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All Forum Posts by: Lee L.

Lee L. has started 17 posts and replied 277 times.

Post: Cabinets and countertops - advice please!

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

I wouldn't say quartz is pretty indestructible. They can be really sensitive to heat, depending on grade I guess, especially the darker colors (ie: trendy gray), and can leave a permanent light discolored mark after you put a hot plate of food on it...like even out of the microwave. I wouldn't do gray or any dark quartz on a rental. White, off-white, might be a different story. Also quartz can be hella hell to clean grease of.  

Post: Does it matter what kind of car you drive as a real estate agent?

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

@Account Closed A bit of space to transport small furniture and decorative items such as plants can be helpful sometimes when you are helping someone list a house. It doesn't happen all the time, but you will on occasion find yourself needing to transport stuff that might not fit in a sports car. Also,if you start rehabbing you'll wish you held onto that truck. My advice is to do a deal or two first and then see where you stand financially. 

Post: Los Angeles Meetup - August 29th, 2015

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

Thanks for setting this up, Kyle! I'll be there

Post: Tenants name on mailbox

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

@Daria B. Maybe something similar to the price labels on grocery store shelves where you can slide letters or numbers in and out. Perhaps you can google "Southern Imperial", a purveyor of store fixtures and labels, for some ideas 

Post: New York Editor Looking to Make a Change

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

@Robert KhederianI think 3-units to start, even 4, is pretty manageable if you're buying in a B or better neighborhood and B or better condition property. Pay attention to the tenants you'll be inheriting. For me the tenants are just as important as the property. Do they take care of the property? Do they seem to be on your side, or do they try to take advantage of every situation, aka "professional tenants." Stay away from professional tenants.

Also keep in mind that multifamily properties cost not a whole lot more than a single family homes. Often the case, multi-families cost less per square foot (but by definition multi-families aren't in prime A neighborhoods either) However, by buying single family first, it takes a lot longer to acquire your second property than if you bought multi-family first.

To help put your mind at ease,perhaps you could read one of the many landlording books out there. While they won't go into as much detail as the info you can find on BP, they can give you a general picture of the kinds of issues that landlords sometimes have to deal with. (I like The Landlord's Survival Guide by Jefferey Taylor) You can always get a PM, but in my opinion, they're not worth it if you plan to live at the property. I'd also recommend sitting down with a landlord or two, especially those who manage their own properties. If you pick your property right, with the right tenants, the right lease, and with good systems in place, it's not really that bad at all. There will be times you will need to take a day off to take care issues. But in my experience it hasn't been very bad at all. I've had to take a half day about twice a year, mostly because the vendor wouldn't agree to come out on a weekend.

Lastly, I'd recommend having a handyman ready and if he can do plumbing even better. Also, have a few thousand in reserves. Money cures all, including stopped up toilets, or whatever, in the middle of the night. 

Post: Is there an LA meet up anytime soon?

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

I was thinking to organize one of these at LA City College in East Hollywood, not for August but perhaps for September or October. It would need to be a Saturday and a $5 donation would be recommended, since the location isn't free. There's a LACC parking structure nearby which is open to the public. I've been able to find parking there on Saturdays despite the fact that the school holds a swap meet adjacent to the structure. LACC is also really close to the Vermont-Santa Monica metro stop. SOME street parking is available, but tight like much of LA.

What do you guys think about the location? If there's interest, I can hopefully book one of the classrooms and get things organized.

@Jeff Greenberg If you're doing one for September, maybe I can put something together for October. I'd definitely appreciate any advise on organizing and any help with e-mailing people. 

@Jon Huber Although you're no longer in L.A., any advise from you would also be appreciated. 

Post: Goodbye Los Angeles, Hello South Florida... Investor on the move!

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

Good luck Jon ! You'll do well. Hope to see you again soon, in CA or FL, or anywhere else 

Post: 'Godzilla' El Niño might be coming to West Coast. Are you preparing?

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

I heard on the radio today that forecasters are predicting a strong El Niño pattern later this year. Are you shoring up your properties to prepare? Any good preventative measures you might suggest especially for regions that haven't seen much rain in several years?

I'm planning to get rain gutters cleaned out, install more gutters if needed, and plan to patch one of the overhangs of the roof in one of the buildings. 

Here's an L.A. Times article that talks about the weather pattern that might occur:

http://www.latimes.com/local/lanow/la-me-ln-el-nin...

Post: Agent refusing estoppel agreement

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

@Michael Franklin When you get the estoppels, I'd do some research on these tenants almost as if you were doing background checks for a new lease. I wouldn't do that every case, but the fact that the agent is reluctant to release the the tenants' names is pretty strange. Leases are often completely outdated. I think it's important to know how many people are living in each unit. How many pets they have. These issues will significantly influence your maintenance and utility costs.

The estoppel is also great to have once you own the property and the tenants disputes facts on the lease or that have become outdated. If you don't have it, and signed by the tenants, it's easier for them to make stuff up or claim that "this is how it's always been." Insist on the estoppel!

Post: Echo Park, Los Angeles

Lee L.Posted
  • Investor
  • Los Angeles, CA
  • Posts 285
  • Votes 141

@Hank BuckThat petition is great! Just signed it. Small lot developments are great for developers... just please, not in my backyard.