All Forum Posts by: Ron Singh

Thanks @Charles Carillo

ya eviction process it going to take time.

so worst case I can still sell the property or any complexity there?

or other option : if he can find a replacement roommate. 

I don't see any other options,  unless i am missing anything?

So, tanent (renting for about 8 months here) called saying his fiance left, so he can't pay full rent.

both of them are on lease ,now I don't want to be a warden and manage roommates etc.

I would rather prefer to rent to a family vs dealing with roommate issues.

time left in lease= 11 months
SF bay area

- can I allow him to break lease and leave
- can I sell the property (i don't want to ,but if they can't pay and don't leave ? )
- how to make sure they leave nicely, without trashing the place.

what do you suggest in this scenario or how would you deal with the situation 

@Darius Ogloza Happy new year and hope you had a great holidays. 

to the last question- i agree is 2.65% is a great rate, i am evaluating and going back and forth to see if it makes sense to pay 100k to get that rate of 2.65%

i am currently at 3.2% on jumbo 30 yr fixed, i can refi now, and here are two options, which one do you suggest: 

-jumbo 30Yr fixed 2.875% (save around $175 /per month) , no cost 

or 

- pay 100k down to get high balance mortgage at 2.65% (save around $700 /per month)

Thanks, @Darius Ogloza I am also preferring to invest in BA only as I like to be drivable to my properties. 

Congratulations on your solid progress so far. 

Since looks like you prefer to pay off properties rather than doing crash out refi and keep the mortgage going forever, what would you suggest to new investor, 

I keep thinking both ways, currently at 30 fixed Jumo 3.2% on a primary residence and thinking if it makes sense to refi and pay down 100k to get to high balance with 2.65% on 30 Fixed?  would save about $700 /pm in mortgage

Thanks @Darius Ogloza you shared a great example and I like it, easy to manage locally as well. 

however paying off in the bay area will take a while...while comparing both options, wouldn't the bay area be riskier if out of three sfr one tenant stops paying for some reason, VS 50 units in Tx and a couple of non-paying tenants won't impact much as there would be cash flow so you have time to deal with the situation. 

another point - would pay off would make sense? as no mortgage interest, can hit on income taxes etc, while out of state you get cash flow while paying the mortgage, however, slow on appriciation. 

Hey @David Disraeli Thanks for your response, yes i would love to get on the alert list for the local Austin and DFW area.

also, info on out of state LLC would be helpful as well.

Hey RE Experts, 

what do you suggest if the goal is to achieve a good steady income (and minimal involvement physically) from rental properties :

Buying multiple SFR / 2-3-4 plexes and keep adding more slowly in Bay area California. [tanent friendly state :( ]

OR

Buying a big apartment complex i.e 50+ doors in Austin/DFW Texas area [landlord friendly state ?]

Also, LLC would be the right way to do it? as a new LLC is it going to be tough to get a mortgage or is it possible the mortgage on individual names and property owned as an LLC / revocable trust?

what would be the best route to go for in order to proactively protect from those tough days. 

I am in the market for getting the right insurance policy for primary residence(SFR) + rental (SFR) + auto, all in California.

What's the best place to look for, and is it better to add an umbrella policy on top of it? (don't have LLC)

One quote i  got but they are forcing to bump up my auto insurance(as compared to my current coverage), which sounds odd.  let me know what worked best for you? and any suggestions 

I personally haven't found Any benefit of for getting a property manager or a property management company.

they don't do anything just anything at all everything comes back to owner.

wondering if any property management company worked for anybody else?

Any pros ? as I have cons only.

@Todd Rasmussen

congrats, I always worry about due diligence needed while buying thru auctions, haven't used auction.com but is there any backing off possible if you win the bid and found something major I.e IRS lien or foundation issue etc ? or just rely on title insurance ?