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All Forum Posts by: Jay Chong

Jay Chong has started 3 posts and replied 4 times.

Post: Multifamily Unit Tenant Month-Month Contract

Jay ChongPosted
  • Posts 4
  • Votes 1
Quote from @Ken Barnes:

Hi Jay, I own a property management company, and have managed real estate for almost 20 years!  A lot of this is situational and depends.  For example, if the property is in Burbank, Ca the rules are much different than if the property is in the City of Los Angeles!  Then when you throw in all these regulations due to COVID, it complicates things even more.  Please let me know what city the property is actually in and I would love to advise you more!  Congrats on getting this property into escrow......and I look forward to hearing back from you soon!

Best,

Ken 


 Hi, Ken.

The property is right next to the grove. It's in Los Angeles City....

Post: Multifamily Unit Tenant Month-Month Contract

Jay ChongPosted
  • Posts 4
  • Votes 1

Hello, BP Family.

I just signed my purchase agreement to a multifamily unit in Los Angeles.

It's a four unit and 2 of the tenants are under month to month contract.

If I become the owner of this property will I be able to draw a leasing agreement with them?

They are both paying just a little under market value.

Thank you in advance.

**And if you have any good property management company, please let me know!

Post: HOME INSPECTION & HANDY MAN

Jay ChongPosted
  • Posts 4
  • Votes 1

Hello, BP family.

I'm about to buy a multifamily unit in LA and is going into escrow.

My real estate agent is a dual agent and he's representing me and the seller.

So long story short, I was wondering if you know any good home inspector in LA area and person who can install automatic driveway gate...

Let me know!

Thank you!

I found this beautiful fourplex in L.A., and I'm in process of getting it.

3 units are rented and 1 unit is vacant. (But I will live in the vacant one)

Two out of 3 units are rented at a reasonable price but 1 is being rented way below the market.

I mean his rent is around $800 even though this person has the 2nd biggest unit in the whole place.

Is there a way to kick him out? (My soon to be property is in rent controlled area).

Let me know!