All Forum Posts by: Richard Sherman

KEEP reading, education is your weapon (I do not mean school.)  

@Seth Shai it is really going to depend on the market.  I would say that for first-timers, building will always cost more than buying or buying and doing a small rehab.

@Prabhjot Khinda It is probably worth the couple hundred bucks to have an attorney draw it up and review it.  Just my 2 cents.

@Horacio Gutierrez correct.  If they are month to month then you would need to give proper notice for them to leave, you want to check CA law on that.  Just google "how much notice does a landlord need to give me to move in California."

@Horacio Gutierrez You ALWAYS have to honor the leases that are in place, so if residents have a lease it becomes your lease.

@Horacio Gutierrez This is a good question and will depend on the family dynamic.  If they know you own the property and know you do not have any partners or investors, then you have to be direct with them.  Just tell them that you never rent to friends and relatives and that is a rule and it is not personal.  Blame it on your advisor or mentor or whatever.

If they do not know how you own it tell them your partnership agreement says you can't rent to friends and family.  Good luck, be strong, if they NEED to rent from family, then you DO NOT want them as a renter!

Yeah, they are worried about being sued etc.  Just ask them to come out and look at it and let you know about cost to fix...see what they say more thank anything else. 

@Bill Bleich going through a selection process now (I think we landed on Rent Manager) but the question for you, is your mail goal accounting (tracking depreciation and income/expenses etc) or management of tenants?  We used Google Sheets (Excel) until we were at 50 units to track rent payments etc but we do use quickbooks for accounting (use Upwork to outsource at a GREAT deal to a book keeper)

@Grayson Gist I agree with everyone else...sounds like someone is trying to sell you some siding.  Keep the emotion down and pretend I hired you to get to the bottom of this.  AND while you are at it try to find out who did the install on the siding and get ahold of them (ideally they are licensed.)  Be CALM and just ask them to come take a look at it.

@Shezad Qasim sure, though it depends on the market, how big you want all that stuff.  EDUCATION is the first thing to do and I do not mean gurus.  You listen to a good chunk of the podcasts?  That will be like investing bookcamp!  Good work!