All Forum Posts by: Lee L.

I invest in 2-4 unit plexes. In most cases, I'd allow for pets, but be very specific in the lease: 

1) Breed restrictions: especially those that insurance companies won't allow - dobermans, pit bulls etc. 

2) Have a photo of the pet on file. Stipulate that if renter gets new pet, landlord must be notified

3) Set a 10-15 pound limit, and case-by-case basis

4) I actually like cats - they keep the mice away!

I certainly would NOT evict her. Not only because of morality, and perhaps karma, but also your reputation. You'll forever be that heartless person who evicted a 102 year-old woman.

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." 

-- Warren Buffett

Liquor stores, smoke shops, check cashing places, pawn shops, doughnut shops, cheap motels. The types of grocery stores

Lots of banks, grocery stores, book stores are a good sign. And of course cafes, cool restaurants, yoga and crossfit places are always good. 

I probably wouldn't do it if it was your first deal. But if you know what you're doing, then yes, it's a way to get in front of the line, especially in a competitive market such as L.A. Don't expect your "agent" to look out for you at all though.  

What venue is this? 

Have a reverse auction. Opening bid to leave $6K. 

Not very familiar with Santa Ana, Anaheim or Fullerton. But I know there are some parts of Fullerton - like near Sunny Hills High School - is definitely class A.  In southern CA, I'd say cities/areas such as Pico Rivera, Buena Park, Norwalk, El Monte, Gardena, Azusa, Covina, Baldwin Park, Lincoln Heights, El Sereno - I'd call these class B areas.  

I'm pretty sure pit bulls are restricted on my insurance policy. I'm not a fan of big dogs on my properties at all. If they're aggressive and love barking, they ruin the vibe of the whole property. I'd make the tenant get rid of it.  

@Steven SmithDon't be surprised if your once great tenants become the devil tenants after you raise their rent. The tenants might start giving you more service calls, and playing games. Someone might decide to move, or stop paying you. Make sure you can weather these risks. Otherwise if the area is promising, and the deal is solid, go for it!

Started at 36. On my third cali property right before turning 40.