Investor · Southern California · Member since 2021 · 27 posts · 16 votes
Hello BP,
Newbie RE investor here, looking to move into the multi-family space.
We are running into certain scenarios in which purchasing properties through VA financing is made difficult because the seller cannot deliver 1 of the units vacant (to fulfill the intent of use as the primary residence for at least a year check in the box).
Even with month-to-month contracts or no contract at all. Is it a kamikaze move to challenge the monstrosity bias the Los Angeles County has in favor of tenants? I would be open to going through giving said tenant (s) time to leave, but it seems as though sellers most time are scared to agree to hand you a vacant unit when there are tenants there.
Any thoughts are welcomed (the next stop after BP is a lawyer, but I am eager to hear the community's opinions).
Bel Air, CA · Member since 2017 · 165 posts · 47 votes
4y
Yea the Eviction Ban is extended yet again till late this year.
Frankly don't see why people still buy / 'invest' in multifamily properties now that local state & fed gov seem in favor of free housing and against small private ownership altogether!
Thus makes sense to invest in single families thus its delivered vacant unless its not the owner lives there.
The whole 'I just renewed the tenants' lease for like 5 years then decided to sell' phenomenon is rampant and a sign of crazy times.