All Forum Posts by: Account Closed

Are you looking for a rent control lawyer or a RE agent/brokerage attorney?

Check out Mobile, Alabama. They're a port-city with fair housing prices. Airbus recently moved operations to Mobile which helped their local economy. Mobile is about an hour from the Alabama beach resorts and Pensacola, FL.

Hi Benjamin and welcome to Bigger Pockets!! You're right, Southern California is a very competitive market and it is full of opportunity! There's a Bigger Pockets group in Santa Monica that meets once a month, it's a great group of individuals with a lot of knowledge. Please let me know if you'd like me to send you additional details about the meetings. Welcome again!

Hello Mike, I'm sorry to hear about the loss of your tenant and the additional stress this might bring. Although the tenant's daughter said they'd cover the remaining portion of the tenants lease, I don't believe they should be held to that responsibility unless it is a signed written agreement and they've already began making payments. Going through a loss of a parent is difficult and can be emotionally draining and in her situation, she may not have been completely cognizant of the financial responsibilities she's committing herself to cover her deceased mother's payments. If possible, maybe you could negotiate with the tenants daughter to cover one month's rent while you clean and advertise the unit so you can get a new tenant. It seems like being empathetic and compassionate would be the right thing to do in this situation especially since no one is at fault for wrongdoing. Best of luck!

Hey Antoine, If you're in the Los Angeles area or in a nearby coastal city, you should come out to the BP meeting in Santa Monica on second Saturday's of every month. Send me your email address if you want me to send you details. Welcome again!

I'm not a flipper but my agent who just sold me a duplex is a flipper. He focuses on the south LA area ( below USC and west of 110 ) and he's getting properties priced very well because he's selling them $400k+ after renovations. He's consistently flipping properties which includes SFR, duplexes, and triplexes. There seems to be a good amount of turnover in the area. Hope this helps.

What a freaking nightmare!!! He could've spent that time building a real career in the legal or some other professional field but yet he chooses to be a professional nuisance and squatter.

If your property is rent control (which it sounds like it is), do not take any action against tenants until you've spoken to an eviction lawyer. Rent control tenants have a lot of leverage and they can legally come after you if you don't follow the required legal process.

Ha I think 99.999% would prefer to have a non-recourse loan however it's more difficult for people to obtain. What is a 'Non-Recourse Debt' A nonrecourse debt is a type of loan secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount. Non-recourse loans are more risky for the bank because if the debt defaults and Loan amount is higher than the liquidation value of the collateral then the bank loses money. Banks usually try to place themselves in the best low risk/high return situation. This being said, non-recourse loans are usually provided to individuals/companies that have one, a combination, or all of the following: 1. Excellent history of repayment 2. A low (strong) loan-to-value 3. High levels of liquid assets 4. Low levels of debt 5. Great debt service coverage ratio If you get a nonrecourse loan, there will usually be risk mitigants put in place by the bank such as higher points charged, lower LTV and/or other requirements. Hopes this helps

Sorry to hear about the situation, reverse mortgages can be very sticky. The reverse mortgage might have matured within a 5,10,15 year time period which either requires full repayment or refinancing. If the maturity date has passed, it's possible for them to charge fees and higher rates due to the "past due" status. You could try to refinance the Loan with a standard mortgage but you'll have to speak with a residential lender. Another option is to speak to a Lawyer about your legal options. I'm sorry again, hopefully this helps a little.