All Forum Posts by: Stacie Olh

Squatter deactivated front door smart lock on my unit by disassembling it and removing the battery. Locksmith forced it open and replaced the lock, but in LA there is no requirement for locksmiths to check for legal right to occupancy before replacing a lock. So, squatters are getting locksmiths to change the locks for them and lock out the property owner.

It’s not clear if the owner is noncompliant because he failed to obtain a certificate of occupancy related to the construction or LA’s Rent Stabilization Ordinance. My guess is that many property owners on Airbnb aren’t familiar with the latter.

https://dcba.lacounty.gov/rentstabilizationprogram/

Wondering how this affects nonprofits that provide housing as there is no tax payment requirement for adverse possession.

https://bayarearealestatelawyers.com/real-estate-law/adverse...

Squatters in LA also receive free legal assistance, so they can appeal and delay evictions.https://mayor.lacity.gov/TenantResources

I’m in a similar situation with an LA duplex and it’s hell. 
Everything is legal and permitted, but former tenant (Bungalow Living, a co-living company) didn’t return possession upon ending its tenancy 10/22 and left its tenants in each of my 4 bed/2 bath units. Six figures in legal fees, more than $100k in lost rental income, and about $250k in property damage from last remaining unauthorized occupant who is a professional squatter and has caused fire, flood, theft, and vandalism damage. State Farm hasn’t stepped up to cover claim per rental dwelling policy and LAPD says they can’t arrest squatter (even with meth & crack found in unit) because there is no bail. 

Squatter’s monthly water bill is $1400 and he’s cycling through appliances (he breaks, I pay to replace as legally required, he claims unit is uninhabitable). I’ve exhausted financial resources, so my young son and I recently moved into the unit directly below him after those squatters left. This guy has threatened my life and terrified my son.

We’re back in court soon. This is his 4th recent eviction (Bungalow failed to perform on their contract). I’d sell if it were enough to cover the property debt and legal fees. Went from $10k monthly rent plus utilities, landscaping, and cleaning to $0 rent, squatters, and damages. 

Any advice on navigating this in LA would be greatly appreciated. 

I'm looking to do a 1031 exchange on my owner occupied duplex in Los Angeles, where the upper unit was my personal residence for more than three years and the lower unit has been used as a long term and short term rental. Purchase price was $500k, improvements were $300k, and list price will be $2MM. I'll apply the $500k capital gains exemption to the personal residence. For the lower rental unit, I'm interested in a 1031 exchange property in a designated opportunity zone (California's: http://dof.ca.gov/Forecasting/Demographics/opportunity_zones/), which provides for improved basis with cap gains payable on earnings from Opportunity Zone investment after 10 years? Anyone foresee issues? Treasury Dept and IRS have provided minimal guidance and indicate that Opportunity Zone investments are self-certified (for now). I've consulted a couple of accountants and qualified intermediary and they aren't too familiar with Opportunity Zones.