All Forum Posts by: Zoltan C.

this is madness ! LA is going to get the opposite effect. All landlords will leave and there will not be rental units since the risk will be too high for investors

I'm currently searching for a good eviction attorney in Los Angeles. Once tenant is out, property will be sold and I'm moving to a landlord friendly state. This is communism ... taking private property and handing it to others. 

I've had a tenant for about 3 years now in Los Angeles and as of November he stopped paying and said he wants to use the housing is key rent relief program. He applied for it and has been promising me that I would get paid but this has been going on for more than a month.

Now he owes me both November and December rent and is ignoring me. I also made a claim at housing is key as a landlord and they cross linked them but every time I call, they say it's in review.

Can I post a 3 day notice to pay or quit ? Can I start a small claims. Los Angeles ordinance/moratorium makes this very difficult to navigate.

On top of it, he has indicated he could pay but is waiting for this program to pay. This to me is Fraud.

Some very good responses in here that covered a lot of the original question.  I just want to throw my experience out there. With my original primary residence purchase, a gift as a portion or all of the down payment was allowed with a written note that it was a gift for the purchase of the home - and according to the terms mentioned in Brandon's book, it would fall under private money lender because it came from a personal relationship. With that said, the bank still wanted the bank statements going back 3 months because they want to assure that the money is yours and you have a risk in the game and they also need to make sure there is no money laundering going on. 

Once you have a primary residence and you continue to purchase properties, the additional properties no longer qualify under primary residence unless you convince the bank you are moving into the property and renting out your original. If a property is not considered primary residence, some banks (at least mine did) will not allow any gifts as a source of the down payment.

So you have to get creative if it's your 2nd+ property and either use your own money for the downpayment and still have the right income to debt ratio for a conventional loan with a higher interest rate than your primary residence (more risky for bank) or use OPM / HML / PML (full amount of the purchase price). Another option if you don't already have an FHA loan is to use that for a 3.5% and have PMI.

I would love to work for biggerpockets and that Software PM position is one of my specialties. I really wish you guys were in California. I have a PMP as well as Computer Science degree with previous software engineering roles. 

Is remote work possible ? :)

Like others have stated, it depends :)

First, if you plan to be in management in the corporate environment, it does help with credibility especially when obtained from a very reputable school.  It can potentially land you that position you seek if you have competition without the MBA.

However, if you plan to be a full-time investor, I would advise against it. Yes, you may impress some folks but it would come with the following trade-offs or opportunity costs

 Expense - Obtaining an MBA from a reputable school is expensive. Why not invest it ?

Time - Think of all the hours you will spend studying / going to classes and missing deals.

There are multiple books out there that would teach you the basics without having to obtain that degree.

I hope that helps :D

Zoltan