All Forum Posts by: Sean M.

Purchased a fourplex close to Downtown LA a few months ago and now am trying to renew leases with my tenants and also start charging them for the second parking spot they have been using by parking tandem in the back. 

Facts:

- Tenants have been here for a few years now and all leases are month to month.

- Leases are on a one pager piece of paper and do not mention anything about the parking.

- Estoppel I got from last owner mentions that each tenant is using two parking spots. (Could this be a deal breaker??)

Also Do you guys know how I can renew my leases so I have a more secured and detailed Lease agreement with them?

Appreciate any input on this since I am a newbie and even my property manager says he has never took back any parking spot before !!!

Regards;

Sean

Just received my first LADWP bill for my 4 unit property in LA, seems like the rate adds up to $2.03 for each kWh after everybody gets their cut.

I have a "A-1 and A-1[i] Small General Electric - Rate A Standard Service" service with them which serves the general/common area of the building. I only have 2 lights that turn on for 4 hours every night.

Do you guys also pay at the same rate for your properties in LA? (90018 are)

Wow, Well-done to you two.

 @Lee

Hi Lee, I think you know the property I am talking about, it's just perfect as a Bread and Butter investment, Still the one in Eagle Rock is itching me so hard. it is in a walking distance to Colorado Blvd, and is a nicer area and larger lot. only that it will not have enough income to carry itself for a while !! and that's a problem.

You got that right Aaron, I would not mind a property that I can even live in, and the Eagle Rock property could be the one I can live in, although still not enough income with the current tenants. so it's a dilemma !!

I know good neighborhoods grow faster and higher, but the negative is gonna kill me, remember I am on a salary income, this is just a side investment, it cannot be too big and heavy on me !!

I am hoping to get something more than just a Bread and Butter property, you can even get better caps in Compton or South LA, but not sure if I want to be in a slow growing area. 

Thanks for the offer, I'll hang on to your contact info.

Am looking at these two properties in LA, one is a 4-unit 50 years old just East of Culver City, somewhere east of Hauser and just north of Jefferson Blvd. this one is a bread and butter property which almost covers its own expenses and will be completely carrying itself in 5 years, second one is a 3-units 95 years old on Eagle Rock in walking distance to Colorado Blvd with one unit vacant (needs 30K to rehab). I know Eagle rock is the place to be, but also the other one also pays for itself.

Eagle rock has a long way to cover its own expenses as the other 2 tenants pay so low rents and does not seem like they will be going anywhere any time soon, so I am not sure if I invest in the Eagle Rock property and carry a large negative for at least next 10 years or go with the Bread and Butter property and stay in a not so good neighborhood.

What do you guys think, a better neighborhood or an easier investment in a not so good area?

Give me your thought.

thx