All Forum Posts by: Rick Albert

@Logan Reinard,

I wouldn’t discount the odd floor plans if they can be fixed with a good vision. Fixers are becoming more competitive thanks to all of the flipping shows. However, the “average” person doesn’t see the potential, therefore those homes sit on the market and you can get at a discount.

If you can make those work, that could be your niche with limited competition.

That’s what the investor I work with does in Los Angeles.

Best of luck!

Rick

@Koki Agata,

I did the FHA 203k loan. I noticed the fees are higher both at purchase and on the PMI. Look into doing a conventional 3% down and compare the numbers to see if it makes sense. I have had clients where each scenario was different.

Best of luck!

Rick

@Jeff Byrne,

I actually wrote about this in my blog because I was in a similar position as you (not as much student loans). The thought process is that I had to have a roof over my head regardless with a roommate, so I am better off owning and have better control of my finances. 

Thanks and good luck!

Rick

@Dakota Wilde thanks! I also heard about buildium so I will check them all out. A friend/client uses tenant cloud.

@Jeff Kao thanks! Much appreciated!

@Nathan G. Thank you!

Hello Everyone!

I have two rentals here in Los Angeles (one condo and my main house while I live in the ADU).

I want to start getting very organized so that I can scale my rental side of the business easily.

I’m looking for software to help with keeping organized including the book keeping. Ideally because there will be a learning curve with this, I’m looking for something free or extremely low cost to start.

Since I’m a broker, I have the lease forms, application, and I use mysmartmove.com for the credit and criminal background checks so if the software doesn’t include it, it isn’t the end of the world.

Any recommendations would be appreciated!

Thank you!

@Christopher Davis,

Is there a way to house hack it? I know it’s not ideal, but you can generally get better interest rates and you can then do the remodeling slower and when you can afford it.

I’m on my second property here in Los Angeles and that’s how I’m making it work.

Hello Everyone!

My mother-in-law is looking into doing an ADU in Simi Valley, CA. My experience is only in the City of Los Angeles. Anyone have any good contacts (contractors, architects, etc.) that I could reach out to and pick their brain?

Thanks!

Got it, thanks!