All Forum Posts by: Ewa Reza

I don't think you're right @Lee L. Another reason to relocate a tenant can be for immediate family member. So now you think you can evict 3 tenants? For yourself, for the manager and for your mom??? I don't think so.

@Eric Zunkley Well, you can, but the moment they realize this and take you to court, you'll be paying that back. Every time.

@Mario Lara You're in Torrance. There's no rent control there and neighboring cities. 

Rent control is not necessarily bad from investment stand point. In good areas of LA you'll be lucky to break even the first year. Sometimes it makes sense to be $200-$300 out of pocket the first year. One way or the other, if you don't have experienced agent working with you, I'd advise you looking for properties without rent control. I can help you' if you're looking into North East LA areas. I'm not a fan of South LA. Although I hear Inglewood is up and coming now :P

I don't believe you can evict your tenant for the owner to occupy if you're LLC. If you put your personal names on tittle as join tenancy or tenants in common, you can evict old tenant but only from one unit.

As LLC you can still evict but for the reason to have a "building manager".

Try "cash for keys". Maybe even make it a contingency in your purchase contract. It's not very attractive for a seller to get an offer like that, but may be the only reasonable offer they'll get if they are "blessed" with tenants paying well below market value.

@Jason J. 

I don't think you're too late to the party at all. DTLA prices are probably the most stable as there's always market of ready to buy people here. I've been living and working DTLA for 5 years and finally decided to move out a year ago. If you'd like to buy a place here and live in it and count on appreciation you should do it. If you just wanted to buy to rent it out, that's a bad idea. You won't be able to lease it out for amount equal or greater to your PITI + HOA. But 5-10 years down the road you will probably be able to!

Sales in LA slowed down lately... but not in downtown. Almost all properties that come up for sale receive offers within 2-3 weeks! This market is hot. And always will be. 

I think you have a good plan. But there may be better... Why not buying a SFR or duplex somewhere on the Eastside or NELA that you can buy with 3.5 % down and rent a loft in DTLA in the same time? More cash in your pocket!

@Julian L. 

Why not buying a 3-4 unit property In LA incorporating FHA loan with 3.5% down? And then with the cash I'd try either buy and hold out of state or partner up on a flip with someone.

Looking for real estate agent experienced with working with out of state investors, rehab / fix & flip properties. Please PM me. It's urgent. I'll be in AZ tomorrow and Fri morning to look what's available.

I think HCID didn't tell you the whole story... The tenant has all the protections just after 30 days of living on premises. Even if they don't have a lease in writing! So it really doesn't matter if somebody is on a year lease or month to month...

You can evict one tenant from whichever unit. If it's one of the two 2+1 units you can evict the one who moved in last. There is relocation fee nonetheless. It depends on how long the tenants been living on the property, their age, possible disability etc

Tenants can be either "qualified" or "eligible". And depending on that status you'll be paying $7,700 to $19,300 in relocation assistance.  That's besides standard eviction fees. All this should obviously be calculated in your purchase price.

Majority of people (tenants) have no knowledge of law and protections they may be qualified for, therefore it's very common for the new owner to offer cash-for-keys.

@Allan Glass has very good points here! These developers do not use general contractors and often they actually are contractors themselves. Often they don't use designer either. Architect for my project will be costing me $20K-$25K for example...

And again @Account Closed your example shows "new" construction on top of existing real estate. Even if they demo 100% of the existing structure (which I doubt) all the utilities are already there / connected. That's probably another $20K in savings (I may be wrong here).

@Account Closed 

with the examples you're showing you're not taking into consideration at least two things...

Some of these properties were build 5 years ago, and some are technically not new construction but sort of like "addition" (new constr. on top of tear down).  I'm just starting my new construction adventure and I think I'll be at $185 per SF. But I'm building on a steep slope and that's a big difference.

I heard from my architect that if there was a structure before on the lot the cost can come down to $75 per SF even though.