and reward! 

@Account Closed Wow, that is neat! Really appreciate the tip to Neighborhood Scouts. I'll definitely check it out! 

@Dan H. @Frank Jiang

Agreed, higher expenses is definitely something to consider in the cash flow calculations! Thank you for the tip. Something less central like Escondido could also be promising with maybe less upside but also less headache :) 

I will keep my eye out in Clairemont and Mira Mesa, although I haven't seen anything that will work there yet. 

Really appreciate the 2 cents! 

@Ben Biggs Congrats on your successes (including becoming a Dad!)  :) 

It's really awesome to hear local stories like this. Is there anything you look for in particular when deciding on the property in these working class areas? Other than cashflow, of course. For example, proximity to a school, single family homes in the neighborhood, the "starbucks effect",  etc.  Alternatively, anything you avoid?? 

@Michael Hayworth I love the optimism, thank you :) And congrats on your successes! If you don't mind sharing, what are the main challenges you've run into investing in sketchy areas?