All Forum Posts by: Ouman You

My relatives have been here since the 40's and they own both commercial and residential. Stay away from SM unless if you are a real estate mogul who will buy an entire block and build new luxury apartments don't even bother. 

SM rent control and laws are worse than communist countries and I'm not even exaggerating. STAY away!!!

I manage family properties here in SM....I would sell and buy elsewhere instead. Rent control, crazy laws anti landlords and other things makes it hard to enjoy your investment. 

Those that made money are those that bought a longtime ago and the properties are paid for, and even them if they are stuck with low paying tenants under control they are struggling.

You can easily make 10% return on your investment elsewhere and don't have to struggle with removing non paying tenants like in SM or in California as a whole.

 They have to pay a huge capital gain tax and can't live in a similar area if they pay that. 

 The loans are with Chase, and they didn't offer a better deal. 3% ? I keep hearing low to mid 2%.

anyone?

Hi guys,

Asking for a friend and he needs guidance if you can help.

original mortgage 164k with 3.8% interest rate 30 year term, credit line 126k 3.2% interest rate. the house has a 3 million dollars equity. Is it worth refinancing to lower the payments? if Yes, how to find the best rates?

Thank you,

You probably right....main concern is the unfriendly laws towards lanlords and tax increases in CA. They almost passed the prop to put condos under control, also the ridiculous prop 19 passed. 

The expenses are high...HOA alone is $475, taxes $580.

It's a condo, the rents are getting lower and expenses higher. We know few people that sold and never been to states they bought in and they doing just fine so far. In 2021 is doable to have investments in place you don't live in. 

 The condo will be vacant and there are so many vacancies in the area (Santa Monica) for the first time landlords are offering a month free and other perks.