All Forum Posts by: Bill Levey

Hey, thanks guys, just realizing I hadn't replied to this... it's certainly tricky, and even the attorneys have no idea really how this all will or should go.  I feel bad for some tenants, but also for the property owners.  We love living here but definitely taking a hit in Year 1 and hopefully not long after.  Bought this place for the long-term and priced in the idea that we'd have to deal with this, but it still hurts! I appreciate all the thoughts.

@Tevis Verrett my best friend's name is Tevis and have never met another...nice to meet you!

Hi, I'm an investor owner/occupying a 3 unit MF and trying to set up a system to track everything, but having a tough time figuring out the best option as the most obvious options aren't really working out.  I know how to do the bookkeeping and the principles, but I've looked on here and the internet generally and I'm coming up short.  I imagine many others are similarly situated - if you own and manage a building or small portfolio, how do you organize and keep relatively basic accounting for your property or portfolio?  

I'd prefer not to just use Excel, as it is helpful to generate reports, tenant statements, etc. although it's only 2 other tenants and while I plan to scale up, for now just looking to address this building.  Will spend some $ but only need light use, so prefer to keep that expense down.  I know how to use Quickbooks but it has major cons (it's expensive, can't really easily build in features of a mortgage, recurring invoices are only for the $90/mo. plan), Quicken might be good but their property management is only on Windows, Stessa seems like it's pretty good but not comfortable with its terms (nothing in life is really free, folks! your data can be shared and your info sold to be marketed to...read the terms).  

What has been your experience?  What do you like to use?  Thanks all!

@Nadeim M. Following. Dennis Block’s firm’s name is mentioned often but don’t know if they are good.

Thanks @Scott and @Mel.  Think we are getting closer to understanding the procedure and variables.  Mel, he is in the largest unit and we are moving in as a family and there isn't another comparable.  I don't want to ever ask someone to leave a place they call home but it's only a 3 unit place, not rent controlled and he has been underpaying for years and hasn't even applied for rental assistance during COVID while the seller (previously his good friend of 30 years) practically begged him to.  

Should be interesting.  I am still planning to be as nice as possible unless there's a reason not to be, and happy to update you privately @Tevis (btw my best friend's name, and haven't met another!) 

Hi - we are buying a 2 unit property in Los Angeles (City) and plan to move into the building. I understand that currently the moratorium isn't lifting on Jan 31 2022 for the city, only the county.  Very curious if anyone has been dealing with this and has advice or thoughts on how to approach this.  He turned down a cash for keys offer by the seller months ago and has been underpaying rent by $300/mo., and has not applied for any assistance.

1.  What are requirements to provide notice for him that we will be the new owner, how (to where) he should pay his rent, etc.

2.  His last rent increase was in 2014, and he has refused to sign a tenant estoppel.  He underpays his rent, weekly deposits to the current owner - we want him to pay in full on the 1st of the month per the lease.  Any ideas of how to clarify his rent due etc. that don't violate AB1482 other than the estoppel?   

3.  Anyone know if the no fault owner occupier eviction can work during COVID in LA City?  It seems unclear.  

Thanks so much, community!

Bill

Great info Lloyd - thanks for sharing

Interested!  Live in Ocean Park / Santa Monica.  Virtual or distanced in LA would be great.  

Hey, congrats!  Sounds like you did it right.  Would be curious to see before photos, too.