All Forum Posts by: Eric Wang

I got my loan 2 years ago, a lot has change since then, please keep that in mind. Yes, I had to show bank a rental agreement, if they don't have one, have someone or agent writeup one. I inherited tenants. Your loan officer should be able to tell you what you need. Whatever you do, keep it legitimate.

In California, you have to give tenants a physical business address to drop-off rent. Most people have it mailed to a P.O Box, etc... or pickup personally which is fine. This is where it can get sticky, let's say your in court to collect past rent, the tenant is going to tell the judge it was mailed. Now, it's a "hear-say." The judge will take the tenant side. If you give the tenant the option to drop-off check at a business location with hours and they choose to mail, then that's the risk the tenants take and the judge will take your side. Just remember we live in a liberal state, we have too many laws protecting tenants.

Donny,

First off, you want to be sensitive to the situation since you live there with your tenants. If you call the police, it will create tension between you and your tenants, you don't want that. When is the noise occurring, during the day, late at night? Does your lease agreement say anything about noise control? Buy a spiral pocket notebook and document the situation. If it gets ugly, this notebook will save you in court. Slamming door, thats how are tenants are, you learn to accept it. Have you seen them blocking his driveway? You tell your neighbor to call parking control, give him the contact number. Your tenants must be good tenants because you never mentioned it bothered you, only your neighbor.

Ryan,

What is wrong with the tenant knowing where you live? Money must be an issue since your going his route. I started off this way and had no problem. Yes, this would be OO financing. Lower down payment depends on lender. At the time, I was able to use my rental income to quality for the loan. If a tenant ask if your the owner, by law, I have to tell them. If you tell them otherwise, how would it look in court in front of a judge? Your tenants will know sooner or later after they see you doing all the maintenance around the property.

Antique White flat, semi-gloss in the kitchen and bathroom only. Brand I use is Sears Very Best, sometimes on sale for $15. For the price, I'm satisfied with the quality, touch up with ease. It makes the room look brighter and bigger. I avoid any dark colors, if I ever wanted to paint back a lighter color, I would have to primer first, which is more work for me.

If I'm not paying for the utility then no. I don't really think tenants care. I only had one prospective tenant ask me if the walls were insulated.

I agree with Curt and Michael, I would only do it as a career path. The only home inspection I had was paid by me, the bank only did appraisal. If your hands on person, you can pretty much develop the skill of a what home inspection person does, some people on this forum do there own inspection.

Originally posted by Matthew Green:

Then ill go and check out the recently sold and selling homes around the area. This will obviously give me a more realistic yet ballpark figure. thanks again.

True, I would not trust Zillow's estimates but what I like about Zillow it gives the most recent sales transaction in the area which I like.

Originally posted by nationwidepi:

In a nut shell, everyone had a different opinion. It is my contension that the positives are: More bank for your buck, i.e. more cash flow, multiple doors - one loan.

More cash flow was the main reason for me. I'm from the Bay Area, the multi-units around here appreciate just as the same as SFH. If your in the rental property business, your not concern about appreciation, your concern about Cash-flow. It is easier for me to rent out a $1500 duplex compare to $3000 SFH. 1-4 units is considered conforming loan.

At first I was angry until I saw a different view. AIG is a huge company with many sectors. They still have other sectors of the business that is still doing well. If someone is still generating sales from selling life insurance, should he or she not get her bonus because the company overall is not doing well?