All Forum Posts by: Edward P.

What do you think of @Scott Malkin post? Is that possible to give a discount? I will have a new tenant agreement signed. Because the current landlord has signed a 2 bedroom lease when there is one(I do not want to be liable for that)

@Brian Garlington Its a multi, I am getting about $600/mon after expenses: Ins, taxes, mortgage etc.

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Thank you all the response. We currently have people living there so I can not "kick" them out. One tenant is paying LOWER than market value I want to increase but can not more than 3% a year. Any ideas? Any ideas?

Originally posted by @Brian Garlington:

@Edward P.

Have you closed on this property yet? Is there something special about the property that makes you have to have it? Have you done the numbers to make sure that it will be a solid investment not just now, but for when you eventually rent it out to others? Reason I'm asking is I looked long and hard here in the Oakland, Berkeley area where they have rent control.

Is it a SFR or a multifamily?

Bottom Line it was worth it for me to keep looking until I found a vacant duplex.

Don't make the mistake of thinking that if your mortgage is $2500/mo and the rent they pay is $3,000/mo that you're OK. Vacancy/Repairs/Prop Management/Capex/Taxes/Insurance.

Do your due diligence and make sure the numbers work out AND make sure you follow the rent control laws.

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I would ask. Are they all in the same city?

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Hi,

I am purchasing a rent controlled property in Los Angeles. I wanted to know if there is a way to get rid of one tenant. Is there anything I can write in a new lease to have them leave after one year of anything..

Thank you.

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Hi Keishee,

Thank you for the information. I noticed a few friends mentioned to start a new lease when you come in. Please let me know your thoughts.

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HI BP Forums,

Thank you in advance for your help. Can you please let me know if you ask the tenants to fill out the new application and lease agreement when you purchase the property? I am new to this game.

Thanks!

Eddy

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Hi,

What is the benefit of having an RE License? Since you are not allowed to purchase your own properties?

Thank you in advance.

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Sorry for the typo in the subject!

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Hi BP,

Thank you in advance for your help.

I have a 1031 investment property (home) now I am buying an fourplex. 1.I wanted to know how to know if you are getting a good deal(if that even correct to ask)?

Built in the 1920s, lot ~6K, 4b/4ba, but it actually has 2 bedrooms each but was not planned/permitted. 2. (would this be an issue)?

Its a 4 unit: 1 duplex and 2 single homes, $4200 income. It is under rent control 3. I am allowed to do a increase of about 10% every year am I allowed to do it at the time of the new ownership and is it smart?

I know this is a multiple point question I want get a better idea on what to ask our broker or owner.

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Dave,

Thank you for all the great information you have taught me something I did not know!! I will probably purchase a multi-unit apartment home so there will be residual to take home. I did note know about the aggregate value of 200% is allowed for chosing 4 or more properties.

I did want to ask am I allowed to purchase more than 1 property since I am exchanging from 1 property. Or is this a like transaction?

Thank you in advance.

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All Forum Posts by: Edward P.

Edward P. has started 16 posts and replied 51 times.

Post: CA Rent Control Clause in Lease Agreement

Post: CA Rent Control Clause in Lease Agreement

Post: Ask for discount from property manager?

Post: CA Rent Control Clause in Lease Agreement

Post: Rental Application

Post: Rental Application

Post: Real Estate License?

Post: 1031 property anlysis

Post: 1031 property anlysis

Post: 1031 Help