All Forum Posts by: Lee L.

I say no. I don't want the hassle of dealing with their internet when it goes down. I tell them that Time Warner Cable has a deal for $15 a month.

Race has never been an issue for me. Cash is king. Cash flow is queen. Share some pictures of past projects if you have any. 

@Michelle Elsaid I'm house hacking a rental property in L.A. that was fully occupied when it was on the market. Since my intention was to live in one of the units and rent out the others, having a unit vacant by close of escrow was one of the "must-haves" on my list.

Although sellers hate it when you do this, I drove to properties that I was interested in, knocked on the door and spoke to the tenants, saying that I was interested in purchasing the property, and asked if they'd be interested in "cash for keys." Oftentimes the tenants weren't able to make a decision on the spot, so I got their number and followed up later.  If they appeared uninterested,  I moved on. 

Once I found the property that fit all my criteria, I asked my friend to write up a contract  saying that I would pay the tenants $X dollars if they moved out by a certain date, and further stipulated that the contract is void if I do not close on the house. We did it this way because I did not want to close on the house if a vacant unit was not guaranteed. Furthermore, my understanding is that you cannot enter into contracts on properties that you don't actually own. Anyway, things may have gone wrong using this method ... I'm not sure ... but it worked out well for me. I'm not in any way a knowledgeable about legal matters, and this is just my personal experience, so please talk to an attorney. 

@John Fleming Thank you so much for your reply. Now, I most definitely will get an umbrella policy if I decide to do airbnb.  I've been putting the policy off, so I guess there's no better reason to get it.    

@Sean Walton@Allen Clark@Zach Schwarzmiller@Dan Roehrs@John Fleming

I'm thinking of trying out AirBNB on one of my units. I'm concerned about liability issues. I'd appreciate any insights on the need for any special insurance for AirBNB. I heard that AirBNB already comes with insurance, but not sure if it provides adequate protection. Thank you 

@Katherine T. In addition to Postlets and other more digital ways, why not try old fashioned flyers,? Print out 50 full color flyers and post them in areas with high visibility (and where they won't get taken down) -- perhaps on a bulletin board at a shopping center, community centers, adult schools, laundrymat or religious centers.  Yes, it could be a complete waste of time, but you're desperate right? By advertising in different channels you will get visibility from more customer segments. You will also advertise to people who aren't looking for an apartment, but who has a niece or nephew who is. 

Try offering referral fees to neighbors, or anyone else who might be effective in finding a tenant. Ask to place flyers at different shops. Schedule an open house. Get in touch with large employers in the area to see if they have someone who helps new hires find housing. 

@Nick Versetto I'm not sure if it will work with Mac, but you can try the free home planner from Ikea, where you can create floor plans and 3D renderings. However, it is very much geared for Ikea products.  Ikea Plan Your Kitchen

@Rohit Kochar The lender I worked with required a seasoning of 2 months, and a letter from the giftors stating that the money was a gift. Feel free to PM if you'd like his contact -- he's based in San Dimas.

@Bryan Bagge I wouldn't touch a C or D area unless you have a lot of experience, the building is in decent condition, and you have a good contingency fund for repairs/capex. 

Since rents are low, buildings are often neglected in these areas, and if you throw bad tenants into the mix, your life will become miserable and your bank account may suffer. Someone with more money, experience, and who specializes in these areas, has systems that can make these properties profitable and less of a headache. That's one reason why C or D areas can make good investments for certain people. 

I wouldn't buy in an area just because it's cheap. Nor would I buy in a completely gentrified area either due to the numbers. I look for areas that have potential, areas that are rough on the edges, but show signs that it is improving, often on the fringes of prime areas. 

Hi folks,

I was hoping people could shed some light on Highland Park. There is a pretty interesting broadcast series about the area yorkandfig.com 

There are a few things I've heard from both residents and investors but I really don't know too much about it. In a nutshell I'm interested in differentiating prime areas vs areas seen as not as nice. Here are some of the things I've heard. 

• You want to be north of York
• A lot of the action is happening around Avenue 50, walking distance to Cafe de Leche and other fancy shops
• Eagle Rock is the next Silver Lake of Highland Park
• There is/has been gang activity but the injunction has calmed things down significantly

Can someone comment on any of the above topics, or provide other insights? Also, I'm interested in learning more about these areas specifically:

• Areas south of York. 
• Garvanza
• Hermon
• Eagle Rock
• Streets with gang activity
• Development along Figueroa or other noteworthy corridors

Thanks!