All Forum Posts by: Soh Tanaka

I think it's just a rule of thumb. Another thing is even if the appreciation is the same and the price is the same, depending on the property tax, which varies a lot depending on the locations, it's hard to do the apple-to-apple comparison. At the end of the day, we have to punch in all the numbers to figure out whether a particular investment is a good one or not.

While I did do the calculation for all the scenarios, since the market is, if anything, hot right now, I would sell it, and buy multiple SF properties in an area where the houses are more affordable, and the RV (Rent to Value ratio) is better than 1%. I think you have too much money tied up in this house.

One question you can ask is, if you didn't have this house and had $615k ($900k value - $285 mortgage) cash in your pocket, would you buy this? You are having a good problem. 

Just my thought.

QuickBooks is nice, but I would definitely get some manual. The good news is several people do write QuickBooks specifically for real estate investors. 

I liked the book Landlord Accounting. 

First of all, congratulation on growing your business! 

Regarding to your question, I would strongly suggest to hire a professional.

I'm not sure how to find an area where people are more likely to pay. Maybe a place with multiple good stable companies is a good start. Consider other factors also, like if the area is landlord friendly or tenant friendly, crimes, average income, etc. One thing I like to check is where the population is heading. I don't want to invest in an area where the population is declining.  

Welcome Rudy! 

There are so many things we need to do, and there's no way anyone can summarize in a sentence or two. I would say that if we have a clear reason why we are doing this, we can continue to grow, even when things gets tough.

Why don't you take a picture and post it?

I use Cozy also. Before I rent, I explain that this is a direct deposit from their bank account to my bank account, so I don't have an issue the tenants using debit cards.

Well, another problem with Wells Fargo is that it's Wells Fargo...

Correct me if I'm wrong, but I thought that the rule changed, and the lender can't pick his own appraiser.