All Forum Posts by: Mel Hayes

Hi everyone,

I'm in escrow on a Los Angeles property that needs a full rehab.  The property will be vacant during the rehab.  Can anyone recommend an Insurance Agent or Insurance Company that covers rehabs?

Thanks BP

I have family who needs to sell their home but the home has tenants who are not paying rent and are protected by the Eviction Protections.  The family can no-longer cover the mortgage and they are asking me to step in and purchase the home.  I'm trying to come up with a way to help them but if I can not get the tenants to vacate, I don't know how I can help.  Has anyone had any experience dealing with tenants is Los Angeles County during the Eviction Protection period? 

Quote from @Eddie Medal:

Hey BP Members, 

I'm looking for any referrals for a contractor near Claremont, CA.

The project is for a SFH with an attached garage that needs to be converted into an ADU.

Any recommendations would be greatly appreciated? 

Thanks,  

Eddie Medal 

Talk to @Rick Albert

Hi Ezra,

You're going all in and taking this as a business correct? So than of course you would set this up like a business. HML will only lend to entities. Do you NEED a LLC, no. You can buy a house in cash, in you're name, fix it up, and sell it, collect the cash in your name but that's not really what a businessman would do right? Do what a businessman would do and set it up correctly from the start so you don't have to go back and re-do stuff later.

hope this helps.

Hi Andy,

I'm guessing you're looking in ELA to buy and hold. This is going to sound crazy but -$98.00 in L.A for the first year is not all that bad if you can stomach it for a while. Look for ways to add value to the property that will increase the income.  Can you add another unit? Can you move into a unit and cut you're personal living expenses? Can you add a paid laundry room? Are any of the tenants open to cash-4-keys? Also know that L.A is very tough to be a landlord but being that you are already a property manager you will probably be o.k.

@Josh Baxter

Study and learn the local markets in your area.

@Daniel Fitzroy

No.

@Don Gouge

It isnt hard to find someone to bring you deals? Hmmmm.....

@Zoltan C.

I've been through what you're going through. Once you finally get to court, you tenant will hire an attorney too and counter sue you. Make sure you have all you Ts crossed and Is dotted. I truely believe L.A gets a kick out of watching small time landlords go broke.

@Jimmy Shin

Hey Jimmy,

I've been invested in the Memphis market since 2017. I've fired more PMs than most people have hired. I would not want to bash anyone in public but feel free to message me.