All Forum Posts by: Mark Whittlesey

I dont think a pool adds value. When I buy a rental, I consider it a negative ie it REDUCES my offer when I buy.

MANY headaches and expenses with a pool. Expect to pay pool service (and pool service guys seem to be overly flakey). Expect the tenant NOT to do their part by running the pump and topping off the water.

Expect the tenant to blame the pool guy and the pool guy to blame the tenant. Has the pool guy really NOT been there for 3 weeks or is the tenant just saying that because he had no idea having a pool increased utility bills?

If the pool goes green expect a call from code enforcement (mosquito hazard). And then expect even more expense to get the pool back in shape.

Expect added expenses to repair replace pool parts... pump etc.

Do follow the fence rules to be sure. And double up on liability insurance... just in case.

The one good thing is that it may give you an early warning if your tenant skips. If they turn off the utilities then your pool guy can let you know. (But if they are true deadbeats they may just let the utility bills ride.)

I don't see ANY way that flies..... so if a tornado (mother nature!!!) hit your rental and leveled it and you were self-insured (like you are with the flood insurance), the tenant would have to rebuild?

No. I own my PR in north SD county. But rentals have never made sense there. In addition to the prices, California's tenant/landlord laws are bad.

San Diego is much like most of the large CA cities (basically the opposite of Phoenix in many aspects). The rents are high but the prices are much, MUCH higher. I don't think you will cash flow for a long time unless you put a lot of money down.

If you do plan to get in, I would treat is a place to live and not as an investment.

What parts are you considering? Downtown is pretty hot now for upscale multis.

Thanks for the info and confirmation.

These are definitely not student housing. Just run of the mill small apartment complexes (15-30 units).

The landlord may already have a judgment. When I evict in AZ, the eviction brings possession as well as a money judgment. No need to sue a 2nd time.

Getting the seller to accept the MLO with a realtor involved might be a challenge.

The realtor wants to get paid. The realtor gets paid on a sale. By definition, a MLO is not a sale now. It is a sale maybe later, maybe never. You can certainly approach the seller and realtor about taking the commission later. Or maybe taking part or of it from the option consideration. How much were you planning on?

If the properties are already offering seller financing, why do you need bring in the MLO concept? Are you looking for absolutely no money down on your part?

Yes. I just gave them the serial number on the check. The one I received was fraudulent.

Not sure why this is an issue.

She isn't running your business. She is exercising her rights under tenant/landlord law. She is not required to agree to a new a lease.

If you want or need a lease on this property then you need to provide her the correct carrot or stick in order to do so. That is you running your business.

Having said that I don't know why you would. In very general terms, leases benefit residential tenants more than they do residential landlords.

And why in the world would you ask her to move out if she is paying on time and causing no problems? Is that not the type of tenant you want to atrack?

I have always tried to avoid complexes that have anything more than a nominal amount of studio/efficiency apartments.

And to avoid complexes that were "beyond" the suburbs (say 30-60 miles outside the large city I invest in).

I would love to hear what other multi-family investors have found about these 2 issues.

(It seems like I might be missing some deals but at the expense of added risk.)

Thanks.