All Forum Posts by: Mario F.

@Manolo D. Thanks! That's encouraging. 

@Steve Jones  Thanks Steve. Any idea when these new laws might pass?? 

Hello, I'm in the market to buy a duplex in LA. Most likely North east LA but all of the properties in that area are rent control.  If I happen to purchase a duplex with both units vacant, can I use one of the units for an Airbnb vacation rental?  I've read some articles online about how LA is cracking down on landlords who boot rent control tenants out and convert their units into Airbnb rentals.  But since I would be the one who inherits completely empty units, would it still be illegal to do this?   The seller is in the process of relocating the current tenant, who is an elderly disabled lady.  Apparently there is an agreement that she will leave.  If she does, I will consider buying this property especially if I can rent one unit out on Airbnb.  So I was wondering if anyone here might know more about this. 

thanks

mario

@Carlos Altamirano  Thanks Carlos!  This property seems to be a wise investment for appreciation since there is a lot of development happening in Cypress Park. I see it as an opportunity to get into the market before it starts surging.  Cash flow won't really be good for me but at least it will get me out of the renting situation for about the same price after tax write offs are factored in.  The only problem right now is that both units are not vacant. If the seller can manage to vacate the last unit, then I will probably go in. 

thansk!

mario

The seller is apparently going to attempt to vacate the unit before close.  @Shannon Wright are you saying that if I put my money in escrow contingent on this unit being vacated, I might still lose the money if the attempt to vacate is unsuccessful?  So I'm assuming that you're saying that I should completely pull out of the deal until the unit is vacated?  

Haha, thanks @Marc M. but since this is my very first property, I'm reluctant to get into this situation given that the lady has lived there for 40 years, is elderly and disabled.  I think my odds are stacked against me on this one. It might be a good deal for someone who has experience and is will to tackle this issue. Or someone who is simply more willing to wait things out with this particular tenant.  I might be way over my head on this!

mario

I've gotten great advice from you guys. I'm so grateful this forum exists! haha

@Marc M.  Hi Marc, thanks for the info.  So you're saying if I move my mom into the other unit and occupy one myself, the vacant can be vacated legally?  Will I still need to pay the relocation?

Hello, I've been looking into buying a property in Cypress Park mainly because of what's been going on with the LA River and the potential it brings to the area. Is anyone familiar with Cypress park and the areas surrounding the restoration of the LA River project?  I've heard that there will be huge potential in coming years and wanted to see what you guys thought.  Will it be that big of a deal?  Or is it just hype?  

Thanks

mario