All Forum Posts by: P.J. Bremner

@Ahmad Azad

Awesome!  Thank you very much : )

@Ahmad Azad

I am looking exclusively for flip properties in the Inland Empire and a few LA County cities (Pomona, Montclair, Claremont, etc.) and a price range of $300k or less. 

@John Ritter

Please add me to your list for properties in the Inland Empire and LA county border (Pomona, Montclair, Claremont, etc.)  I have cash to flip properties at $300k or less (possibly a little higher, but that's a safe number).

@Ahmad Azad

I would like more info on this deal if it is still available.  Thank you!

Hey BP'ers,

I have spoken to a lot of investors out there over the last several years and I have heard on more than one occasion (from people who are significantly wealthy, not just a couple rentals here and there) that property management is the best long-term real estate business to be in.  The profits aren't significant, but they are STEADY and RECESSION PROOF.  I see this as taking a position similar to Warren Buffett, who touts long term wealth over short term, high volatility growth.

To that point, I would like to hear from anyone who has, or is currently, building a property management business from scratch.  I would also like to hear from someone if they have purchased an already, pre-existing property management company.  If you have, I would love to get your take on "From Scratch vs. Purchasing Existing".

On a side note, I remember listening to Buffett speak on YouTube and he mentioned that he looks for businesses with solid management, good client base but suffers from POOR CUSTOMER SERVICE.  From what I hear about property management companies, this seems to be the common theme among them.  If you have purchased a property management business, would you recommend going after a business with poor customer service but a good client base?  Thank you for your insight in advance!!

@Chuck A.

You can manage your own properties without need a license, but in most states you will need a broker license or have the approval of a broker to work under for the purpose of property management.  I'm almost positive that there is no limit to how many units you can self-manage.  The states that I am familiar with have an exemption for self-managed.  The sky's the limit :)

Roommate living situation.

Hi All,

So here is the full story, abbreviated version:

- Tenant A brought girlfriend over to the house, Tenant B brought friend over to the house

- Girlfriend and friend get into physical altercation, both asked to leave for a month to cool off

- Tenant A broke agreement, girlfriend still coming over.  A month goes by, no issues until tonight

- Tenant B says girlfriend threatened to hit her, Tenant B gets police and lawyer involved

As a landlord, my solution was to ask BOTH guests (not the tenant) to never come back to the house again, or I will evict the respective tenant.  Tenant B agreed, Tenant A disagrees and now we are caught up to present day.

In California, what are my obligations as a landlord in resolving this issue?  Both tenants pay rent, never had issues with either tenant.  Only issues with guest towards tenant.  Thank you for your insight!

@Account Closed

When you apply for a loan, your file goes into underwriting to make sure everything you submitted in your application is accurate.  As you are probably aware they check income, reserve money in the bank, credit report, etc. and will make sure all of your ratios are in line.  If you are applying for 2 loans at the same time, the loans will each show up in the underwriting of the other loan.  This means that you will have to qualify for BOTH at the same time.  What are you trying to accomplish with the commercial refi?  The reason I ask is because sometimes the refi will actually HELP you qualify for the second.  For example: you refi the current loan of $100,000 @ 5% over to the new loan for $100,000 @ 4%.  Your payment goes down, lowering your outgoing expenses which increases your purchasing power for the new owner occupied loan.  On the flip side, if you are taking out equity, and your loan payment goes up, then your purchasing power will go down for the new purchase loan.  Hope this helps!

@John Thedford

It's really easy to lie, steal and cheat on a few deals, but eventually it catches up with you.  I look for every opportunity to scale my business so I can be "lazy".  I think a good reputation is one of those factors that is necessary to multiply a business many times over.  I try not to get too upset at those who promote dishonesty because they make people like us look amazing ;)  They are doing our dirty work for us!