All Forum Posts by: Que Tran

@Olga Peksheva

I think the rule of thumb is to save 10% for Cap X. But I personally don't save it. Thats why credit cards exist, for emergencies, especially if you're relying to scale, and need that money to buy your next duplex.

@Adrian Dominguez

I also had several section 8 tenants. They will stay with you for long periods of time, as long as it is clean and safe. There will be yearly inspections. The only complaint I had was: the section 8 approved amount does not increase with inflation. In today's short supply of rentals, you'll make more rents, as a regular rental.

And yes there will be more drama like, significant others "stopping" by and not living there, smoking not just cigarettes, drinking to get drunk, and the occasional I have mouse so call an exterminator now complaint.

These tend to be offered by owners who won't make any repairs anyways. Good luck 👍

@Jamila Garcia

Seems like they are taking advantage. It would be better if they just paid rent, and you made the repairs. But if they are behind on multiple months, then they just don't want to pay at all. Good luck. I don't know CA laws, but your sate is more tenant friendly. Make sure you update us.

@Orrett Lawrence

We use Evolve for our 2 STR. They sent us a professional photographer, no charge. And charge 10% fee for each booking. There's been lot of talks about having lower fees if you went to Airbnb or other sites directly. But for me, I had no idea how to price and create the listing. Evolve did everything for us. Since December 2021, we've only had 2 weekends not booked. It is well worth the help.

@Jake Mad

Definitely ask for a co-signor. Our minimum credit score is 600. But it does depend on the application. If they had stability in job, work history, unconventional income, and stayed in their last residence for years, I could over look score. But would ask for first, last, and security. Trust your gut. And don't be afraid to hold out for other applicants.

I personally would rather have 1 or 2 months vacant to find the right tenant.

@Drew K.

An increase in rates isn't going to break the bank. As long as you're still making money, and raising rents at renewal, you should be fine. But you still have time to the 5 year mark. There wil be another election, and depends on what happens, it will move rates again. At the end of the day, it is still an asset, and be proud you have it. Only sell if you want to, not as a knee jerk reaction.

@Elizabeth Southall

What helps for next time is: write down all of your renovations and the price you paid. $1 spent doesn't = $1 appreciation. But it helps them compare to nicer comps. And attend the appraisal inspection yourself. Give this sheet to them and talk up your upgrades. At the bottom of your sheet, write the amount of what your looking for. So you don't have to say a word. Doesn't hurt to bring them a cold water bottle. Kill them with kindness and they'll take extra time to help you.

@Sapir Simply

Keep it. It's a beautiful name. I had the same thought, but glad I kept my given name. Just put a phonetic spelling in parenthesis - that will help.

I haven't tested out this procedure in court yet, but I've asked the seller to continue to the end with me, by going to the possession court date, and making sure we don't lose time.  I would also assume the rights transfer, since leases transfer.  But I would not be surprised if the case gets thrown out for technical ownership. I've had a judge reschedule and added in 10 more days, because she wanted the person to fill out the Authorization to Represent to be the person to be in court attendance (rather then the new property manager handling the file on behalf of the management company).

The safest way, would be to evict on a 10 days notice posted for unpaid rent after your possession, and post their door on the closing day - and represent yourself as the new owner.

Our policy is $300 upfront and non-refundable, and $30 per pet per month.  If someone has 2 pets, we may reduce the $30 monthly fee, but you know you're going to replace the carpet after they leave.