All Forum Posts by: Roslyn A.

Thanks everyone for your postings. 

Looks like I dodged the eviction bullet for now.  She finally paid for this month.  Next month I am hoping she moves out.  I am planning on offering to just keep her deposit for rent if she moves out the end of next month since I do not think she can pay.  Hopefully, it will all go as planned.

I have a tenant who have had problems paying and being late so I finally decided to give her 60 day notice to leave.  The area this rental condo is located is fairly nice in southern California and most times I have no problem with finding a tenant that pays on time, however this one was inherited when I purchased the property. Dumb me for not doing a credit check.

Anyway, she emailed back that it would be fine.  She paid the beginning of the month as I saw on the bank account statement and I thought things will go smoothly.  But then, now that it's almost the end of the month, I got notice from the bank that her check bounced.  Unfortunately, I only check the bank account in the beginning of the month so now she's almost had a full month of rent free living.  She won't answer phone calls or emails.  I'm planning on giving a 3 day pay and quit. Then after that I'm thinking of doing cash for keys since I hear that eviction is very costly in California.

If I go the eviction route, would I be able to count the initial 60 day notice as part of the eviction process?

Thanks for any input.  This is my first real issue with a tenant.

thanks everyone for your input.

@Karen Margrave being an architect I see new construction booming now. 600k however is for personal use not cash flow rental.

@Sam M. Yes I'm pretty aware of the ROI on my rentals. I was fine with it because of the appreciation but now The market is softening and 1031 is an option but question is where? i think I would have to go out of state to get better returns. That's a little scary for me.

@Rick Harmon it is a struggle trying to transition between passive and active investor. I don't think i'm quite ready to make that leap. I'm considering being a private money lender by taking out helocs on my properties. I hear though that its gotten competitive with that as well and harder to get good rates, but i have to research more the risks and details of how to do it. I don't know too much about notes but seems interesting.

This is my first post on BP but I've been listening to all the podcast and looking at the site for a while. I would like to get more serious with my investing. Currently, my husband and I own 2 condos in orange county, CA. The first condo is fully paid for. We paid 130k for it and is now worth about 230k. I'm only cash flowing about $500/month after expenses on it. I have good tenants and its not much trouble and in a good area, but HOA is so high. My second condo was just purchased in May and worth about 250k. We probably will have it paid for in 2 yrs. We get about $800/mo after expenses.

I'm a pretty conservative investor but can't help thinking that I should get more return on my money. I'm thinking of unloading my first condo but could not decide on where to put the money. I've thought about just getting a heloc and private lending but after paying the 5% interest, doesn't seem a lot left. maybe mobile homes seems a lot of work, and i'm afraid of out of state where I don't know the area or can check on my properties. I have a full time job and don't have too much time to spend on managing. However, I would like to someday maybe 5 yrs, double my cash flow or equity. What do you guys think is the best move?

I appreciate any thoughtful advice.