All Forum Posts by: Eric Wang

Steve,

Your going to get a lot of lookers. To know if they are serious, you need to ask prospective tenants the right questions, how soon are you looking to move in, where do you currently work....etc. Do you know the current vacancy rate in your area? 5 month is a long time, but I would still stick to your screening qualifier, you don't want a nightmare tenant.

Ken,

We require our tenants to get renter insurance. We explain to prospective tenants that rental insurance is required. People think it's expensive, but the cost is about $10 a month. Main reason is liability protection and also protects tenants personal property. If tenant is found at fault for a fire, their insurance would pay for your deductible.

Eric

I have never attended a REIA meeting, but wanted to share a meeting that I gone too that was very helpful that was sponsored by the City. We had a few speakers, a multi-unit housing code inspector explaining what is up too code and what will not pass inspection. A person from Apartment Association who has been in the business for over 40 years, what works and what doesn't, also talked about Fair Housing Law, and last an Eviction lawyer, explaining the eviction process and the common mistakes that he sees landlords do. It was very educaional, no one was there to sell you anything.

I agree with Curt. My appraiser took 2 most recent comp from my area. Since your in prime location, you shouldn't have a problem. Location is key, and buyers will see that, nice neighborhood, good school, etc...
Make sure the work looks like it was done by some professional, not some handyman.

If you only 1 water meter for 3 units, your going to have to pay for water, otherwise, I have tenants pay. I have a multi-unit so I also pay for garbage.

Over the weekend, installed JW retrofit window (95x58) from Home Depot. It was fairly easy to install. The hardest part of the job was transporting the window back home, as you can imagine, it's a pretty big window, last thing I wanted was a broken window. It took a few hours to install. The window definetly gives the room a modern look and very happy with the results. Will definetly install retrofit again. Total material cost $425.

Tim, I'm very impress with your geographic knowledge. You are correct, in Richmond, it is possible to find deals. I choose not too cause Richmond is always on the news and it's not a good thing. Oakland is another area. Funny story, in college, I took African American Study, I was the only asian in the class out of 163 students. Professor was giving out extra credit for those who visited a Black Museum, but there was only one problem, it was in Oakland, located in one of the most challenging neighborhood, you should saw all the reaction, no one from class wanted to go. Professor response, "Hey guys, it's safe during the day." lol

The epoxy in the bathroom looks great! I try to do it myself before $30 can at Lowes. It look better than before, but I can tell it will come off in a year of so. I will hire a professional next time.
It looks like you use the floor tile for your kitchen countertop? If you don't mind me asking, how much it cost to build the kitchen cabinets?
Overall I like what you did and gives me some ideas.