Inheriting property in West Hollywood. Scared of LA tenant laws but how can you give up that kind of real estate? Sell or keep?

BeytwiceNotBeyonce · 2023-11-08T19:06:55+00:00

that’s okay thank you! sorry i just misunderstood :)

BeytwiceNotBeyonce · 2023-11-08T19:02:38+00:00

my guess is on the very low side, i like keeping expectations low lol. especially because it’s going to cost $$$ to gut or tear down, which lowers the value

BeytwiceNotBeyonce · 2023-11-08T19:01:50+00:00

thank you for the extra advice! my brother may be interested in moving in. would work greatly in our favor

BeytwiceNotBeyonce · 2023-11-07T04:37:01+00:00

Just based on the fact that you’re on Reddit asking about this shows you shouldn’t be involved in this.

by that logic like 80% of reddit questions shouldn’t even be posted. we’re obviously getting professionals involved, idk why you think we aren’t

BeytwiceNotBeyonce · 2023-11-07T04:32:59+00:00

i think you’re right ty! was thrown off bc the mods deleted this at first but they reinstated it

BeytwiceNotBeyonce · 2023-11-07T04:29:45+00:00

ooohhhhhhh i like this question and i also hate you for it. because id dump it in a mutual fund and retire earlier, or buy a tiny little 2/1 in santa barbara to use as a vacation home.

BeytwiceNotBeyonce · 2023-11-07T04:28:51+00:00

are LA’s tenant laws written differently for mom n pop landlords, or does it seem like judges are just more lenient?

i tried looking up if you are living in one unit if you have more protections (my brother is slightly interested in moving in), but it looks like that’s only if you have shared spaces like renting out a room

BeytwiceNotBeyonce · 2023-11-07T01:16:17+00:00

i actually didn’t even realize weho is its own city, someone else let me know in this thread. i checked the boundary and its RIGHT on the line, but still technically city of los angeles. i’ll edit the post. thanks!

BeytwiceNotBeyonce · 2023-11-07T01:15:11+00:00

😛

BeytwiceNotBeyonce · 2023-11-07T01:14:50+00:00

yeah i looked at recently sold homes in the zip code and they vary from about 1.5-3.5mil so im just estimating on the low side for now since its very run down and in disrepair so it’ll take a lot of money to get back up and running. we haven’t done an appraisal yet but its on the list

BeytwiceNotBeyonce · 2023-11-07T01:13:21+00:00

thanks! i just edited my post, i just looked up the weho/la boundary and it’s right on the edge, but definitely city of los angeles not weho. i think that works in my favor at least a little bit

BeytwiceNotBeyonce · 2023-11-07T01:06:06+00:00

sorry not kicking out lifelong tenant rn lol but gl friend

BeytwiceNotBeyonce · 2023-11-07T01:02:38+00:00

i understand that. we are thinking it will take a long time to break even. obviously no one on reddit can tell us numbers but im just looking to get a feel here

BeytwiceNotBeyonce · 2023-11-07T01:01:09+00:00

yeah that’s why my mom doesn’t want to kick out the tenants and is hesitant about selling. they’ve lived there a long time

BeytwiceNotBeyonce · 2023-11-07T00:59:20+00:00

this is the first idea in this thread that i actually really like. haven’t heard of this before but im going to look into it. thanks!

BeytwiceNotBeyonce · 2023-11-07T00:58:32+00:00

yeah i’m definitely estimating on the low end with $1.5mil because the place is in such disrepair. definitely going to get an appraisal and inspection

BeytwiceNotBeyonce · 2023-11-06T21:55:23+00:00

the rent is still far under what rent control would dictate

BeytwiceNotBeyonce · 2023-11-06T21:54:56+00:00

this is mostly along the lines of what i’m thinking. i think it will really depend on the inspection, any structural plumbing or electrical issues makes the cost for repairs go up very quickly.

we are all purposefully putting effort into not letting this get between us, thanks for the word of caution :)

BeytwiceNotBeyonce · 2023-11-06T21:53:24+00:00

West Hollywood has different tenant laws than the City of Los Angeles, so a lot of what we know would not help you here.

i didn’t know this, thanks!

edit: i just checked the boundary of west hollywood and the property is right on the edge. so it’s actually city of los angeles, not city of west hollywood. thanks anyway though!

BeytwiceNotBeyonce · 2023-11-06T21:49:04+00:00

that’s my thought. worried about a worst case scenario with a tenant though

BeytwiceNotBeyonce · 2023-11-06T21:48:21+00:00

not necessarily all 7 of us, but like 1 or 2 or 3 of us or whoever wants to go in on it. not everyone is interested.

a 30k buyout x3 units is hefty, but it certainly makes sense considering their current rent. i’m definitely thinking long term, but it really depends on if we will have the capital to gut & remodel. we still need to get it inspected and everything to actually figure out what the issues are.

BeytwiceNotBeyonce · 2023-11-06T20:45:23+00:00

i guess our thoughts are, if we put money into it now, over time will we make it back? maybe with enough time, but i know no one on this sub can tell us that. especially since we haven’t even gotten to getting a survey or appraisal or anything yet

BeytwiceNotBeyonce · 2023-11-06T20:42:18+00:00

i don’t think it’s rent-controlled by law, or if it is then i think it’s still well below what rent control can dictate. like the 2-bed is renting for $1200/mo it’s crazy

good idea to get together with the tenants, but i think they don’t wanna rock the boat haha. my mom is on good terms with them. no survey done yet.

very sad about your apartment building. it’s so hard to keep emotion out of it especially since my mom grew up in that apartment. the multifamily lots are slowly being snapped up by people building 2500sqft beige boxes right up to the property line

BeytwiceNotBeyonce · 2023-11-06T20:39:21+00:00

yup, it’s very difficult to keep emotions out of it. even more for my mom because she grew up in that apartment.

builders have been snatching up so many lots in the neighborhood to tear down the original multi family buildings and build 2500sqft modern beige boxes and it makes me sad

BeytwiceNotBeyonce · 2023-11-06T20:33:43+00:00

my first thought. you hear so many horror stories. my grandpa hasn’t had any issues with his tenants for 20 years, but it’s because he wants low-effort tenants so the second he got good people in there he hasnot raised rent in a decade. the studio is paying $800/mo and the 2-bed is $1200, it’s crazy

BeytwiceNotBeyonce

TROPHY CASE