Do You Give Tenants 30- or 60-Day Notice?

Question: “Hey Gary. I’ll be selling my rental house and the place is a mess so I plan to evict the tenants and fix the place up. Do you know any good contractors? Also, I heard there’s some law that you have to give the tenant 60-days notice to move out. Is that true?” Answer:
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Selling Your San Diego Home With Tenant or Without

Question: “Hi Gary, We have been on your mailing list for quite some time and we have always enjoyed reading what you have to say. The time has come where we would like to sell one of our rental properties. It is currently tenant occupied and we must give the tenant notice. Once it is
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Owning Rental Properties Comes with Its Challenges

Question: “I’m a beginning real estate investor and want to get into rental property.  I’m a little concerned because I think I might be too ‘nice’ and won’t know how to deal with problem tenants.  I think I read in your newsletter that you have rental property.  Do you have problems with your rentals?” Answer:
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Can You Require Your Tenants to Pay in Cash?

Question: “With the tough economy, a lot of my tenants’ checks have been bouncing. Obviously that makes my life pretty stressful. So I want to tell my tenants that they can only pay in cash. However, a friend of mine said I can’t legally do that…?” Answer: Since January 1, 2005, it’s been illegal for
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Why You’re Not Getting Offers on Your Rental Property

Question: “I’ve got my fourplex for sale, but nobody’s made an offer.  I don’t get it.  You get almost nothing with your money in the bank, and I hear that most properties are getting multiple offers.  Why do you think I’m not getting any offers?” Answer: While what you’re stating is true, it doesn’t mean
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Should You Request a Schedule E for a Rental Property?

Question: “Hi Gary. Question: When buying a Rental Income property, is it customary to request a last available copy of IRS Schedule E on that specific property??? This certainly would be reliable tool to estimate a Near True rental income? Warm regards.” Answer: That’s a great question and a great idea. You never want to
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What Is an Estoppel Letter?

Question: “What is an estoppel letter?” Answer: The following story actually happened to me two separate times… I made an offer on an apartment building and it was accepted. That was the good news. When I went through the apartments, I asked the tenants how much rent they paid. Oddly, EVERY tenant paid less than
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Investing in 4 Houses vs. a Fourplex

Question: “Which makes more sense as an investment, buying 4 houses or buying a 4plex?” Answer: That’s a great question. I own several fourplexes myself. I’d go for the fourplex because it should give you better cashflow and is easier to manage than 4 separate houses.
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Keeping an Expensive San Diego Home as a Rental

Question: “Hi Gary. We have a pretty nice house in UC, worth around $850,000. We want to scale down and buy a condo. Do you think we should keep the house as a rental?” Answer: Expensive homes make no financial sense as a rental in San Diego. Your cash on cash return will likely be
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Don’t Worry About Deflation When Buying a Rental

Question: “I’m a little afraid to buy a rental with everything going on. I’m afraid we’ll have deflation which will push rents down. What do you think?” Answer: I’m by no means an economist, despite a BA in Economics from UCLA. A little knowledge can be dangerous, but I’m willing to share my opinion. The
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