All Forum Posts by: Michael Choi

@Kim Meredith Hampton @Deanna McCormick

I spoke with the tenant and agreed to meet up for a cup of coffee later today and talk about our common problem.  I want to find out what they want and depends on how our conversation goes maybe offer a full refund of the security deposit to vacate by end of July without collecting rent for both June and July.  My lawyer has advised against making such a deal and go forward with eviction process or have them pay rent for the remaining months and start the eviction process again if they refuse to move out after lease termination which makes total sense.  Ultimately, I just want them to move out peacefully.

Should there be a written document if we come to an agreement?  Thank you again for taking your time.

@Kim Meredith Hampton  @Deshawn Lewis  @Deanna McCormick

Thank you for wishing me good luck.  I hope I know what I'm doing but I feel a bit nervous and worry about any conflicts I'll face whenever I visit the apartment making improvements.  

@Deshawn Lewis It's funny, the tenant was already three months behind with the previous owner and I have asked him to start the eviction and held a certain amount during escrow in case he doesn't follow thru with it which he signed and agreed upon in the addendum. 

But once the tenant paid up, the landlord dropped the case leaving me with this mess and asked to release the remaining balance from the escrow which to his surprise the escrow refused, haha.  The addendum includes any legal fees and repair costs of eviction.

@Kim Meredith Hampton The tenant reached out to me last night (midnight actually) trying to explain they just got back from their vacation and wasn't aware of an ownership change.  I asked why they were late making payment to the previous landlord and the tenant excuse was that someone stole his phone and basically thought he didn't think it was big deal since he was going to pay it later. ¯\_(ツ)_/¯

I've just contacted my agent to verify with the previous owner and to return their money.  After the closing of an escrow, I've sent out the letter to introduce myself with instructions on payment and I stopped by to personally introduce myself to them.

Their lease is to expire by end of July and my lawyer sent out the 60-day termination of the lease letter with the 3 days notice in case they were to make a payment within 3 days. 

Greetings,

I've recently purchased a multi-unit apartment in Los Angeles County (No Rent Control) with intention of living in one of the units.  The only unit that was soon expire had some delinquent payment history (three months) with the previous landlord.

When the escrow closed, I sent out the transition letters to all the tenants and gotten a response from all but one unit (can you guess?).  So, I've tried reaching out to them and their next door informed me they went on a vacation to Europe for a month.  This was last week of May.

When the first rental was due, I've received all the rents except this unit and the previous landlord didn't receive anything or any explanations of why they were being late, nothing.  So I hired a Lawyer to start an eviction process.

Finally, today they reached out to me asking if we could work something out and that they didn't know there were a new ownership change and have electronically deposited the rent to the previous landlord's bank account on the 15th of June.  The tenant tried to explain how they have been mistreated by the previous landlord and that they are willing to go to court if I continue with the lawsuit and claim they weren't served properly and sue both me and the previous landlord for mistreating them.

Before starting the eviction, I asked my lawyer if I should negotiate their end of lease term (end of July) with 60 days notice to vacate and return their security deposit but my lawyer warned that it could work against me if they decide to squat at the end of 60 days and start the eviction process which seemed risky with their past history.

I'll be consulting with my lawyer later today but just wondering has anyone here experienced something like this?  If so, I would like to hear your story.  I am worried this may become a long and dreadful court case but I hope that's not the case.  Thanks.

Quick question, for a loan of $600,000 at 4.0 APR with closing cost around $3500 vs 4.125 APR with $2800 credit? Which is a better deal?

Greetings fellow investors and developers,

I'm currently looking into purchasing a 4 plex in Pasadena. With RM-32 zoning, I would like to build two additional units above an existing garage.

What is a general cost per sq ft. excluding permit and inspection fees (my wife is a structural engineer)? Is this even worth it?

Thanks.

Greetings fellow investors and developers,

I'm currently looking into purchasing a 4 plex in Pasadena.  With RM-32 zoning, I would like to build two additional units above an existing garage.

What is a general cost per sq ft. excluding permit and inspection fees (my wife is a structural engineer)?  Is this even worth it?

Thanks.

@Andrew Fielder How do you measure Capital gain?  Is it based of estimating future appreciation?

Three years ago, I bought a fixer duplex in the hottest RE market in US, Highland Park LA.  It sure didn't disappoint, based on the sales around HP I think it's safe to assume I doubled my investment in just three years.  

I've been looking to sell my property and invest out of state income properties with cash flow, but recently I found a golden opportunity to make a move in my dream hood I've been hawking on forever. The cap rate is 4.7 and GRM is 17.4, it will be interesting to see how capital gain comes to play here.

I have some experience in property management in college days (20 years ago) and looking at the past REI history in LA even through recession (2000/2008) the market seems to always bounce back and appreciate greater around high demand neighborhoods.  

Only concerns is all the latest news on potential catastrophic natural disaster like San Andreas earthquake making me want to move out of state lol.  Is it just me or anyone else concerned about this.  

Hi

Can anyone recommend a CPA who specializes in Income Properties and if possible food ecommerce business.  I live in Highland Park, Los Angeles CA it would be nice to find someone local or relatively near by.

Thanks in advance!

Michael