All Forum Posts by: Richard Lange

I'm a landlord and home owner but my girlfriend and I are planning to move to LA in July and rent a place.  We're not looking to buy so we'll rent for at least the next couple years.  Looking at all the options on Zillow Rentals it seems like there's a lot of places falling apart and landlords want their tenants to pay for everything (no washer/dryer included, lawn care not included, first $100 of any maintenance requests, etc).   

We're looking for a house that we will take care of and treat well without being nickel and dimed from a landlord who has no pride in their rental.  Does anyone have any leads where this might sounds appealing?   We own six units ourselves and know about renovations and take pride in where we live, especially when it's someone else's.

We're looking for a SFH to rent in the Valley or West LA. Looking for 3bd/2Ba with washer/dryer, yard (with the landscaping included in rent), and no ADUs where we are on top of our neighbors and splitting utilities with a stranger. We're both employed with well-paying jobs and happy to get on a video call so you can meet us and do any sort of background checks you'd like.

Tucson Section 8 is valuing my two- and three-bedroom units in a duplex well below market rental rates because they said they don't have data supporting higher rents specific to duplexes (they won't compare to SFHs or Apartments).   They told me that they can accept a higher rent if I can provide active leases (redacted info of the current tenants) that show a higher rent as long as it's a duplex.  Can anyone help me?

It needs to be a duplex and the unit needs to be a two or three bedroom.  I would greatly appreciate any help!

Purchase Price: 288k

Rehab costs: 105k

Appraisal: 500k

Got an 80% LTV on the cash-out refinance because it was my primary residence at the time.

Refinance interest rate was about 4% (remember those days?!) so payment is about $2k/month.  Renting out now for $3,750.

Investment Info:

Single-family residence other investment.

Purchase price: $288,000

BRRRR on a SFH

What made you interested in investing in this type of deal?

Good numbers

How did you find this deal and how did you negotiate it?

On MLS, negotiated down to make the numbers work

How did you finance this deal?

Bank loan

How did you add value to the deal?

Added ~400 sqft

What was the outcome?

Got all investment out of the deal. Now renting with ~1500/mo cash flow.

Lessons learned? Challenges?

Got really lucky with the market timing. Really learned a lot by working with the contractors for the better part of a year.