Am looking at a deal now that has an interesting problem: While ZIMAS and the county both show 12 units, the certificate of occupancy shows 11 units. The building only has 11 parking spaces, so it was pretty clearly built as 11, with the final unit added at some point along the way, most likely illegally.
Have some bad news for those of you who love vaulted ceilings in apartments… they’re almost always illegal in LA. First, what do I mean by vaulted ceilings? They’re the ones where you can look up and see the structure of the roof. Here’s an example: Beautiful, right? So, why should that be illegal? Two reasons:
If you’re going to do multifamily projects, you need to know your target post-rehab rents. In our business, we rely heavily on proprietary information from our existing portfolio. Since almost all our units are renovated to a similar standard and all our buildings are clustered in a few areas, we have very granular information about
Don’t get excited. I’m not breaking my prohibition against selling any more properties. 4443 Willow Brook is a 10 unit complex Jon and I renovated in 2010-11 via our old entity, Better Dwellings. We sold it in 2012 for $2.1MM, which was around 10x the rent. Whoops. We made a bunch of money on the
Here’s an annoying catch-22 in which we often find ourselves in the brokerage business: Obtaining permits for a client. To understand why, you first need to understand how important it is to pull the permits on any building before buying it. The idea of the due diligence process conducted during the contingency period is to