All Forum Posts by: Ryan H.

If the rent controlled lease was signed with a parking spot, or any other items, it's probably under the rent control law limiting price increases and such. Can the parking be negotiated in the contract at the beginning of the lease agreement?

Hi BP Community,

This is a hypothetical and something I'd like to consider before investing in a property. I have a question regarding how to implement extra monthly charges for the use of a parking spot/garage, or storage or other additional items in Los Angeles. Los Angeles has a rent stabilization ordinance on the majority of properties. 

If existing tenants were acquired through the purchase of a property could additional fees be tacked on for the use of a parking spot / storage? With month to month or with an existing lease agreement?

Or

If the property is acquired without tenants, can this parking spot extra charge be something that can be adjusted month to month (maybe only some months the tenant would like to use it, and maybe the demand increases with more tenants). Maybe this is something that can be written into the lease (or maybe it's not legal in a rent controlled area).

This is will probably be a non-commercial multi unit (2-4 units).

Thanks!

Wow, Great! What area in LA is this?

Hi @Jeb Brilliant do you have the link for the meet up thread for LA? ( I couldn't find it). Sorry for the digression, I don't meet to hi-jack the thread.

Hi Aaron I came here about 8 years ago for UCLA as well! I’m still in LA and also looking for an investment property. It pretty rough out here for buying and holding / house hacking for 2-4 unit - it’s highly unlikely to have a cash flowing property right off the bat even with putting 20 % down (and also as a house hack) unless you find a place in the boonies and commute in. Houses here are selling above asking price in many instances which means 3.5 fha wont be in the seller’s consideration. Don’t forget about property tax, that’s going to be a huge monthly as well ( you prob ready know that). Paying $1000+ / month for rent for a ****** apt and no equity is not ideal, I’m really considering living in a van on the pch. Malibu could be my backyard

That's great! Thanks for sharing. What area in LA have you been flipping?

The incremental rent increases are a good method to get the rent up to market rate.

I've had great tenants that I've been completely transparent with when I needed to update the house to get up to market rate. I've told them that i don't plan on renewing the lease (this being a year out). I think it was appreciated and mutually understood what the plans were. 

Thanks!

These have been helpful and all valid points. I don't think they want to leave, they just want to go month to month and avoid paying the increase. Anyways, since that is so I have some options... 

But it was quite sneaky of the tenants to say the death invalidates the lease.

-Best

Hi everyone,

Situation:

My aunt managed a property ( house rental) that she owned with both my parents in San Jose. My aunt recently passed away. Now since the lease was in my aunt's name, the tenants are claiming that the lease is now void with her passing. The lease agreement has incremental increases that I think the tenants would rather not pay. 

Intuitively, my aunt passing seems not to void the lease, especially because my parents are on the property deed as well as a proper will was left. 

Does anyone have any experience / thoughts on this?

Thanks

Hi Pete,

I've been looking for one as well and this is what I've found so far: 

http://www.aircre.com/air-cre-contracts/list-of-co...

Perhaps a place to start... if you are still searching (I know it's been 3 years).