All Forum Posts by: Joseph M.

@Brendon Woirhaye 

At this point seems like too much uncertainty to invest in L.A county and if Prop 10 passes maybe the whole state of CA. 

Of course if one bought years ago it’s a different story . Many landlords I know some even have paid off buildings in L.A but a lot different if someone is looking to enter the market today.

I did just read an article  that came out yesterday about how the uncertainty of Prop 10 is could slow the multi family market . It does make sense people would be waiting on the sidelines. But even if Prop 10 doesn’t pass ... going forward it just seems like this is something that will be continue to be pushed . 

https://therealdeal.com/la/2018/09/11/uncertainty-around-prop-10-could-slow-multifamily-market/

@KJ L. there should be lawsuits . As there are lawsuits for the most frivolous things but this is a serious matter . The reality is there is no right to cheap or “affordable” ( whatever that means ) rent . 

People are celebrating this but I see it limiting the rental supply . Most people don’t buy rentals to lose money at least on purpose .

This seems to only affect the unincorporated parts of la county like East L.A and some others but still. 

I think it’s unfortunate these supervisors have depicted landlords as greedy people that are to blame for the city’s homeless problem. They should really know better.

I imagine a lot of these owners will be looking to redevelop their property or sell to a developer . What is the incentive to rent units for like $700 a month in L.A ? Those are Midwest rents 

From an article today about this “rent freeze” 

—-

“Janet Gagnon, director of government relations for the Apartment Association of Greater Los Angeles, called the rent freeze a “lethal injection” for mom and pop property owners and likened supervisors to Dr. Jack Kevorkian.

Property owners, she said, “are being clubbed like baby seals.”

https://la.curbed.com/2018/9/11/17846442/los-angeles-county-rent-freeze-hikes-tenants-protections

@Brendon Woirhaye

I just saw La county Board of Supervisors voted on this today and it passed , unfortunately. 

Thanks ! I’m on the BP app and it doesn’t show signatures anymore it seems . Wishing you much continued success !

@Arianne L. Congrats ! I believe you were on the BP podcast a while back? You mentioned that the business now runs itself that’s awesome . Just wondering about how many hours you’d say you put in per week?

@Jonathan Taylor I don’t see it as a positive for landlords for sure . There is a believe that anyone should be able to live in L.A at an “affordable price “ and I just don’t see that being realistic. I could see more landlords getting fed up and decide to redevelop their property into condos or townhomes if they can or sell to a developer . There will be less an incentive to build new apartments since rents could be capped.

@Lee Ripma  , good luck on the exam. Yeah even with a few friends and family deals here and there the commissions could add up since prices are so high in the area.  I hear you , would prefer to work more on the investment /commercial side as well.

@Mike Seningen yeah that's why it seems like it is more practical to invest in a fund passively if wanting to take advantage of this... Imagine doing it right to follow the rules would cost a lot of attorneys fees and time for an individual investor...

If you have 100k to invest but then are spending a bunch of  it on legal fees and paperwork there goes the tax savings right?..

Kind of like doing a real estate syndication doesn't make sense for smaller projects since the legal fees (and regulations) are so high.

Somewhat related 

Los Angeles considering providing attorneys to tenants facing eviction

https://la.curbed.com/2018/8/17/17720066/los-angeles-eviction-help-tenant-lawyers