All Forum Posts by: Yash Ranadive

During a recession Class B renters move to Class C. So the downside is not bad if the economy is affected overall. However, if it affects Class C renters more than Class B (Perhaps Class B renter can work from home but Class C renter can't due to nature of the job) then it will definitely affect Class C properties in the short run. However in the long run a Class C property might be a safer bet as it will have more competition.

I also do concur with other's assessment on this thread. My contractor also said that Mesquite has added these new laws and they are brand new and they are making it real difficult for investors.

@Daniel Y. price was originally higher suggested by the prop mgmt company. After no interest we got it down.

The good news is that I've found a tenant and I'm trying to get everything sorted out with the city of Mesquite. They have been very very strict for their inspection. I'm keeping my fingers crossed that they approve. If they don't I'll be screwed. 

Before buying the property, I should've found out all the things I need to do beforehand by calling an inspector. That way I could've known my actual rehab cost on the property. I was really off, which have caused this property be a sore eye on  my spreadsheet. 

This is my first rental property and I've fallen flat on my face and it hurts. Hope I don't make same mistakes again.

Keeping my fingers crossed on what happens on the inspection. Will update the thread and let everyone know.

see image below

My property management company had to do an inspection from the city of Mesquite for it to be rented out. 
I'm so surprised that the city is making me do all of these things. There was a crack in the window, so I'm replacing it. There's also minor things, some of which like trip hazard, etc. The biggest shocker is that the city is asking me to provide permits for work that was previously done on the property. Huge huge waste of my time and money on this property.

Lesson learned, always get an inspection from the city before you buy the property so as to understand what is going to be the cost of rehabbing it. Are other cities this strict @Bart H.

cc @Account Closed

Thanks Jonathan. I just got hit with more bad news that my inspection didn't pass. So I have to spend more money on this property :(

Hey folks, thanks for all your comments. I'm scratching my head on what could be wrong. The address of the unit is 3031 Karla Drive. Its going to be 2 months since its been on market. Only 1 application . 

I know Mesquite is a hot rental market. Perhaps my asking rent is too high ?

I bought a SFR in Class C+ neighborhood in Mesquite. The unit's been sitting unrented for a month and a half. Just today my property manager sent me a prospective candidate.

This candidate had 17 lates since 2012 (She has been late 20% of the time), but her previous landlord said they would rent to her again. See attached. Does this fall under typical Class C neighborhood renters? (see attached)

Thanks folks for the comments. It puts things in perspective.

This is not a commercial loan. This is my first investment property and I haven't used by my 10 loans yet. A friend of mine got a 4.8% rate last month with a private investment group/bank in Phoenix. I don't know the details but looks like that is not common.

Also I want to make sure that there are no seasoning terms. Do credit unions handle this kind of refinances?