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All Forum Posts by: Minh Nguyen

Minh Nguyen has started 10 posts and replied 56 times.

Post: Question about pulling building permit as the homeowner

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

In California, you can pull permits as owner-builder - although I think you're limited to how many you can do per year. I did so recently with my property under an LLC.

Post: My LA eviction story

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

@Joseph M. This is on the border of Silverlake/Westlake and it's a flip.

@Jason Franklin I should have gotten a better sense of what the tenants were going to do. I did budget for this in my numbers though so I just chalk it up as cost of business.

Post: My LA eviction story

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

@Ricardo P. I wanted possession to do some rehab work.

@Andrew B. It probably cost me around $10-12k including expenses, holding costs, etc so still better than $25k. Keep in mind, I was still responsible for urgent repairs/habitability even though the tenants were there illegally. I've definitely seen others pay the $25k in rent control situations though. 

Post: My LA eviction story

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

So I inherited some tenants on a property I closed on earlier this year and had to go through the eviction process. While I was doing my due diligence on this process, I found some difficulty getting details on what to expect so wanted to share my experience as a data point in hopes of helping others who may be going through this process. Note that I’m not a lawyer and this is not legal advice by any means.

Some background: The property is a single family residence in the city of Los Angeles. SFR in LA are not subject to rent control. Tenants were on a month to month lease.

Day 0: Day after closing. I called tenant to inform them of change of ownership and that I’d be serving them a 60 day notice to vacate. A minimum of 60 day notice is required if the tenants have lived there for over a year. I offered a few thousand dollars as a courtesy to which she responded “That’s not enough” and suggested something closer to $25k. It became clear she wanted to milk the situation whether she had any legal standing or not.

Day 3: Send written notice of change of ownership and officially serve 60 day notice to vacate. Over the next couple of months, tenants paid rent. They sent a check for rent past the 60 day notice which I immediately returned. I believe if I accepted the money, it would void the 60 day notice.

Day 64: Tenants did not vacate. I file an unlawful detainer through my attorney to which the tenants have 5 days to respond.

Day 69: Tenants hired one of the eviction defense firms in LA and filed a response. The make all sorts of bogus claims which is standard practice according to my attorney. The key thing here though, is they also requested a jury trial. Even though the tenants may not have any legal standing, they’re entitled to a jury trial which can be expensive and risky for property owners. My attorney tells me this is a very common practice to extract a higher settlement. We proceed to schedule a court date for the hearing.

Day 90: After a few weeks, our court date arrives. It’s recommended you get there early for the DTLA courthouse because there’s a line around the block by the time the doors open. I think there are 2 or 3 courtrooms dedicated to eviction cases and I make my way to the one my case has been assigned to. I take a seat and at some point they do a roll call to determine which parties are present. Once this is done, it seems like everyone goes back out into the hallway to negotiate a settlement. How this plays out will depend on your situation. Eventually, we reach a settlement and go back into the courtroom for the judge to make it official.

For the most part, the settlement will involve some combination of money and time (how much more time tenant gets before lockout). In terms of time, expect anywhere between 30-120 days. They will also include other terms like sealing the records so the eviction does not show up on their records. By requesting a jury trial, they increase the amount of risk, time and money involved if the parties do not reach a settlement. Even though I had a strong case, it wasn’t a 100% chance of winning according to my lawyer. So at this point, I had to weigh the costs of settlement vs trial.

I’m not going to disclose the details of my settlement - it’s irrelevant anyway. Again, this is just one recount of my specific case. From what I gather though, this is a pretty typical scenario. My attorney said 95-99% of his cases end with a settlement. Just make sure you’re familiar with landlord/tenant laws as to not get yourself in trouble. Being new to this, it was quite a bit of anxiety for several months so hopefully this helps reduce some anxiety for others :) 

Post: Building the Right Team For the BRRRR Method

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

Reread this thread and was just as good as the first time.

If I have a FICO in the high 700s and enough cash/credit to fund purchase and rehab - how would this strategy look if I were to leave my high income W2 job, e.g if I were to become a full-time investor or start on some other venture with little or no income in near term. It's obviously easier to execute with a W2 income but curious to see what adjustments I would need to make and what some of the challenges I might not expect are.

Post: Angelino's investing in STL

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

Hey Daniel,

I live in Central LA and have a few doors in STL as well.

Post: Ending month-to-month tenancy in a SFR

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

If they’ve been there longer than a year, you need to provide 60 day notice.

@Ricardo P. How did things play out? I'm going through a similar situation right now :/

Post: How I built a portfolio of 35 rentals and $10k+ monthly cash flow

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

Great story, especially inspiring as I'm a software engineer myself and slowly growing my portfolio.

Post: My First BRRRR Deal!!!

Minh NguyenPosted
  • Los Angeles, CA - California
  • Posts 60
  • Votes 17

Nice work! How did you find the deal?