I’m all in favor of new landlords learning the business by doing. It’s only by making mistakes that we learn. But there is one scenario where I definitely recommend new landlords get some help: When they absolutely must, at all costs, lease out a unit. No one wants to buy from a desperate salesman. Period. … Continue reading “When to hire a professional to lease your units”
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Recalcitrant tenants and LA rent control
LA rent control makes it extremely hard to evict tenants as long as they pay rent. We can argue about whether that’s socially useful or not, but what I want to focus on today are the implications for running your buildings. The first thing you have to understand is that there are only two ways … Continue reading “Recalcitrant tenants and LA rent control”
Thank you!
I’ve been writing this blog for around three months now, give or take. And I just want to take the time today to say “thank you” to all of you. I have met amazing people here: first timers, seriously experienced investors, flippers, money guys, brokers, you name it. Without giving away names, I can tell … Continue reading “Thank you!”
Grandfathered zoning in LA
What does “grandfathered zoning” mean with respect to apartment buildings? To understand that, you first need to understand that zoning in Los Angeles has generally become stricter over time. For a long time, there wasn’t any zoning. You could just buy a few single family homes, rip them down, and put up an apartment building. … Continue reading “Grandfathered zoning in LA”
How to value a building that needs work
Rarely do you come across an apartment building in Los Angeles that’s in truly mint condition. Everything’s got a few dings on it; that’s just part of buying older buildings. For those normal, everyday buildings, you figure out a range for the multiples of annual rent in the neighborhood, multiply the annual rents times the … Continue reading “How to value a building that needs work”
More on dumb brokers
Further to my earlier post on dumb brokers: I am working with a couple now who came to me through this blog (hi guys!). They were previously working with another broker who had them in contract on a small building in the Miracle Mile area. The broker they were working with neglected to inform them … Continue reading “More on dumb brokers”
Buying REOs (bank-owned properties)
Recently, I’ve written offers on REOs (“real estate owned” – this is short for “owned by a bank because they foreclosed on the last owner”) for three readers of this blog. A lot of people are interested in these kinds of properties, either as potential flips or to fix up and hold as income properties. … Continue reading “Buying REOs (bank-owned properties)”
Project Tour: Saturday, May 12
OK, team. Here’s the plan: On Saturday, May 12, at 1pm, my partner, Jon Criss, and I are going to lead a project tour. The idea is to show you how we do what we do. Here’s what we’ll cover: The math behind our business: We’ll do a quick, in person explanation of how you … Continue reading “Project Tour: Saturday, May 12”
Miracle Mile Apartment Rules of Thumb
Have been spending a lot of time looking at 2-4 unit apartment buildings in the Miracle Mile area recently and let me tell you: That is one ridiculously hot market. First, let’s define what we mean by “Miracle Mile”: It’s the area loosely bordered by Wilshire to the North, Pico to the South, La Brea … Continue reading “Miracle Mile Apartment Rules of Thumb”
Tour our projects?
Quick question for you regular readers based here in Los Angeles: Would you be interested in taking a guided tour of some of our projects? In my mind, I’m envisioning looking at 1-3 of our projects in detail. We would discuss: The forecast that led us to buy the property The cost of relocating the … Continue reading “Tour our projects?”