All Forum Posts by: Lee L.

Very hot market and hard to get a good deal. South of the 101 freeway, prices are a bit lower and not as desirable, although some agents or websites would call it Echo Park, it's actually Historic Filipino Town, which is very different...there are high-end rental developments coming up on Temple tbough. There's a lot crime around EP lake. Angelino Heights is a HPOZ area with gorgeous Victorian Homes. Elysian Heights has some really nice craftsmany homes, and a few duplexes...pretty much an "A" area. EP and Silver Lake tend to get nicer north of Sunset. Between the 101 and Sunset you have a good mix of SFR's and 2-4 units ... kind of a B area, but still expensive to rent or purchase. Homelessness is becoming a bigger and bigger problem. Rents are skyrocketing although there's rent control much like all of L.A. Lots of new housing developments coming on line in the area, and in downtown. Definitely a cool place to live. Check out theeastsiderla.com for more info

@David T.

Could it be that they don't close the garage because it's not convenient for them? If they were given a garage opener for their car, maybe they'd be more likely to close the garage. As for the door, I agree with @Kelly N. -- have the door lock automatically, but make there is a spare somewhere

re: parking issue.   What does the lease say about their parking rights? Reiterate your policies to them. If it were me, and the lease said they were allowed just one space in the garage, I'd enforce the rule, and just have their guests deal with finding street parking. If my car was blocked in, and I had to get to work or something, of course I'd tow them if the guest car has no right to be there per the lease.

re: multiple rent payments. I would absolutely not allow them to pay in multiple increments. If not paid in full, then it's late. Multiple payments creates more headache for you, and you risk collecting half the rent

@Kenneth M.

Offer less money so the deal becomes more sensible. From what I've seen in L.A., 2-4 unit buildings often come out way overpriced, sometimes 20x GRM, and a few weeks later there's a substantial price cut.

I think the target market for the initial higher price points is aimed at buyers who intend to live in one unit while renting the others out ("househack"). For these people emotions are more at play and there's a higher willingness to pay. Plus, they don't really need a property manager, and the incoming cash flows means they can get a more expensive property, and they end up paying less per month on one of these than a SFR. To these people, I guess deals like this could kind of make sense. But it shouldn't to an investor.

Offer substantially less money. It costs you nothing to make an offer. As I once read on BP, "You make your money on the way in."

with white cabinets -- a gray or dark gray stone composite ("quartzite", Silestone etc). 

I like the look of gray marble but if there's a food or coffee stain, you have to scrub it. The solid black granite also looks good (our first choice), but it's hard to get two slabs that are exactly the same shade of black ... that's what the granite guy told us.  

had to edit my post; had thought you needed cabinet hardware, but Amazon's good for that. 

I think it totally depends. Where my parents live, Claremont CA, home of the Claremont Colleges, people are replacing their lawns for drought tolerant plants left and right, especially within the last 2 years. I think it's just going to get more popular as the water restrictions go into effect. But I've also talked to people in the community who totally hate the look, including, households with young kids and those of retired couples.

You probably don't want to be the only house with the drought tolerant plants or else you'll stick out like a sore thumb. Personally, I'd only do it if at least 1 in 10 houses has it, but it needs to look nice. 

Perhaps you can do some sort of combination. A small strip of lawn,a drought tolerant section for the driest and sunniest part of the yard, maybe some raised beds to the side, and a fruit tree or two. 

@Josh Caldwell and @Brian Gibbons

 Thanks for all your insights and experiences. So much good info here, why I love BP. They certainly didn't teach any of this in any marketing courses I've taken.  

@Josh Caldwell, curious if employing any of these techniques has ever gotten you into trouble. What do you say if someone complains or someone calls the cops? You mentioned you were a police officer, so I guess that helps. For instance, your example of the labels at the grocery store carts, I can't imagine the owner not saying anything.  I love your example of using bandit signs on the border of jurisdictions. Brilliant! 

Penggoy - totally agree with @Cathy Wells "You make your money going in ..." There are a few great deals in any type of market, and many more so-so to horrible deals. 

It can take a while to get everything ready to make a purchase. Perhaps start getting all your documents ready. SHOP for rates. Perhaps have a pre-approval letter ready. So, if you do see a GREAT deal, you can put an offer on it. Go to open houses. Talk to people. Learn how to recognize a great deal in your target areas. 

@Penggoy Unggoyundefined

@Ron AverillHere in L.A., I can have the countertop ready for pick up in 4-5 days. 

@Matt R.undefined

Interesting points about "Asian gentrification." As you already know, there are areas in Socal that already have a pretty established Asian population. And what I mean by Asian, I guess I mostly mean Chinese or Taiwanese -- SGV, Rowland Heights, Irvine, Arcadia, San Marino, Cerritos, Hacienda Heights, Diamond Bar ... many others. These are perennial favorites. 

But there are other areas that seem to be drawing more attention, most of which are already pretty nice: All over Orange County. Pasadena - Sierra Madra, maybe Altadena. All around Chino Hills. Diamond Bar - Brea - Yorba Linda - La Habra.  Glendale. Perhaps communities in west Inland Empire with the new 99 Ranch Market in Rancho Cucamonga, such as Claremont or Upland. 

Many Chinese like to be around other Chinese people since there's often a language barrier. Education is huge for them, especially since many of them sort of drop everything in their native country to provide better opportunities for their children here in the States, so good schools are important. Being a short drive to decent Asian grocery stores and restaurants (the ones with secret menus all in Chinese) is also a nice amenity, but being within walking distance to them is not critical, unless one of the family members does not know how to drive, which is quite often the case, especially since Chinese families often take care of their elderly forebearers, and the driver's test is pretty challenging for some of them again because of the language barrier. They also tend to like new homes. Living on a hill with a view is not very important. 

On the whole , I think wealthier Chinese people tend to look for areas that are already pretty gentrified, suburbian, quiet, good schools, and not more than 15 minute drive to a Chinese shopping center.