All Forum Posts by: Michael A.

@Christopher Dean Totally agree with the inability to offer second chances unfortunately. I did that and have been screwed since February. No remorse from the tenant - only excuses and a bad attitude when I ask for rent. Unbelievable. Should have been more vigilant in my background screen. 

I am looking at an empty lot that would have a great return for me if I build a quad and hold it as a rental. The process to get approved for this before I start building in my city is 6 months.

Is it unreasonable to make an offer like the following?

- all cash (asking price is $19000)

- subject to approval of special use permit by city which can take up to or exceed 6 months

- subject to property being free of liens

Anything else? Too picky?

@Ricardo P. This is going to sound like a dumb question, but has there been any talk at all of how landlords are going to be compensated during all of this in California? I just can't believe that local governments expect property owners to foot the bill indefinitely and for the housing system to not fall apart as a result...

Our eviction ban was lifted just recently, but our governor is encouraging judges to stop hearing eviction cases. Mine is scheduled for a month from now after being moved and I am just praying that it happens so I can finally start to get my house back from squatters. People like me who are mom-and-pop landlords (like the rest of you?) just get screwed during all of this. It's like we're not even citizens who matter. We provide the places for people to live and deal with all of the headaches of being responsible landlords, and then get crushed under legislation. And we're just expected to deal with it? I wonder how many large corporate banks will repossess rentals when this is all said and done. Fortunately I am not over leveraged such that I can't afford my one rental's mortgage, but best of luck to the people out there who are...

I would not accept these applicants. I made the same mistake and haven't been paid since February. I was excited to list my first property I had fixed up, but it has been a disaster because I didn't take these types of background checks seriously. Learn from my mistake and hold out for a better applicant. If you're worried about the property sitting vacant talk to your insurance agent about a vacancy clause. Mine costs $46/yr and covers any incidents that happen after the property has been empty for MORE THAN 30 days. Best of luck to you. 

(I posted this on the general Bigger Pockets forum, but wanted to post specifically here since the potential project would be in Richmond)

Does anyone have experience building new construction (SFH, duplex or quad - I am looking at specifically a quad w/ 4 units, 2bd/1ba each)? What was your experience like? What return did you want to see on paper before proceeding with the project? How are things going now? Looking to talk to anyone at all about their experience.

Thank you, and happy Friday. 

Anyone built new construction specifically for Section 8 tenants, or similar situations where tenants are low-income, but rent is somewhat guaranteed by vouchers, etc? I am looking at building a quad w/ 4 units (2bd/1ba each) but appreciate anyone's input on any size property made for this demographic. 

What was your experience like? How is it going now? Worth it? 

What cash-on-cash return did you require on paper in order to go through with the project?

Appreciate anyone's input.

Happy Friday! 

HI Everyone,

In short, what happens when you decide to not renew a tenant's lease, give proper notice, and they refuse to leave? 

More detail: Having trouble finding this in the VRLTA, but I have a tough situation. Tenant has refused to pay me since February. Coincidentally, the eviction moratorium prevented me from getting them out of my property. They remained employed throughout the pandemic. I'm working with my lawyer to re-schedule our court date that was cancelled by the city (was scheduled for 6/15) where I was hoping to get my writ of possession. But now I potentially face a new problem. The lease expires in November, and I believe that it may take that long, if not longer, to fully go through the eviction process to get them out of my house. Some of my colleagues are being rescheduled to as late as September for the same types of cases. What do I do if the tenant simply refuses to leave when the lease expires? I fully intend to go through the eviction process as both a back-up plan and as a public service, because the community needs to know via court records that this person does not pay their bills. Appreciate any experience you've had where your leases have expired but tenants have refused to leave. How does this work in Richmond? 

I think you have a point, but people like me are being gutted by the governor's stay on evictions. I haven't been paid since February, no end in sight, no relief for me, and my court date has been pushed. My tenant was not affected by COVID. I know this for a fact. According to my attorney, it may not even happen because a form of court-ordered payment plan is supposedly being instituted in July. However, once the tenant misses this payment under the court-ordered plan (mine will), I have to schedule another court date to start the eviction process again. It has been an absolute nightmare for me and my family. So the fact that the market is doing well right now doesn't really matter for someone like me who was trying hard to make a small investment work for them. I'm in the hole and just trying to remain positive while I get this criminal out of my home. Some folks on here have been great about trying to help encourage me to keep my spirits up. 

@Jeff S. Sound advice. Much appreciated. While I try to take these precautions this is a sobering reminder for me. I am trying to explore options with the buyer who was supposed to close on a property in selling them this week. They are a close friend and unfortunately just became the victim of the wire fraud described by everyone on this site. They have some identity theft insurance, which surprised me. They are looking into what protection if any this might offer.

It’s funny that you mention negligence. I thought of that too. If someone lost everything in a scam like this and was desperate to get at least something back couldn’t they go after the title company whose email was hacked? I imagined you could argue negligence or something. This is just a hypothetical, and I am not advocating. Was just an interesting thought.

I’m really hoping for the best for my friend.