All Forum Posts by: Skylar Martinez

This is great advice! I’ve never even heard of an estoppel agreement so will look that up. As for the attorney I’ll have to do some research as well. Thank you!!!

Definitely plan to evict the tenant which would help get a new tenant that pays fair market rent. As for the others, Is it true you can only raise rents 10% a year in California? 

Hello BiggerPockets Community,

I found a property that seems like it would cash flow positively ($1600) based on market rents. However, the existing tenants are paying about half of what current rates appear to be, according to my research on Rentometer, Apartments.com, and HotPads. The property is a 6-unit building in Los Angeles.

Given the significant difference in current rents vs. market rates, I'm looking for advice on how to legally and ethically approach raising the rents to reflect market value, should I decide to move forward with the purchase.

Some additional context: even if I were to negotiate a better (reasonable) price and were to successfully evict a tenant who is 5 months behind on their rent and charge the market rent for that unit I'd still be -$600/month. 

What are the best practices in this situation, especially considering any local laws and regulations that might apply? I understand the importance of being a responsible and ethical landlord, so I'm seeking guidance on how to navigate this transition smoothly and fairly.

Thanks in advance for your insights!

Thanks Julio, just sent a connection request!

Thanks Robert! Just sent you a connection requests looking forward to networking with others that have been inspired by David Greene!

 I love the point that you just brought up about why wouldn’t an investor buy it? I’ve found a few deals that do cash flow and I’ve asked myself this same thing. Looking to insights on here or partner up the next time I come across one in the area!

Hey Bigger Pockets Fam!

I'm Skylar Martinez, a digital marketer based in Southern California. I'm stoked to be a part of this amazing community and dive deep into the world of real estate investing.

I've been a long time listener of the podcast and I'm ready to take action. I'm interested in finding smart, innovative ways to make the most of investments, and house hacking seems like a perfect blend of resourcefulness and real estate savvy.

I'm here to soak up all the wisdom this community has to offer, from investment strategies to property management tips. Additionally, I'm eager to connect with like-minded individuals, whether they're seasoned investors or newbies like myself.

I'm especially keen to hear from anyone who's had experience with house hacking in the SoCal area. Tips, stories, dos and don'ts – I'm all ears!

 Looking forward to growing, learning, and contributing in this vibrant community.

Cheers to new beginnings and exciting ventures!

Skylar