All Forum Posts by: Jian Feng

Hi,

I am trying to do a owner move-in eviction on my multifamily units. I want to create an escrow account to pay the tenants. I realize most Banks don't provide that service. Any recommendations regarding companies that provide escrow service. Here is the requirement from Los Angeles.

How and where do I establish an escrow account, if I choose to do so?

The landlord may place the escrow account in any bank, savings and loan association, or credit
union with federal deposit insurance, or with any broker who is licensed by the California Corporate
Commission, or with a client trust account of an attorney currently eligible to practice law in
California pursuant to the records of the State Bar of California that is reasonably accessible to the
tenant(s) during normal business hours. (RAC Regulations, Section 960.00.)

https://housing.lacity.org/wp-...

Thank you,

Jian

Thank you both for replaying. I'll message you, Shiva. 

Hi,

I have a 2-unit property in city of Los Angeles. I am looking to get the property back. I am looking into cash for keys, move-in eviction, or regular eviction. The tenants were late on rent for multiple months prior to covid-19. They also modified the property without my permission. So, I am looking for an attorney that can advise me on which path should I use for getting my property back.

Please let me know if you have any recommendations. If the Los Angeles City is not extending the eviction moratorium, it will be over by the end of this month.

Thanks,

Jian

 Yes, I am looking at multiple options includes selling it if that will be more cost efficient. 

I appreciate everyone's responses. I just checked. You guys are correct. No-fault eviction is still not allowed yet. Hopefully, it does expire on the end of January 31. 

The rent is blow 50% market value. It won't be easy to buy them out. The moratorium on move-in eviction expired already. 

https://dcba.lacounty.gov/noev... 

Hi,

My family passed a duplex property to me. The rents were way below market value, and the tenants are giving me issues. What do you guys recommend to buy the tenants out. As Los Angeles is tenant friendly, we can't just ask the tenants to leave even if they are on month to month. My family needs a place to stay too. I am thinking about doing a move in eviction for 1 unit if they are not accepting buy out. Has anyone use the forms below before?

https://housing.lacity.org/wp-...

https://dcba.lacounty.gov/wp-c...

Thank you!

Living in Sacramento is still more expensive than many cities in the US, but it is most more affordable compares to other major cities in CA. Fourplex is showing up around that price on www.realtor.com and other sites. 

I've been checking the Multifamily home lately in Sacramento. I'm aiming to get a fourplex for around 650k. I am planning to put 20% down and occupying the fourplex. Based on my rough estimation, it seems like I can almost live for free there with no cashflow or very low negative cash flow. With the high appreciation rate in California homes, I am very comfortable taking the risk. Do you think is bit too much for a new landlord to take on 4 units? I do have a 40 hours job. I was originally thinking about getting a Duplex, because I feel a lot more comfortable managing just 2 units. However, the fourplex's numbers just look a lot better. 

Would it difficult to find a good property manager in Sacramento to take care of the 4 units instead of me? I may not be staying in Sacramento for more than a few years. If I can outsource the work to the property manager, that will be a plus.