All Forum Posts by: Eva Salas

@Mark Creason 

Couldn't agree with you more. I have worked with WONDERFUL agents and their expertise, dedication, and excellent service has left me with very high standards. It was a pleasure doing business with these professionals, as I know my expectations can and should be met.  When you've had the best...

Hi Rami, I'm an investor in the Bay Area and have owned in Sac. Personally would go for Vallejo because of proximity to the Bay Area and non-government jobs. 

I'm wondering why you don't have your own agent, so you don't even have to deal with the sleaze directly? Agents talk amongst themselves and you will get a better idea of what's going on in the owner's and the agent's head. I would get a tough, no BS agent in my corner if you want to pursue this. 

Personally, I would move on and come back to it in 3 months or so after it has sat, overpriced on the market...if it even is on the MLS.

In addition to seeing and verifying the contracts and sec deps ask to see the residents' actual rental applications.  This will tell you much more than the contracts and you can always update the applications with the current residents' employment after COE when you do the new contracts. 

I would never remove tenants without good cause. I suggest doing your homework ahead of time. When you're in contract ask for financials showing any late payments and have owner include any and all copies of notices given to tenants. When you do your final walk-thru of the units you can see and make note of damage beyond normal wear n tear. 

Legally removing some or all of the tenants not only creates vacancies, which are very expensive, but just as bad is the ill will, and that will cross pollinate to other residents. I would consider removal as a last resort only, and not just because you didnt pick them. 

Remember, it may be your property, but it is the resident's home. As long as they are respecting it, not damaging your property and paying on time there no reason to do anything unless your plan is to do extensive remodel. I suggest getting the lay of the tenant land before doing a thing. They will be nervous enough and residents are often inclined to move when a property sells. They, too, have a fear of the unknown and the unknown is you. 

@Cordell M. always get a credit at COE for stated sec deps. 

Do you have a friend who could take you? Offer to pay for gas and lunch. Remember, if you are looking to purchase you will need to get out there. 

All of the above. And big brokerages in the multi fam biz send out their vacancy rate info for metropolitan areas from time to time. 

The process is the same except more involved and expensive. Also, at least in CA, a multi fam buyer is considered to be a professional, and responsible for getting all needed inspections, as there is a much lower level (can be none) of disclosure by the seller. The inspections and appraisal can cost quite a bit more, depending on the size of the bldg. The seller must answer any questions u ask honestly, but if u don't ask...That's where a stellar specialized multi fam agent comes in real handy, IMHO. 

I would make sure u are qualified for the level of financing u think u may need beforehand  and put in a pre approval letter with the offer. 

If you're busy you might not want to buy a fixer upper. Would a turnkey cash flow for you? Get a good agent, check out the market, both sale and rental and see. Might make sense if you have little time to devote to a rehab. Or perhaps a property that just needs some cosmetic freshening. 

I probably wouldn't send them pictures of deferred maintenance on the property.  They may not appreciate you pointing out their "relaxed approach" to property ownership.  Other than that, I see some good ideas for you posted!  Best of Luck!! 

I have a business CC in the name of my LLC. It's important to keep personal CC use and business expenses separate, and makes lots of sense. Going thru one statement mixed with business and personal use transactions is not how I want to spend my time. You can also fine tune it more so that HD/Lowes can further segregate between projects or properties. Just as important? I use a card with a good mileage program for free flights, etc!!