Landlord Assistance Programs - City of Los Angeles

[Daniel Leathers]

Hello Bigger Pockets Community,

My wife and I am in the process of evicting some non-compliant tenants. We purchased this duplex in September 2018 and inherited these tenants. The building was built in 1923 and will need some work to make it rent-ready for the next tenants. We had a trusted contractor walk through the unit and he recommended that we budget $30k for the improvements. This includes plumbing, windows, flooring, cabinetry, HVAC, and a few other items.

This property is worth $580,000 and our mortgage balance is $531,000. We would have tried the BRRRR method, but the lenders we've talked to say we do not have enough equity to make it work as it is non-owner occupied.

This property is located in a low-to-moderate income area in the City of Los Angeles. My question: does anyone know of programs with The Department of Housing and Urban Development, the City of Los Angeles, or any other programs that assist landlords in bringing older properties to modern standards?

Thank you for your time and consideration.

[Mattaniah Yip]

@Daniel Leathers definitely don’t rely on Zillow and etc. I have a duplex in Mid City/West Adams area. Zillow values it at 835k. We just got appraised for 1.1 million. If you need a good handyman, just DM me. We have one we who is very dependable.