All Forum Posts by: Steve Graves

Ah yes, we both went to the same real estate school, "The School of Hard Knocks". Sorry for your loss on the sale but you'll never make those mistakes again.

Great place to park their money for a while. What better way than to buy an investment that will pay for itself with rent until the economy is a little more stable.

Find out how much it would take to get him to move out. Could be he's looking for some kind of moving out money. I'd offer him 2 or 3k and see if he responds to a cash for keys deal. If he turns you down you'll have your answer if it's worth pursuing or not.

In my situation they moved out in the middle of February of this year. Just missed the Covid eviction ban so I got very lucky that it worked out. I understand the pain of having to pay additional money but sometimes you have to just consider it the cost of doing business. Once they're out you can screen screen screen and screen again for the best tenants possible.

@Shandra Suktalordcheep Very sorry to hear that. With my situation it was a new purchase so I fixed the items the county required because one of the tactics they use is to report anything they can to LA County. We finally came to an agreement on how much the move out price would be so I split that cost with the sellers. Basically, it's a cash for keys agreement. The plus side is you don't give the money directly to the tenants, it goes to BASTA and they disperse the money to the tenants so that does protect you. My suggestion is to go ahead and find out the cash for keys price and pay it. You'll get your property back in your hands and then move on. 

Still a win for you, paying for your education from the School of Hard Knocks. I'd be willing to bet that 99% of us on here can share a similar learning experience. Good luck on the next one, you'll do great with it. Cheers!

100%

@Brian Garlington  Appreciate your information on Section 8, very informative. 

I did hear about this for LA City and County landlords. The good thing about it is the payments go directly to the landlord and not the tenant. There is a 100 million dollar budget for LA City landlords and a 30 million dollar budget for LA County landlords. 

https://abc7.com/renters-relief-program-coronavirus-covid19-covid-19/6261538/

@Ouman You 50k might be about right for 425 sq ft. My ADU is under 500 sq ft, so I didn't have to pay the extra sewer connection and school fees. Make sure you aren't being charged for those. I was very relieved when I saw how much I avoided paying just for those two things. I have used the same contractor for a few projects, so I'm getting a break on my price but 140k, seems to me, very much on the high side.