All Forum Posts by: Nick Hedberg

@Ashraf Spahi - Glad to see you on here! Below is a link to give you an idea for Santa Monica. Evictions can make the permitting process for difficult if it's an Ellis act property, but this is certainly not my area of expertise. Dominic is a good resource and I'd recommend talking to an eviction attorney. These things can get nasty quick.  Also talk to Marty, he probably has the most experience.

https://www.smgov.net/Departments/HED/Housing_and_Redevelopment/Housing/Fee_-_Tenant_Relocation/Fee_-_Tenant_Relocation.aspx

@Adam Rapoport - I'm assuming this is long gone. Do you have anything else coming up?

@Adrian Teng-Amnuay

If you have some flexibility with location that will certainly open up your options. I think quality of life will be the tough hurdle you will need to factor in with location. Personally I love Long Beach and their are some great areas. By the beach is generally better, and around Naples is an incredible area, but its pricey. I would drive through Inglewood and see if their are any pockets that might work. I think Inglewood has incredible potential, but it would be a big shift from West LA.

Also View Park, Leimert Park, Park Mesa Heights, etc. area is great but would be pretty tough with your budget. You could get a small place but would need some extra cash for renovation.

My guess is you will increase your budget if you decide to stay in LA. Once you increase your budget and feel comfortable with the fact that LA is an appreciation market your home search will really take off. Plus the fact you can add an ADU in R1 areas really increases your options.

Hi @Adrian Teng-Amnuay, 

This is a constant conundrum for investors in the LA area. If you look at properties in LA they look terrible if you look at a one year snapshot. It only makes sense to invest in LA if you are going to hold it over a period of time. If you factor in consistent rent increases, appreciation, tax breaks and depreciation expenses; investing in LA starts to make a lot more sense.

I know people that bought in Venice  years back for $500k and their home is now worth $1.5M and they can rent it out for $6000 a month. Investing in LA only makes sense if you are willing to hold onto the property for a long time, or can add value and force appreciation. 

You can househack in LA for $20-$50k but it will be tough in Santa Monica or West LA. In Santa Monica your only option would be a condo where you have a roommate. Below is a link to the cheapest condo in Santa Monica which is listed at $620 which is a ~$20k downpayment with an FHA. However your mortgage payments will hurt.

If you plan on staying in the LA area I think you should consider house hacking. I would recommend being very clear with your requirements for a living situation and how important living in West LA is. 

I use Landvoice and it pulls the phone numbers for Notice of Defaults (Pre-Foreclosures) in LA County and it autopopulates the numbers into my Salesdialer account. It makes calling them MUCH easier. After a week they are much less likely to pick up. It's frustrating to call 20 numbers using your cell in a row and not have anyone pick up. 

I 2nd Property Radar and Rebogateway. Rebo has 12+ lead types and is addictive...

Also you had @Michael Quarles answer your question. Definitely listen to his advice! He knows what he is talking about.

I use Robert Hall in Glendale. They go to and sponsor many local REI events and host one of their own. The rep I use is Tony Watson. He's great. Check them out: https://www.roberthalltaxes.com/

I would recommend calling your local building department. They can point you in the right direction.

Hi Samantha, I’m your neighbor over here in Venice and your right, AirBNB cash flow can be incredible. I just sold a clients triplex who was generating 120k a year gross off the two small rear units. 7% on a jumbo loan would be tough. Do you have a lender? I recommend you talk to a lender. Househacking with Airbnb is a fantastic idea. I just saw a place in West LA that had 3 Airbnb ‘units’ and you could convert the 800 sf garage + storage into a big adu.

@Renee Harris - I farm so that's a big part of my door knocking. I always knock myself and I bring flyers and have a plan. It really depends on what kind of business you are going after. I also knock NODs and expireds. I don't have anything for NODs but do for expireds. If the expired is in my farm then I'll drop off my pre-listing packet. Early evenings is a good time. Lots of people are home between 4-7.

@Johnny Kang - I like the niche. Are you calling, knocking, sending mailers?