All Forum Posts by: Joseph M.

Thomas S. True , people have to follow the laws and rules of the city . Otherwise they should sell their property and invest in another city . It is dumb to advertise they don’t accept vouchers if it’s the law to accept them . Guess I was kind of surprised in a way that NYC had that law in the first place because I haven’t heard of it in any other city . For example in L.A there is rent control but landlords don’t have to accept section 8 vouchers .

Joshua Diaz yeah I could see that landlords would put up with it as property prices have appreciated along with rents . Although there is strong rent control I’m guessing they can rent at market rents once the tenants eventually move out . Of course appreciation has been amazing in NYC too historically.

This is crazy . I didn’t realize that NYC landlords that own buildings over 6 units are forced to accept government vouchers . Kind of scary to see government have so much control over private property . Also makes me wonder if similar policies might be coming to other cities. — For the past four years, New York City has tried to persuade landlords and real estate brokers to rent apartments to low-income people and homeless people with bonuses and pledges that rent would be guaranteed with government vouchers. The incentives have helped thousands of people move into permanent housing throughout the city. But some landlords have still refused to accept vouchers, city officials said, which is against the law for buildings with six apartments or more. Last year, the city created a unit to combat such violations, and on Wednesday, the unit took its first legal action, filing lawsuits against the manager of Seaview Estates, a complex on Staten Island, and a real estate broker who rented apartments in two Bronx buildings. https://mobile.nytimes.com/2018/06/20/nyregion/nyc-government-vouchers-lawsuit.html

Vince Mack Wholesaling is promoted as low risk / low cost way to make money in real estate but it’s tougher than the gurus make it sound. The successful wholesalers are really expert marketers and most are spending a lot of money monthly on their business . They also have to be good negotiators and persuasive enough to get a property owner under contract at a below market rate . I think a lot of it depends on the area too . Most markets seem hot now even the ones that had been written off during the housing crash . Wholesaling seems easier in lower priced markets from what I have seen . On the plus side if you actually have a deal it’ll be easier to assign it since there is a lot of investor activity now and it seems everyone wants to be in real estate . A lot different from when prices were declining and the media would talk about how awful real estate is as an investment. Best of luck

It does sound very cheap since they are higher in L.A now definitely can’t find a room for $500 especially even in a lower end area so I wouldn’t be surprised if those $500 ones especially are scams . Of course many of these homeowners bought their homes years ago when prices were a fraction of the cost they are now and might have their homes paid off or a small mortgage . If they are “empty nesters” and kids have grown up and moved out renting out a room or two could help them pay bills or put money towards retirement etc .

Congrats ! I have been to that area before . Have family in South FL area and was working in the area a few years back . I noticed that the prices in Liberty City and surrounding area have gone up very significantly in the past few years . Like 2-3x .. I’m thinking a lot of it is due to demand from South Americans from Venezuela etc looking to get their money out . I haven’t bought property in South FL but have bought several in Jacksonville , Florida. Do you plan to continue focusing on the liberty city area in Miami or looking at opportunities in South FL in general ? It’s great you were able to take a run down property and provide a nice rehabbed home for a family to live in .

I don’t own rentals in L.A , I have a relative that rents out a house on the westside . I’m guessing even if it passed there would be time before the rules were created local cities. If it passes I could see many landlords wanting to sell so they don’t get stuck with rent control tenants . Mayor of L.A Eric Garcetti is in support of expanding rent control .

Matt R. Yeah exactly . I have a relative that is renting their SFH in West la for a lot less than what mortgage cost and they rent it for less than market rents .. They’ve been doing very well on appreciation of since bought in late 90s but if this rent control thing passes to apply to SFH I could see them selling the property thus removing it from the rental housing supply . Also some people rent out their homes with the intention of possibly moving back at sometime but with rent control they would be stuck with renters for eternity.

Article from Curbed LA today , it’s going to be on the November ballot — “On Friday, Secretary of State Alex Padilla confirmed that supporters of a voter initiative calling for repeal of the Costa Hawkins Rental Housing Act had gathered enough signatures to qualify the measure for the November ballot.” “If the ballot measure passes, local lawmakers would also be able to put rent control regulations on single-family homes and condominiums, greatly increasing the number of housing units subject to limits on yearly price increases. The initiative has already drawn the support of key Los Angeles officials, including Los Angeles Mayor Eric Garcetti, who has promised to explore updates to the city’s Rent Stabilization Ordinance should the initiative pass in November.” https://la.curbed.com/2018/6/18/17475176/california-rent-control-ballot-measure-costa-hawkins

Hi Daniel Rongo Welcome! Dubai sounds like an interesting place to be today. Best of luck in your investing !