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All Forum Posts by: Edward P.

Edward P. has started 14 posts and replied 48 times.

Post: What are the current rates for investment properties?

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

Thank you I am new at this.

I do  not see investment properties is there something I am missing.

Thanks again.

Post: New investors - Questions about Partnership

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

@Anthony Dooley

I am in multiple properties like this but its all based on the partner if he/she will help you grow or make life worse for you. But unless you go through it then you wont know those factors. @Michael P.

@Michael P.

@Michael P. You could try to do seller financing.

Post: What are the current rates for investment properties?

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

Hi BP,

Where can I see the current rates for fha, owner occupied loans. Is there a website to follow these rates?

Thank you.

Post: Buy or Build apartments in Los Angeles

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

Hey Kevin. I have not built anything but I can tell you I was going to but the loan company would give us a loan until the property was paid off. 

Hi,

Having a two+ bedroom is best because of families, newly weds probably wouldn't look at anything near a school per say. Keep your options open.

Post: CA Rent Control Clause in Lease Agreement

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

@Alon L. I spoke to someone from HUD they mentioned this is not a practice they allow and its complex to do.

I did want to ask is it ok if I have all tenants sign a new lease with us? The previous landlord has a 2 bedroom lease but its really a one bedroom.  Any recommendations?

Post: CA Rent Control Clause in Lease Agreement

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

No not yet. 

I just spoke to someone in housing they mentioned that the "discount would not work at all." I would still love to hear what @Alon L. has to say

Post: CA Rent Control Clause in Lease Agreement

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

@Alon L.

What do you think of @Scott Malkin post? Is that possible to give a discount? I will have a new tenant agreement signed. Because the current landlord has signed a 2 bedroom lease when there is one(I do not want to be liable for that)

@Brian Garlington Its a multi, I am getting about $600/mon after expenses: Ins, taxes, mortgage etc.

Post: CA Rent Control Clause in Lease Agreement

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11
Thank you all the response. We currently have people living there so I can not "kick" them out. One tenant is paying LOWER than market value I want to increase but can not more than 3% a year. Any ideas? Any ideas?


Originally posted by @Brian Garlington:

@Edward P.

Have you closed on this property yet? Is there something special about the property that makes you have to have it? Have you done the numbers to make sure that it will be a solid investment not just now, but for when you eventually rent it out to others? Reason I'm asking is I looked long and hard here in the Oakland, Berkeley area where they have rent control. 

Is it a SFR or a multifamily?

Bottom Line it was worth it for me to keep looking until I found a vacant duplex.

Don't make the mistake of thinking that if your mortgage is $2500/mo and the rent they pay is $3,000/mo that you're OK. Vacancy/Repairs/Prop Management/Capex/Taxes/Insurance.

Do your due diligence and make sure the numbers work out AND make sure you follow the rent control laws. 

Post: Ask for discount from property manager?

Edward P.Posted
  • Investor
  • Los Angeles, CA
  • Posts 49
  • Votes 11

I would ask. Are they all in the same city?