All Forum Posts by: Lee L.

@Alfredo Try Craigslist. You will run into the following: independent nurseries, people doing work on their yard and trying to unload their plants, really cheap potted plants from people who are unable to care for their plants anymore. 

@Alfredo O.undefined

@Adam Schumacher You do not have to live in one of the units for a conventional loan. However, the loan rate will be .5% - 1% higher than if you bought the property as an owner occupier, in which case you will be required to live there for one year at least. If the property is 5 units or more, you will need a commercial loan, which is a different beast. 

@Jeff Greenberg Thanks for setting this up! I'll be there!

Try arranging some showings to get some feedback from the prospective tenants....listen in on their conversations if they come as a couple or in groups. You may even arrange a follow up phone call after the visit.  If it gets rented, great! If not, what were the things they were complaining about? Are these fixes doable and make sense as an investment?  

I had a unit a where the vent fan in the bathroom was pretty loud. I didn't  mind it. Then when people came to see the unit, everyone commented on it. I went to Home Depot and spent $50 to get a replacement. It made a world of difference. 

@Remon Hanna, Jeff Greenberg organizes meet-ups about once a month. The next one will be at the Unurban Cafe (3301 Pico Blvd, Santa Monica, CA 90404) on Saturday April 9th. I'm not exactly sure what time it will be. Feel free to reach out to him. 

re: rehabbing and flipping. For L.A., the pickings are pretty slim these days but doable with all cash. There are still a few markets where it would make sense. Feel free to get in touch if you need help. 

@Benjamin Cowles

Just use labels and the Mail Merge function in excel or word. You can also do it in google docs with an add-on. 

@Deborah Cavallaro Try connecting with @Manolo D. who is quite active on BP and a wizard when it comes to these things. 

@Colton Kennelly It kind of depends on what your budget is and what your needs are. Much of the Westside and beach communities are pricey but the amenities are pretty awesome, and the schools tend to be better too.  

For something more affordable and with potential try Inglewood, Torrance, West Adams. Inglewood is all the rage for some investors as is Westchester with the new stadium, people being priced out from the westside, and the emerging tech industry on the westside. 

If you're looking in the Mid-City area, properties north of the 10 usually command a higher price, but south of the 10 (West Adams) is perfectly fine, but can vary from street to street.  Baldwin Hills, Ladera Heights and View Park have nice hillside properties, but distinctive in their own ways. 

I leave a pack of toilet paper, a few rolls of paper towels (Bounty and Charmin, ie: the good stuff), a few bottles of water, trivets, soap and a 6 pack of craft beer.  Probably costs me less than $20. Sometimes I bring some treats when I visit. 

@Lance Knapp If you have the money to relocate the tenants in rent-controlled units (usually around $8k - $18k+ per unit), and then fix up the unit, you are free to charge whatever you want to the new tenant. 50% - 100% rent increase is not unheard of in the right location. With this in mind, L.A. starts to make more sense.