All Forum Posts by: Castro Erick

Figured it out how it affects my current situation. RE: evictions, rent raise.

For anyone else who is curious check out the link below to see how it may affect you!

https://caanet.org/city-of-l-a...

Hey all!

I'm a landlord with two units and I am also renting where I'm currently living in since I'm renting out the two units that I own.

I have a two part question:

1) With the Moratorium being lifted on JAN. 31st, 2023. I am curious how that will affect me (mostly from the landlord standpoint). - I currently have a tenant who is paying WAY below the market rent value (they were already living in the unit when I bought the property two years ago).

2) Previously I couldn't raise the rent due to the moratorium. I'm wondering since it will be lifted starting Feb. 1st, Am I able to raise the rent, per my allowed legal percentage.

I'm currently doing my own research, but would love to compare notes in case I miss anything. (Or if any one has come across a more recent update/experiencing the same thing.

Thank you all!

Hey BP Friends!

I currently own a Duplex in Los Angeles and I want to expand my Real Estate Portfolio by buying a Condo in Miami Beach that I can use for STR.

I currently live Bi-Coastal between LA and Miami so for me, it wouldn't feel like I would be investing "out of my hometown".

I have a business partner in LA that he and I work as owners & property managers since we're currently not seeing enough of a profit yet to invest in a 3rd party Property Manager. And I also have a trusted partner in Miami whom I could hire as a property manager, for little, next to nothing whenever I am not in Miami.

My questions for this post are:

1) Would it be beneficial for me to buy my 2nd property under an LLC (I wish to transfer my current Duplex in LA to an LLC as well) ?

2) What would be the most beneficial way for me to buy my second property? (HELOC, Cash Out refinance, or any other suggetions)

3) Any other advice the community may have for me moving forward on investing on a 2nd property in Miami.

Thanks again for your time. Looking forward to read from the more wise. Happy Holidays!

@Danielle Jackson thank you so much!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $600,000
Cash invested: $21,000

Bought this property with my business partner in the middle of the Pandemic. It was a tough year leading up to it, had to make sacrifices and cut down on personal expenses. It included a long journey of fixing my credit score, going to check out houses for sale, deciding to wake up early and spend my money on gas to drive around instead of going out on the weekends. 10/10 would do it all over again. Currently the cash flow is not enough to retire off, but I see endless wealth in the near future.

https://www.youtube.com/watch?...

actually. I came across this podcast while doing my own research and it's pretty helpful

I too have the same question. From my research I'm at the same stand point where Evan is. I mostly want the LLC for the write offs, including the mortage, water bill, cellphone, etc.

I'm thinking it would be worth the upcront cost to start an LLC. Currently I'm making a profit of my duplex rentals, not much, but would be much better with the write offs.

Hello, 

Chiming in here. I was actually in Pueblo, CO last year for 4 months due to work, and I agree with what people are saying on this post. 

If you are thinking of buying and holding, Pueblo West is your best bet. DownTown Pueblo has a lot of beauty and potential, but there are a lot of vacancies when it comes to commercial buildings, there is not much variety for restaurants, coffee shops, shopping districts, etc.

I don't see AirBNB being the best right now, but who knows. Maybe later on it will be, However, I don't foresee it in the near future.

If you are in Pueblo, or need to speak to someone that is well connected with the city check out MATT & JENNY SMITH from WAKE UP PUEBLO. They are dear friends of mine, tell them CASTRO mentioned them from a Bigger Pockets forum.

Hope this helps.