All Forum Posts by: Shiva Bhaskar

Hi David, I am a local investor. I know a builder who handles single and multifamily projects in LA and may be able to advise. Happy to send over his information in a private message if you want to send a colleague request. 

Daniel you can get north of 5% COC in apartment syndication deals. turnkey houses are definitely lower.

Hi Ivan, our group buys apartment buildings in LA (typically a little bigger than what you have here), and I am also an attorney. As investors, we've dealt with eviction and tenant non payment issues in the past. Funny enough, I worked with a  legal aid organization on the tenant side at one point as well.  

My suggestion would be to get an attorney involved as soon as possible. These folks have shown they're not willing to behave reasonably, so you need to protect yourself.

One question: You said the property was supposed to be delivered vacant but was not. You might have grounds to sue the seller, if they violated the contract. However, if you close with knowledge that it was not being delivered vacant, that could harm this argument.

Or, are these squatters who moved in later? You said there was no lease, which makes me think these people perhaps just moved themselves into a vacant unit? 

I am happy to suggest some attorneys who might assist you, and also to discuss the issue with you in more detail. Feel free to send me a colleague request and can share a bit more information and get on a call if that is useful to you. I enjoy helping fellow landlords solve problems. 

Happy Thanksgiving! 

Nate, I am an attorney. I have been hearing Colorado is doing this. One thing I would keep in mind: A property regulation is typically only considered a taking(requiring compensation) if it majorly impairs or eliminates the "economic value" of the property. This is how the Supreme Court has ruled in the past. 

If the property is still appreciating and this could be sold for profit or leased as a rental, then the case is considerably tougher. A regulation like this on STR does not sound like a taking at first glance, since the home could be rented, sold, demolished and redeveloped etc. I agree the law is ridiculous, but just something to consider.

If this were me, I would either convert to a long-term rental, or sell and purchase somewhere that wants your business. Best of luck and happy Thanksgiving! 

Erik, I just sent you two I really like. 

Hi Steve, love to have you there. Please add me as a colleague and will send the link! 

Hi Steve, we buy 5+ unit multifamily in LA. Lenders are typically treating these as additional units, and counting them towards the property income. I would check with your mortgage broker as to how their lenders see these, but most of the lenders we spoke to are treating it as income and another unit. 

Ahsan, around $300 a square foot is what we're hearing from most. You may be able to get a bit lower, but $300 seems pretty standard. 

Hi Nick, sorry to hear about this. I'm an attorney as well as landlord. One thing I would have a question about is what the security deposit laws are in Georgia. In many states, even more landlord friendly states, you must give written notice of the amount you're withholding from the security deposit, and why it is being withheld.

I don't know the rules in Georgia, but if you guys end up in court and you did not comply with all of the deposit rules, this guy will use that to get the judge on his side. The stuff with the girlfriend is bad behavior, but if you did not deal with it while he was living there, judge may not care.

I normally would say that the tenant will not go to court. However, this guy is a police officer and his dad was a public defender - he may be serious. If the law is on your side, fight him. If not, or this is too much stress and you want to focus on other stuff, try to work something out with him. 

He did not assign to us. He basically found the deal, introduced us to the seller, and we paid him after we closed. He did not have the kind of capital needed to get this deal under contract, but we paid a nice finder's fee. 

We would happily buy a deal from a wholesaler if it hit our return criteria. However, my experience is most don't have the capital to get a commercial offer accepted.