In LA you have to screen the heck out of your tenants, but the good news is that the demand is astronomical for well located product and people can't afford to buy so the tenant pool is generally much better than in lower cost markets.Like I said, I am ready to diversify though.

I am looking at my first real "commercial" apartment building and like most things I'm starting off small... 6 unit building, I own a 4 plex, 3 duplexes and several SFH's, so I'm not totally new to the game, but all the previous properties I bought at deep deep discounts, all foreclosed, all cash deals, all in terrible awful shape, all are now rehabbed beautiful and cash flowing very well.So this leads me to this 6 plex, its in an area I already own duplexes, I finally this week contacted the owner, turns out he's ready to sell, hes owned the property since 1981 with his brother, his brother is 10 years older then he is and can't do any of the work anymore. so...

Please can any one share their experience and adivce me the right steps to take.We will be meeting with the lawyers to discuss the matter, but would like to get educated before and have our questions ready..Thanks in Advance.

He's back in town to get the house ready to be shown for sale.

FYI for anyone checking out this thread: I talked to VRM today (7/11/12) and they said revised terms should be out in early August and they'll have LO's who can give more info/prequalify and they should be ready to lend mid-August.

If you get a tenant to wash a window you better take a picture cause it may never happen again.Window washing is what occurs between renters on the make ready list of getting prepped for new renters(by the landlords or their hires)

This basically puts the cash contributions in a higher priority compared to your sweat equity.Sounds like you are getting ready to expand the empire!

I'm happy to hear that you're ready to jump in and give back.

Anyways, I am a new investor who is ready and more than willing to learn and make connections.

On my policy, they said loss of rents stops the day the property is rent ready.