As part of WordPress, the software that runs this blog, I can see the search terms that land people on my site. Almost every day, there is someone asking Google something like “what are my payments at 5% on $400,000”. Figured I’d share with you how I estimate those. If I’m doing a spreadsheet, I … Continue reading “How to determine what your mortgage payment would be”
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When to refuse rent from a tenant
You might think that your job, as a Los Angeles landlord, is always to get your tenants to pay rent. And you’d be wrong. There is one situation where you absolutely do not want to accept rent from your tenant under any circumstances: When you have a tenant you want to get rid of and … Continue reading “When to refuse rent from a tenant”
One phrase you want to include in all apartment offers
Almost all contracts for the purchase and sale of apartment buildings in Los Angeles are created using the standard California Association of Realtors (CAR) form. Overall, I believe the terms of this standard contract are pretty fair for both buyers and sellers (with the exception of the seller’s ability to tie up the buyer’s deposit … Continue reading “One phrase you want to include in all apartment offers”
Follow Neal and Jodi’s Landlord Adventures
Jodi and Neal, friends who I helped buy a duplex in Echo Park a few months ago, are writing an awesome blog documenting their experiences as first time landlords: soweboughtaduplex.blogspot.com. The most recent entry describes their first landlord emergency, involving a clogged pipe and a weekend call to the plumber. It’s a great reminder that … Continue reading “Follow Neal and Jodi’s Landlord Adventures”
Why choosing a good listing broker matters
Some people have the impression that who your listing (selling) broker is doesn’t matter that much. After all, whoever it is is going to put the property up on the MLS, maybe have an open house or two, and then collect offers. Who cares how knowledgeable that person is? Why not just hire your cousin … Continue reading “Why choosing a good listing broker matters”
The South LA Strategy
Just had lunch with a potential buyer (hi Bill!) who’s thinking of dumping around $1MM into LA apartment properties. He is comparing the opportunities available here with those available in Vegas, Florida, Phoenix and other depressed markets. He’s looking for a very high, 10+% cash-on-cash yield with room for lots of appreciation. Obviously, getting to … Continue reading “The South LA Strategy”
One space available on Saturday property tour
Just had someone cancel last minute, so we have room for one more. Here’s what we’re going to do: Meet at our office in Silver Lake at 1pm this Saturday Start with a quick discussion of the numbers behind our deals Go tour 2-3 of our properties where we’ll discuss what attracted us to the … Continue reading “One space available on Saturday property tour”
Why we have video cameras at our buildings
Hint: It’s not what you think. We have cameras because they’re very, very useful in resolving disputes with tenants. Here are a few examples: We had a tenant in 2516 Kent St. who insisted that she didn’t have a dog. She hadn’t disclosed a dog when she applied for the apartment and certainly hadn’t paid … Continue reading “Why we have video cameras at our buildings”
Hot rental market = hot market for apartment buildings
The LA Times had an interesting article a few days ago about the state of the LA rental market. Here’s the money quote: “Few new units and tight standards for home loans add to the pressure. The average monthly US rent is at an all-time high, and a 10% jump in Los Angeles County over … Continue reading “Hot rental market = hot market for apartment buildings”
How I feel about Frost / Chaddock invading Sunset Junction
I, for one, welcome our new mixed-use overlords. You’d think I’d be pissed about a developer coming into Silver Lake and building 300+ rental units. After all, the rules of supply and demand would seem to indicate that this new competition will drive down the rents on my units in the area. But I’m thrilled … Continue reading “How I feel about Frost / Chaddock invading Sunset Junction”