All Forum Posts by: Chad Gaither

Hi Xavier - Welcome to the city. Up to grab a beer and chat real estate any time. DM for my cell or my IG is @realestatelbc Thanks!

@Jed Devine Congrats Jed! 10 units in two years is a great pace. What would you say was the best action step you took to get over the hump from property 1 to 2?

@Jonathan Blum You make some great points here. Reminds me of one of the podcasts guests which stated that he talks to the tenants months before the increase notice is delivered so the tenants can plan for the increase. I could also see how this approach could potentially backfire and as a newbie I haven't tried this approach myself but seems like it could work with a reasonable tenant.

@Susan O. Thanks for posting. Truly disappointed in the decision by the Long Beach city council. Growth and repositioning of properties in Long Beach will suffer and those looking for affordable housing won't see any improvement of options.

@Jonathan Taylor wow sounds like an interesting program. amazed you were able to find a seller to accept it but kudos to you for getting through all of that and I imagine no PMI feels great. We went with the Feddie Mac Home Possible, conventional with 5% down, no headaches like with FHA but there's still PMI.

Glassell Park is a great area. Nice choice. The eviction took us 7 months because we live in California, and tenants can basically go online and find a playbook to extend an eviction indefinitely and there's very little you can do if they know how to play the game. This was an inherited tenant but we will definitely be screening our next tenants very carefully.

@Jonathan Taylor thanks for the great post. First time I've heard of the NACA financing. Sounds interesting. What area of NELA did you buy?

To add to the thread:

We purchased a triplex to house hack in North Alamitos Beach, Long Beach in 2017 for $625,000. After going through a 7 month eviction, we've been able to get the rents on the remaining 2 - 1/1 units up to $2600. Market should be closer to $1500 -$1600 / unit or more once renovated. 

Thanks @Keith Jourdan Yep, that seems to be our best option if we want to move in any time soon.

Thanks to this amazing forum, real estate networking, and some hard work I closed on my first triplex in Long Beach, CA in December. As part of the contract, the seller's agreed to give 30-day notice (it's allowed in the area even though she's been there for 7 years or so) to one of the tenants so we can house hack. We've met with the tenant numerous times and have offered help through sending her listings and have offered cash for keys. She has paid rent for this month but we've let her know that we cannot have her stay in the unit for the next month as we need to move in. We haven't seen any progress (or packing) and now the 30-day notice has lapsed. We've told her that we'll give her until next week to find a place or we'll have to start the eviction process and she did not seem worried (which worries me). I've talked to a lawyer and we are ready to start the eviction next week. Any advice on trying to avoid the eviction or any advice for the eviction itself would be greatly appreciated!

Thanks @Jerry Padilla I'll be in touch if the Home Possible doesn't pan out.

@Albert Bui good to know. This property is close to 6th and walnut so previously a rougher area that is transitioning so hopefully I'm still in the no income limit zone. otherwise maybe we see if my soon to be fiance can buy it instead of me.