All Forum Posts by: Robert Chuang

@Shawn Fyffe From my understanding, Eminent Domain is only used when government is taking possession from private owners. The key component of that, is to show what you are developing has greater benefit to the public than the existing situation. It can be income generation to the government, parks being provided to existing community, or highway that will bring in more traffic through the city...etc. In anycase, it's on the developer to prove the benefit to be far greater. Which means, A LOT OF STUDIES hence money and time.

Robert

 Hello Amit, Do you have any connection for anyone thats in lower rate? Seems like everyone now wants a hard money loan rate lol

Thanks.

Robert

@Daniel Graves it will be the best to print out all docs with highlighted wording and take it to the counter in person and ask. If the plan checker at the counter seems clueless, ask for a supervisor. Do not call. You wont get your answer that way. 

Robert

@Daniel Graves I didnt really read through all the text.

Have you spoke with City planner? I know City of LA are working on something that will limit ADU on hillside.

Robert

@Igor Gjorgjiev I am building a hillside and (4 other projects in permitting, all hillside) in LA. If you need advice or have any question let me know. 

@Yannes Chiang

As I dont own any rent controlled property, however I have look into their RSO. 

Per - https://hcidla.lacity.org/RSO-Overview Website

• Rent increases that do not require HCIDLA approval

  • Rent may be increased to the market rate if tenant:
    • voluntarily moves out;
    • does not pay rent and is evicted;
    • violated the lease agreement and is evicted;
    • is evicted for failure to comply with a Tenant Habitability Plan; or
    • is evicted per a City Attorney order.
    • accepts a Tenant Buyout Agreement
  • Rent may be increased once every 12 months by the allowable rent increase percentage. Effective July 1, 2017, the annual allowable rent increase is 3%. This increase may be added to the rent and security deposit. The landlord can add an additional 1% per utility paid by the landlord (gas and/or electricity).
  • If an additional tenant moves into a rental unit: Landlords can increase rent within 60 days of learning about the additional tenant. There is no increase for the first minor dependent child added to the existing rental unit.
  • A $12.25 surcharge may be collected by the landlord as the tenant’s portion of the Registrationfee. Beginning in 2017, this fee will be eligible to be collected in the month of August.
  • A $3.61 monthly surcharge may be collected by the landlord for the Systematic Code Enforcement Program (SCEP) fee.
  • A $3.00 surcharge may be added to the rent for the installation and cost for a hard-wired smoke detector or a combination smoke/monoxide detector.

Meaning, if you pay for utilties, you can add 1% of rent per year, I believe up to 5%. Any many other ways to add rent, not alot of people know this, however I would consult with a real estate attorney who is familiar with rent control.

I honestly would say cash for keys are still the best way as many others mentioned, I have a friend started from $5k and increase from there. Also, sometime an official letter works better than a text or talk :D

@Ian Dunross I would recommend to hold off on the luxury market since the market is shifting here like what @Nabil Suleiman said. If it is 6 months rehab, you may be okay.

I attended one of the FIBI meet up here in LA last night and @Will Barnard was on the speaking panel. He was heavily into luxury market and his 2 cents are selling most of his luxury assets as soon as possible. Maybe he can share some knowledge with ya

Robert

@Rich Gonzalez

Please email me more info

[email protected]

@Promise Toby Jr

please send me more info at [email protected] 

Thanks

@Cal Ewing

Recevied, thank you sir