All Forum Posts by: David Tipton

@Kevin Trumbull, they may have deep pockets, but don't you have Bigger Pockets?  (I literally can't help myself, I'm the worst with the "Dad" jokes...)

You should probably have an attorney review the contract before taking any action, if you're really considering trying to force the deal through.  Whether or not it's worth it to you to retain an attorney and potentially take on the costs of litigating the matter down the line depends how badly you want the property and how good of a deal it is.  You may be able to find an atorney to do a limited-scope fee agreement to just look over the contract and communicate with the bank on your behalf.  Filing a breach of contract action can be costly and time consuming and may ultimately wipe out whatever benefit you may get if the contract goes through.  Plus, as @Jill Schuster alluded to, the bank may have good defenses for their nonperformance of the contract (an attorney would have to look that over and let you know).  

Like @Wayne Brooks, I would also expect the bank to have an escape clause in there for just this type of situation, but of course it's all speculation unless one can read the terms of the contract.  

@James Guilford, it took me a while to figure it out too, but there's a specific way to link to people's names.  If you type in "@?" it will bring up a list of people on the thread or your connections and you can select the person you want.  It will then notify them that they were mentioned.  May help going forward.  Use it well!

 Different strokes for different folks, I guess! You can always look at hiring property management (which you would have to do out of state anyhow) and they can deal with the headaches for you to some degree.  Right @Ethan Vegas?

Thanks @Jo-Ann Lapin!

Welcome @James Guilford.  I don't think California laws should deter you from investing in-state if you so choose.  It's all about being educated about your rights and responsibilities as a landlord.  It also depends on where in the state you invest.  For example, Santa Monica and West Hollywood have notoriously tenant-friendly rent control schemes that require very careful study.  

I believe Ventura County has rent control for mobile homes, but not sure about any cities that have a more comprehensive rent control scheme. Obviously you would need to look into that for the particulars for your county and areas where you would like to invest.

Nolo puts out a guide called "The California Landlord's Law Book: Rights and Responsibilities" that does a good job of describing what needs to be done as a landlord in the state.  (Caveat: I've found some of the specific information related to particular rent control districts to be vaguely worded or slightly off, so definitely check with the local ordinances, rent control board, or an attorney for information on that).  I ordered a copy for about $20 online, but you may be able to track down a copy at a local bookstore that you can leaf through or perhaps the library has a copy.  

Going out of state is always an option, personally I'm looking local first.  I'm sure you will be inundated shortly with folks from Kansas City, Indianapolis, Memphis, etc. who may be able to answer market-specific questions on turnkey rentals.

BP has some great resources that I have found invaluable.  I'm in the education phase myself and really enjoy the podcasts.  If you'd like some recommendations on other resources I'm happy to give recommendations, just PM me.

Good luck!

Definitely make sure you rectify any habitability issues first, as that can get you into some serious trouble in California.  Here's a guide that might be helpful:

http://www.dca.ca.gov/publications/legal_guides/lt...

and some statutes that apply:

http://www.leginfo.ca.gov/cgi-bin/displaycode?sect...

There might also be some local rules in Fresno, so make sure you do your own investigation or hire an attorney.  If you can't afford to make the repairs necessary to make the conditions habitable, you might want to reconsider the deal or find someone who can partner with you.  No one likes a slumlord.  Good luck.

(This post is for informational purposes only and does not constitute legal advice, no attorney-client relationship is formed.)

 I would like to do it yesterday! Haha.  If I can find a good deal today, I would pull the trigger.  I'm hoping to find something in the next month or so, ideally.  

Hey @Roland Thomas.  Thanks for the enthusiastic welcome!  

Notes seem pretty interesting as well, nice way to build passive income.  I listened to a couple of the podcasts on it, but if you know of any other good resources I would appreciate it.  Doesn't hurt to know about it all!

I think you're being modest, it looks like you're doing more than most people already!

https://www.biggerpockets.com/forums/12/topics/196...