All Forum Posts by: Ryan Huggins

For rent>mortgage, it depends largely on purchase price and your mortgage.  I played with one today that was renting for $3,300.  At 20% down it wasn't feasible ($200/mo profit) but if I put 50% down, it gets fun.  For low purchase prices, you can try some of the "boonies" in LA, Kern and San Bernardino counties.

Thanks for researching this!  I knew of Freemont and UBOC but not the others.

As stated you do not need to be licensed to manage your own properties.  You can also buy the lease agreement and application forms from the California Association of Realtor's web site, should you wish to use those.

As to listing yourself as a real estate professional on your taxes, I would not if I wasn't licensed.  Plus there may be tax implications to consider if you are listing yourself as self employed.  When I went from the day job to realtor, the quarterly estimate taxes were an oh so fun adjustment!  To clarify, I am a full time real estate agent/realtor.

Jennifer Felten - RELaw, APC.  In Westlake Village, sought after to speak at various escrow and fraud events.  Former escrow officer, knows the business inside and out.  www.relawapc.com and (805) 265 - 1031.  A long-time friend of mine too.

Pricing the house right is the first and most important step.  Staging should ALWAYS be a seller expense, afterall it is to help their house sell.  Some agents provide a consultation (I do this) but I don't provide the furniture or pay for the contract.

High-end photography isn't always necessary and please for the love of god, tell any photographers you use or interview to stop taking close-ups of flowers and common faucets!  I'd recommend a pro for the fancy night time shots and when additional external light devices are needed to help illuminate a dark room or to correct for an overcast or too bright day.

Another reason to "love" California.  Fix rent prices and what's next, repeal Prop 13 and skyrocket taxes?  

I'm surprised the California Association of Realtors isn't putting out a "Red Alert" legislative action notice about this.  This would have a serious impact on desirability of income properties.

That's a good way to build up income and to see what other flippers/investors are doing and build relationships/connections with them.  Just be aware that many investors may already have dedicated agents, so getting into that niche may take some time.  You may even save yourself some money with the commission being taken off the purchase price or returned as income (check with a CPA as to which method works best for you... more profit on the sale or more income).

P.S.  I basically took the same approach.  I work for my investor buying and selling their homes while saving up the $$ for another investment property.

How many rentals/tenants?  I have one tenant who has electronic transfer setup on automatic and two that send in checks.  Since it's only a couple people, for me it's easy enough to not send out bills monthly.  

I'd reply and inform them that the property is non-smoking.  Thank them for their interest and wish them the best of luck finding a place.

A good friend of mine is a top notch California real estate lawyer who does evictions (among other real estate law cases).  Her name is Jennifer Felten and her company's site is www.relawapc.com and is based in Westlake Village (Ventura County).  If she can't help you, she may be able to refer you to someone who can.

I recommend only using a lawyer for evictions, since the laws can be tricky and self-help websites may not be 100% accurate or up to date (and much harder to ask questions of).  I also recommend using care, since this person is living with you.