All Forum Posts by: Cristian Correa

Thank you for your reply, yeah so it sounds possible, and I know for a fact that the tenant has been in that property for over 3 years, and does not meet the requirements of low income, and so would be eligible for the 11,500. I wonder too, because from what it sounds like it isnt necessarily an eviction but rather an agreement between the owner and the tenant. Eviction would be if the tenant refused?

OKAY! THANK YOU! You have clarified so much confusion I had regarding the matter!!!

The property is in Los Angeles, by the intersection of the 10 and 5 freeway and by white memorial hospital.

Oh I just meant that the income/ rent I would receive from the current tenant would be so low that I would need to relocate that current tenant in order to justify the purchase of this property.

Hi, 
So I am currently purchasing my  first duplex, hooray! The rental property I am looking at has two units, one is occupied and the 2nd has a tenant, I want to live in one of the two units, however the income from the tenant isnt enough to justify this.

The property is in Los Angeles and is rent controlled

I have heard that I can evict a tenant with the intention of living there! Is this true? I mean common sense would say yes! Its my property, why couldnt I live on my own property?

What do you recommend?

Also! I have understood that rules vary from city to city, state to state, and zipcode to zipcode, however how can I check EXACTLY WHAT ordinances/ rules apply to my property?

Thanks, I didnt see it that way but your right, the appreciation and cash flow down the line seems to be a great asset to purchasing in this area. 

Hi guys, so I currently live in Los Angeles, an expensive city and well.... I grew up here and have wanted to own real estate for a while. My parents own real estate here, and for them it brings them approximately 5,000 dollars in cash flow per month. I am 29 and have raised around 30k dollars in money that I want to invest in real estate. I am finding though that owning real estate in Los Angeles is not so profitable. I am looking at my FIRST DUPLEX (2bd 1 bth per unit) priced at 550,000! Jesus! Monthly costs including everything is 3900. So in order for me to be profitable I would need to charge around 2,100 per unit in monthly rent. This would mean that my monthly cash flow for this property would be 400 dollars. I want to rinse and repeat within a year and purchase a second duplex. then again for the 3rd year. 

Is owning here a pipe dream?

How do other people do it?

AM I MISSING SOMETHING?

I want to keep an eye on all of my properties but it seems that owning property here is like owning something in San Francisco