All Forum Posts by: Eric Wang

When a unit is vacant, my only thought is to get the unit rented. Each month the unit is vacant is money lost. If tenants want to move out, they will move out whenever they want, if that meant breaking the lease.

Tell your tenant the unit doesn't come with a maid. Was their any signs during the screening process that this tenant might cause problems? I had renters come checkout a unit, they sometimes ask, "Are you willing to change the carpet, it's kind of old?" I answer, "No, sorry, if you don't like the condition of carpet, than thats something you need to consider." If the unit is facing a busy street, I let them know about the traffic noise. I want them to be aware so I don't hear any complaints down the line. Fix things that are require of you as a landlord, and be firm about your decision, otherwise you won't hear the end of it.

This is the way I started. Only rule would be to find the best cashflowing property in your area. If your like me, you plan to move out in a few years and move onto your next property. Find a place where you wouldn't mind staying if you had to stay longer.

Is your current cabinets from the 60's, where cabinets are built in large section, or is it modern cabinets built by pieces? If it is by pieces, you can just replace the damage cabinet.
You would need to remove the countertop, the amount of work require depends on the type of countertop you have, if you have laminated countertop, the top can be easily removed and put back. If you have tiles, it would require more work and money. If overall shape of your cabinets are in good condition, I would just find someone to replace that section and not spend more money than you need too. Is the $2,000 estimate for cabinets only? Don't forget installation, removing and dumping of old cabinet, countertop, plumbing installation for sink, etc.

Most of my friends are educated and have professional jobs.
When I invited my friends over to my first rental property, I don't think they were impressed because they have a image of a model home with a picture perfect yard. By the way, I'm the only one in the rental property business. I'm a numbers guy, if the numbers are right, it makes me happy. As far as my friends, the rental property business is not for everyone.

Replace kitchen counter tops with granite if within budget or go with marble, cheaper and will still look nice. Add knobs to kitchen cabinets and update appliance in kitchen.

You get for what you pay for. If you can save extra money, I would move and save the rest for a house. Unless your happy renting a nice place. If you want to buy a home, look into FHA loan, requires 3% downpament. Houses in Sac should be pretty cheap.

In the mean time, why don't you see how much you qualify for. When do find what you want, you are in good position to move on the deal quick. Depending on what type of loan you need, it might take sometime.

I provide coin laundry to attract tenants. It provides convenience to the tenants. It beats going to the laundry mat. If you do have problems with your coin machine, it does cost a lot to fix them. I found out quickly, there isn't a lot of people in the washer and dryer fixing business.

Those in the rental property business, how much tax do you pay per dollar earned?