All Forum Posts by: Kai George

Hi there!

I'm considering offering on a 3 unit property. Two units will be vacant upon closing. I plan to fix up one and rent at market, then house hack in one of the units. The tenant that will be remaining is paying $876 per month. The unit after some updating could easily go for $1,800. My question is how difficult, under Los Angeles rent control would it be to raise the rent after the lease is up? Is this a deal you would pass on? I think it's a great deal, so long as I can raise rents to market. Thoughts? 

 @Tony Kim This is awesome info! Thanks So much! Actually the property is in a non RSO area of los angeles--But I do know that California has a statewide Rent control in place (still doing research on this as you mentioned there's a ton of layers :/). I do have a follow up question to your response--Even if rent control is in place, if tenants are month-to-month from what I've read I should be able to raise rents beyond just 8% to market value, after giving the correct amount of notice, correct? I thought the 8% only applied to year long leases.

Thanks for the breakdown Carl! I Appreciate the response! 

Hey BP Fam! I'm considering placing an offer on a triplex in south Los Angeles as a house hack. Two of the potentially inherited tenants are section 8 and paying month to month!  Both units are renting about $400 -$500 below market rents and my goal is to raise the rents to market value after I move in. How would you approach this? Is there anything I should keep in mind? My plan after closing is to give a 30 day notice to tenants, and submit a rent increase form to the county to see about raising rents. Does this process sound correct? How likely do you think the county is to accept this request? The house will need some repairs, and I doubt I'll have the funds to renovate all at once, so keeping some income coming while doing smaller upgrades would be ideal! 

Also, I've been doing research on LA specific laws, but things are confusing with the Statewide rent control, and now the Covid-19 renters protection laws, plus nothing I'm finding is specific to section 8--Any insight regarding how the new laws might affect the plan I mentioned above? Thanks!