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All Forum Posts by: Alberto Cioni

Alberto Cioni has started 5 posts and replied 17 times.

Post: Commission for the seller agent - new supreme court rule

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

Hello

I am in the process to sell my investment rental house in Los Angeles. Now the rules have changed. I think and I am not require to pay a 3% commission to the buyer agent. 

I read that I should negotiate only the commission for our sale agent, our trustable real estate agent. For example I contacted Redfin and they are asking only for a 1.5% commission as a sale agent. 

Then the buyer agent with deal with the buyer for his commission.

Is this is correct? What is your experience?

Alberto, Landlord, Los Angeles

Post: New Adu Tenant Parking In The Driveway

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

I am a landlord.

I have a duplex in Culver City in the Los Angeles county.  I never allowed the two unit tenants to park in the driveway. In the lease is written "no parking in the driveway". Only street parking.

Now I just built in the very back of this lot an ADU for my daughter and her boyfriend and I will allow her to park only one car at the very end of the driveway. She will not block the driveway for the two front tenants because her parking spot will be at the end of the driveway away from the two front unit tenants entrance. So they can access their place like they always did.

Is this OK? Or do you think they can complain? 

Thanks

Alberto, Culver City, California

Post: how to avoid DST high commisions?

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

Correct. They sell every 5-7 years so you lose the capital

Post: how to avoid DST high commisions?

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

Soon I will sell my 1.3M rental propriety and I'm looking to 1031 into a DST. One of the biggest complaints with DSTs is the high cost/fees associated with them. A big part seems to be the broker commission (8-12% from what I have seen). Is it possible for an investor to work directly with a DST sponsor and "save" some/all of the commission that would have been paid to a broker? It's a pretty big chunk for the amount I'm looking to invest.

Any suggestions would be appreciated.

I wish I am in WY. 

Unfortunately California is not a good state for our business and I will try to move out.

Here is my city, Culver City, CA, If you want to evict a tenant for the right reason, like construction, family member or for you, the landlord need to give them 3 months free rent plus $ 1000 for multi-complex with more than 4 units and half the amount for 3 or less units. This is CUBA o Venezuela!
So it was cheaper to give them a rebate for few months that fight and evict them.

I know in WY there are no such crazy tenant protection laws

Unit 1 will lose this small storage.

We settled for $ 250 rebate per month for the loss of this small storage.

And $ 700 rebate for the construction. I have no choice.

As Dan said and in particularly in Culver City, that from now on I will call CUBA City (Communist city council) the renters have too many rights. The rent control rules are crazy. If you want to evict a tenant for the right reason, like construction, family member or for you, the landlord need to give them 3 months free rent plus $ 1000 for multi-complex with more than 4 units and half the amount for 3 or less units. This is CUBA o Venezuela!

I think soon I will sell it with ADU included (high demand area mine) and invest in DST.

Hello Guys

I am building an ADU in the backyard of my Duplex in Los Angeles, Culver City area (close to Venice Beach). High demand area.

How much rebate to give to the tenants during the 6 months construction for the exterior of the house?

I checked online and I did not find any standards/rules.

The lady in the unit 2 facing the construction is working in the office most of the week and she pays a rent of $ 2750 per month;  we agree for a $ 300 rebate when we signed the lease few months ago. She is new.

The couple in the unite 1, separated from the construction by Unit 2, have been here for 4 years and they are asking more money because they are saying they are working from home. She is a therapist and need concentration she said. I told them that I rented a house and not an office space and they can go to work in their own office building (Hospital in her case). They are paying $ 3000 per month. They asked me a $ 1000 rebate.  I will offer them a rebate of $ 500-600 per month during the construction.

I want to keep them but at the same time I cannot offer what they asked.

ANY SUGGESTIONS?   

Tks

Alberto

Post: How much new ADU build increase value of the home in california

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14
Quote from @Bonnie Griffin Kaake:

@Suganya Vinayakam There are many different opinions on the value of an ADU. Yes, they cost more to build and the ROI takes a long time. On the other hand, with the price of real estate today, it is difficult for our children to be able to afford their own homes. If the ADU is part of the parents' property, it can be a blessing. The adult child would not likely be able to afford to purchase in the neighborhood where the parents live.

For seniors, living in an ADU on their children's property sure beats a $7K/mo assisted living center and still gives them independence.

There is a lot of push-back coming from HOAs in today's real estate market regarding ADUs. This is for many reasons, some legitimate and others just excuses or racial profiling in a different form. Please don't shoot the messenger.

The severe housing shortage is increasing housing density from coast to coast. There are no easy solutions. What I am seeing is older residential units being purchased, eventually torn down and upscale apartments replacing them. In my opinion, it has already started, we are going to see single family residential zoning going away. Those who get on board earlier are going to be the winners of the future. I work with one client in CA, who is buying up small houses on bigger lots and adding ADUs quite successfully. 

Here is a simplified calculation that some may be interested in: ADU cost $200K, annual rental $21,600 ($1,800 per month) = almost 11% per year. Just try to get that interest rate from a bank.


Agree. My bonds will never give me so much and then the ADU will increase its value in the LA market....

Post: How much new ADU build increase value of the home in california

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

Greg

you are right to add them.

But if you build a house you have to add the same costs of course. 

In my case the ADU is in Marina del Rey area in a Duplex lot that I am renting out now. I rented the one bedroom one bath few months ago for $ 2750. The renter is aware of the ADU.

So I will have a triplex. I am pretty sure I can rent it out for $ 3500 because is new and nice. Also They are building close by a new Cedar Sinai Hospital. And while S Monica is getting worst my area, called Silycon Beach is booming...

I see this a great deal for me. 

Post: How much new ADU build increase value of the home in california

Alberto CioniPosted
  • Rental Property Investor
  • Los Angeles
  • Posts 17
  • Votes 14

I read it. 

In West Los Angeles, where I am building my ADU, the rent for a 2 bed and 2 bath goes from $ 3500 to $ 4000 per month.

In some new complex 2 bed and 2 bath goes for $ 5000.

Since the cost to build is reasonable around max 250 K I think is a good deal.

Where do you buy a 2 bed / 2 bath in LA for $ 250K?  Impossible

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