All Forum Posts by: Geo Tan

Off market turnkey multifamily listings available. These are all 5+ cap rates and is in gentrifying areas such as East LA. Reach out for more details!

Hey Michael! I'm a commercial real estate agent and also an investor in LA. I currently own and cash flow from a 4 unit multifamily in Boyle Heights which is east just across the LA river of Downtown. I would love to help you with any questions you have in regards to investment real estate since I started off here as well! Great community and great advice all around. Feel free to reach out!

-Geo

Hey Nigel,

Congrats on the move to LA! I'm an agent and investor and I own and manage a mf property in LA. The other posters above have definitely posted some great content but feel free to reach out with any questions regarding my journey as an investor.

Great thread! I work in Downtown and live in Highland Park so I am open to anywhere within a few miles of those areas. As long as there's a date in advance, can do most days during the week. I work in both the Downtown and Highland Park office so we may have two possible venues for meetups if those areas interest a majority. Keep us posted!

Hey Hipolito, just shot you a message. I'm an agent in LA and also own and manage a fourplex in Boyle Heights which is right next to downtown. The property was 5.7 cap and I am currently cash flowing nicely with no rent control. I have more turnkey high cap rate investment mf properties in the area that are off market as well if you want to check those out. Feel free to reach out with any questions on my journey to becoming a real estate investor in LA as well since I also got started in BP and loved it.

-Geo

Hey @Jacqua Le Fleur! Came by this post along my usual browse of BP and thought I'd share my 2 cents as well. Seth, Logan, and everyone else who commented brought up great points. I did a few appraisals in LA so I can say that what Roy said was very spot on. Comps do play a major factor in dictating the valuation of the property but like he mentioned, comparable cap rates is what is a large factor which boils down to the rents you obtain. There are formulas and spreadsheets used to back out into the valuation price of a property and this does include pro forma rates, but the current leases you hold that gain you rents NOW is the major factor in calculating a price value. 

Boyle Heights was in most people's lists of gentrifying and appreciating areas and I personally think that is still very much the case. The only real issue I've been seeing is that there is somewhat of a backlash from the community that currently resides there pre-gentrification. There was a fair amount of gang activity there which caused quite a bit of trouble for a lot of the developers there initially but once they started hiring a lot of them and getting them off the streets, the resistance has improved a fair amount.

@Seth Borman's comment regarding cash for keys is a great option to keep the rent controlled properties as prospective investments. There are numerous investors who thrive in that market, but it definitely has been hard to buy out the tenants in Boyle Heights because of this backlash from the original pre-gentrified residents. Quite a few of the rent controlled units there, have tenants that were there since childhood so buying them out could become quite the costly endeavor. A great option like that is to just find a deal that cash flows and is not rent controlled, like what @Logan Allec mentioned.

For example, I just picked up a fourplex in Boyle Heights right by the Guisados on Cezar Chavez. It was only a block or two away from a police station and was a 5.7% cap which had me cash flowing right away. Brand new construction 2016 non rent controlled.

If you have any more questions or want to know more about the turnkey off market multi's in that area, I know a few developers that work that area so can be of assistance. Feel free to reach out and hope you have a great day BP'ers!

-Geo

Looking for a handyman for minor fixes such as leaking faucets, cabinet repair, paintjobs, and any other misc repair.

Let me know if you have someone you use and would recommend.

Thanks in advance!

Hey Angel! Welcome to BP. Great first step already by becoming active on here. Tons of great info on the forums and the podcasts. I'd recommend starting out by listening to as many podcasts as you can in regards to whichever niche you plan on working on. Feel free to shoot over any questions you may have on investing, since I own a multi-unit in Boyle Heights and is cash flowing nicely. Best of luck!

Hey @Richard Naimy welcome to BP! I currently own a multi over in Boyle Heights and am a commercial real estate broker focusing on downtown LA and vicinity. Feel free to reach out with any questions in regards to commercial real estate and I'll do my best to help you out. Great start with BP podcasts, tons of information there that's definitely worth combing over!

I also agree with everyone here that says to hire an attorney. You would definitely want to properly evict everyone: tenant, subtenant, etc., that was involved with that unit. Best of luck!