All Forum Posts by: Zhenya Levchenko

Hello all! I'm looking to refinance my owner occupied property (it's a duplex) and I'm bumping against the 75% LTV restriction for cash out on a multi family. the only other route is FHA which allows up to 80% but has a PMI. Anyone can help me?

I have a duplex in a rent controlled part of Los Angeles. I live in one unit and rent the other. My tenant recently broke up with her boyfriend (who WAS on the lease but got removed through and addendum) and is now dating another guy. She is a good tenant and pays on time. She can afford to pay on her own, but Los Angeles rent rates are very high even for Boyle Heights where I am.

She previously mentioned a possibility of a roommate and we agreed she would let me know if there is a need. Now there is a new guy who she said is "staying there for the time being". what are the consequences of me NOT having him on the lease?

If she pays the bills and is responsible for the property, I am okay with having just her on the lease. She is an up and coming musician (known) and I feel comfortable with her being solely responsible. What I don't want is: adding some guy onto the lease, them breaking up when the lease is up and they are on a month-to-month, her leaving and me being stuck with a potentially bad tenant. In Los Angeles, this could be a nightmare.

I know that the rule of thumb is to have every occupant documented, but what about in LA? If I don't accept rent from that guy and have no documents, he has no rights to the rental. Are there any negative consequences to this? Can I simply list him and an occupant if I have to?

Thank you for your input in advance.

Thank you both!! Really appreciate your time.

Hi all,

So here i am--just listed my front house for rent for the first time ever. Last night I showed it to my first prospective tenants and am realizing that I made a ton of mistake already. I would really love the community's input on how to handle a few things.

1. A couple showed up and seemed super eager to jump in right away. I was very excited until they filled out the application and I saw that they have two kids. I know that in California I can't discriminate against folks with kids, but how do I hadle these things. It's a 2 br house but very small. My application says: maximum occupants: 2.

2. My property is listed at $2200 and their combined monthly income is $4800.  My application clearly states we require income of 2.5 times the rent. I know that that automatically disqualifies them.

3. They gave me an application fee of $35 each, do I have to process their application by law or should I return their application fee? What's the law?

Anything else? I really appreciate any feedback. Thank you!

I know that there are free tenant rights clinics held in Plummer Park in WEHO. I've use it once for my former crazy landlord. The attorneys volunteer and accept optional donations. Not sure how much you'd get out of it, but might be worth a try.

I personally have Hyatt Legal membership through work and can choose from a list of lawyers that subscribe to that platform. I use it all the time (traffic matters etc) and it's worth it.

Hi all,

I own a multi-family property in Los Angeles (Boyle Heights) and am looking for ways to boost my income. It's two houses on a lot, which make the property fall in the rent controlled realm. I live in the back house. I will be looking for tenants for the front house sometime early next year. The front house has an unfinished basement with its own entrance. I am considering finishing it and renting it out as an artist studio/office space.

My hope is that I will find a tenant who would want to rent both. If I don't, can I rent them separately? I was going to maybe offer paid utilities. 

I would love to rent out the bottom as its own apartment, but that would be considered illegal. Our laws are super strict and the tenants of illegal units can sue the landlord for all of the rent they've ever paid. I would really like to avoid that. I was reading that the presence of a "kitchen" is what makes it a residential space. So I was thinking of maybe just adding a bathroom, installing drywall, flooring and some windows and calling it a day.

Is anyone familiar with instances where folks have leased similar spaces as storage/artist studios/workshops etc? any advice would be greatly appreciated. 

Hi all,

Random question: I was browsing the other day and saw someone mention a service that is like an Uber but for home inspections. What is it called? I can't find it anywhere...

I assume it works in an app and request someone local to go take photos for you. Please let me know. Thank you!!

Hello everyone,

I am new to this site and wanted to say hello. My partner and I are looking to move in together (we are currently renting), and due to very expensive rents in Los Angeles, I am considering to buy. I know the timing may not be the best, but I am giving this a thought as it looks like it would be cheaper to buy than to rent a 2 bedroom unit. 

I am looking at 2-4 unit properties in either Northeast LA or Long Beach (because it has no rent control). Is it possible to find a reasonable deal or is it just too competitive? any feedback would be greatly appreciated.

My second question: I don't really have much money saved, but I have a good job and a good credit. A friend of mine offered to give me the down payment (5%+ fees to buy) as long as she becomes a partner on the property. She would take advantage of my ability to buy as a first time home buyer. She wants us to pay mortgage 50/50 and split expenses and income from rent 50/50. I'd be living in one of the units, but she won't be. Does this arrangement sound like a good deal for both of us? How will it affect my ability to buy another property in a few years (she won't be on this loan but I would add her to the deed). My hope is to save money and hopefully move and buy another property in a couple of years... And finally, what type of paperwork/contract do we need to sign?

Thanks so much in advance!

Best,

Zhenya