All Forum Posts by: Eric Wang

Depending on your situation, I like the duplex for various reason. I get owner occupied fiancing, I can have 1 unit rented out while I'm fixing the other unit, move out a year later. You cut your vacancy rate by 50%. Out here in Cali, your conforming loan increase from 417K to 533K for duplex, you won't have that problem where you are. Does the duplex have 2 sperate addresses? I seen duplexes sold as 2 separte properties. Rental propeties appreciate just like a SFH.

If anything, it be an addition to the house, not a conversion. Keep the garage and improve on other things to make it more attractive.

Like any business, location matters. Whatever you decide to spend your money on, don't forget the landscape, if your grass is yellow, replace with new sod. You can have a nice house with fancy upgrade, but without curb appeal, how you going to get buyers in the door.

Tiredout,

I was up in the attic over the weekend. From what I can tell, currently there is no rat. I took a black light and saw a lot of urine and I can see a lot droppings. I can seal the entry way and vacuum the dropping, but what can I do about the urine? and is there a better solution of vacuuming the dropping? and whats the health hazard if I left the dropping as is?

Overall it gives you a understanding of material and labor cost and the correct ways of doing things. You develope an eye for mistakes others have made. I wouldn't do it for anyone else, too much work. I just did my irrigation in 2 of my units. It's something anyone can do, it's not hard to dig, cut and glue. I don't know anyone thats willing to get down on their knees digging for hours. Since it's my property, I'll do it.

I agree payment history, outstanding balance and income is important, but many of you feel credit score is not as important because renters usually don't have good credit, which is true. But in my opinion, credit score is important. If you win a judgement in court, it be hard to collect from someone with bad credit, cause they would careless, but with somone with good credit, they wouldn't want a judgement on their credit and would most likely pay.

In the Bay Area, Craigslist is a pretty site that I had good success with. It's also a good site to find out market rent in your area. You can also contact your local Property Manager to find out rent prices in your zip code. You can also put a for rent sign in the front.

Once you found a tenent, you want to sign a rental agreement, collect deposit, rent, then have a walk through and hand over the keys.

Do not rush and take any tenant you find. Please take your time and do the proper screening and find a tenant that meets your cratiera. It's a business, so treat it like one. Don't ever feel sorry for a tenant, cause they will never feel sorry for you.

Best of luck!

We go to a CPA, even though we can do our own taxes. CPA has an eye for red flags. Don't let little writeoffs get you an aduit.

I bought some laminate flooring last year on sale at Costco, it's been sitting in my kitchen ever since. I'm waiting for my tenant to move out so I can installed it. Any affect on the laminating flooring thats just sitting around for long period of time?

The guy at the local HD call us "Cheap Landlord." You know what, he is right. We always try to save whenever we can. Too bad no Meier out here in Cali.