All Forum Posts by: Dottie Matheson

Well even if you buy outside LA they are trying to expand rent control into other cities.  Look up AB 1506

http://www.eastbaytimes.com/2017/03/28/alameda-let...

@Dottie Matheson I think historically that area has been a bit rough but things are changing quickly. I would not buy anywhere in LA that is subject to rent control UNLESS you get the units delivered vacant. That way even though you can't raise rents you can start with the rents high. The City of East LA does not have rent control (just east of Boyle Heights) however that is a bit far from UCLA. Is the student in question going to UCLA or USC? The area you're talking about is near USC BUT still fairly far from UCLA. Distances in LA are based on traffic, not actual distance, and that is going to be a brutal commute if they are going to UCLA. I prefer to rent in LA and invest elsewhere, the tenant rights in CA are so strong in LA, I would be afraid to buy! No cash flow and tenant relocations in the 40-75k range, no thanks! 

I know a great agent there but before I connect you guys, what's in it for the agent?  In other words does the seller pay a commission?

Yes it was in Florida ! .. im not saying there cant be deals but you just have to weigh the risks .. that situation was pretty isolated .. the problem the banks had was they were dealing with somebody who read up on the laws .. so when he was offered a lease he decided to offer the owner a decent but hugely discounted price for a 5 year pre paid lease .. .. he knew that the banks could not show it to sell if it got foreclosed on and also knew that investor  in there right minds would  buy a property, not only sight unseen but then have to wait the remainder of the lease with no sorce of income ( remember the occupant had a 5 year prepaid lease ) and he then knew that nobody that wasnt a investor would pay cash for a place sight unseen and still have to go through a eviction process .. so that occupant worked the system .. which as a investor i was angry but as a eveyday citizen i couldnt gelp but to say ..hell ya.. you go.. its so disgusting what the banks got away with .. and still getting away with .. I'll tell you this .. most occupants will move out with a cash for keys offer .. so ask yourself this .. can i affird to buy them out and still make a decent profit .. and by the way .. it may say uts against the law to disturb occupants but that guy was disturbed weekly and nobody ever got in trouble .. and very worse case .. your asked not to come back or get slapped with a do not tresspass .. I would research the property find out whos living there and send rgem a letter with your intent .. ask tgem if they would be willing to accept or talk about a offer to move out once you take possession .. there is no law that states you cant talk to someone at the corner store or at there work .. it may be worth the few hudred bucks fir a investigator to give you that info .. it all depends on how discounted the oroperty is .. .. the numbers dont lie .. 

God Speed , 

Mike         

This is Florida and no one has mentioned squatters. They will move in after owners move out.

@Dottie Matheson, hello.. please read the laws carefully .. it really depends on the type of lease they have .. i coukd tell youna true story on how one person beat the system and was able to stay for over 5 years and not have to pay a monthly rent .. even after the house was foreclosed on .. the bank tried and tried but eventually the judge got so upset that she had hand written  the date that the people occupying the property were able to stay and wrote it wrong , giving them another year on top of the five they were locked in to .. the bank tried offering cash for keys and the last offer was $17,500 but then they messed around and pissed the occupants off so they just stayed .. and stayed .. Now .. the property was up for sale but if a investor bought it then they would have had to abide by the judges hand written date on court order papers that tgey were allowed to stay.. plus any investor whoukd have to abide by the occupants lease .. there was two loopholes that might have gotten them evicted .. 1.) a non investor buys the property and that brakes the lease and even the judges decision .. 2.) and the bank tried this one but not very hard ..the pre-existing lease has to be of fair market value .. like if they have a lease that states they only pay $250 fir a $1250 place then it can be broken and eviction process can begin as soon as a judge agrees that its not fair market rent .. as for the occupants of that house i have been talking about .. when the bank finally put it back up on Hubzu the 5th year .. they swooped in and bought it for  1/4  of its worth.. depite the bank saying they would never sell to the them .. score one for the common man and  zero for the bank .. .. moral of the story .. read the laws and do your due diligence.. good luck, i hope this true story helped and God Speed .. 

Michael Short  

You don't indicate whether you mean previous owner or tenant. On an REO, the previous owner is already gone. Getting a good deal on a forclosure is pretty rare these days but basically the sheriff will kick out the previous owner. For tenants, I've never seen an REO occupied before but either way, getting rid of them is the same. FWIW, below is the law on it. If I remember correctly, it's like two months minimum. Best to talk to a lawyer if you end up considering an occupied purchase. Of course, you can always keep the tenant for the revenue it generates.

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0083/0083.html