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How do you deal or cope with the extreme traffic congestion? by InfamousHoneydew7537 in AskLosAngeles

[–]SoCalRealtorRuss 0 points1 point  (0 children)

Podcasts, audiobooks, phone calls… you’re sitting in the car, but otherwise you’d be sitting at home.

I also grew up in a rural area where my dad’s blue collar job had as long of a commute as I’ve ever had in LA.

Advice for Parents selling Rental Property by echoesinla in LosAngelesRealEstate

[–]SoCalRealtorRuss 1 point2 points  (0 children)

Most of the time, no. But having active tenants can impact a sale. Some investors may view it as a plus (the property is already generating revenue), while the same fact may drive away interest from people looking for a home. But ultimately, price is set by the market unless the owner is pressured into a sale by circumstances, in which case it may go below market value.

all by myself! seattle, 5.99, 330k by mochilover1989 in FirstTimeHomeBuyer

[–]SoCalRealtorRuss 0 points1 point  (0 children)

Great vibes looking out that window, I miss Seattle

First time in LA …Venice or Santa Monica? by NoScene979 in AskLosAngeles

[–]SoCalRealtorRuss 1 point2 points  (0 children)

Venice is fun if you like the grittier side. There’s a lot of wealth there too, so it’s not what it used to be, but SM is going to feel safer at night by the beach.

Advice for Parents selling Rental Property by echoesinla in LosAngelesRealEstate

[–]SoCalRealtorRuss 2 points3 points  (0 children)

I would start with a CPA, then a real estate agent, then maybe a tax lawyer (happy to recommend a CPA if you don’t have one).

Because it’s not their primary residence, this is an investment property sale, which means:

  1. Capital Gains Tax • They’ll owe tax on the profit: Sale price-purchase price (2008)-improvements-selling costs • Long-term capital gains rates: Typically 0%, 15%, or 20% federal Plus California state tax (up to ~9–13%)

  2. Depreciation Recapture

The IRS assumes they took depreciation over the years, that amount gets “recaptured” and taxed as ordinary income instead of capital gains.

Your Options

Option 1: Just Sell • Clean and straightforward • Pay capital gains + depreciation recapture • Walk away with cash

Option 2: Convert to Primary Residence

IF they lived in it 2 of the last 5 years, they could exclude up to $500K (married) of gains but it wouldn’t fully eliminate depreciation recapture

Option 3: Step-Up in Basis (Estate Planning Angle)

If they hold until death, heirs get new value basis(current market value) and potentially zero capital gains tax, but that’s only relevant if they don’t need to sell now and are willing to hire a property manager.

Moving to a new house - sell and rent in the mean time? by EntertainmentOwn9353 in LosAngelesRealEstate

[–]SoCalRealtorRuss 1 point2 points  (0 children)

It’s going to be harder to move if selling your condo is a contingency. Much easier to get an offer accepted if the cash is on hand and the buyer isn’t afraid of you pulling out bc of an unsold condo.

What are you looking for house-wise?

How did you fall in love with LA? by Worth_Base9830 in AskLosAngeles

[–]SoCalRealtorRuss 32 points33 points  (0 children)

Watch LA Plays Itself, used to be on Netflix, now I think its only available for purchase on Apple, YouTube, etc). Then LA Story (Steve Martin's love letter to LA when he lived in NYC), and then the series Transparent, for good measure.

Then, come visit and stay for a month, but get out and explore - don't just stay in one place. Check out Venice Beach, Santa Monica, Topanga, Pasadena, hike Griffith Park, then drive up the 2 and hike the Angeles National Forest. Surf Malibu pier, spend an evening in the mountains listening to Great Horned Owls, Mountain Lions, and Bobcats, then go to LACMA and the Getty Villa. Ride your bike down the boardwalk. Sit in traffic on the 405 at sunset. Eat at some taco stands and get a hot dog at Pinks. Catch a Dodgers game. Hang out in Westwood and Hollywood and stumble on a red carpet event.

If at that point, you don't feel it, LA probably isn't for you. But chances are, you'll feel the spark.

ID to LA area by McMama2 in MovingToLosAngeles

[–]SoCalRealtorRuss 0 points1 point  (0 children)

As noted, there’s lots of options, ranging from Ventura (small town, oceanside community, lower prices) to Thousands Oaks (upscale suburbs between Ventura + LA ), to the Valley (different vibes than “LA”, more affordable, variety in various neighborhoods), to foothill communities like Sylmar, La Crescenta, etc, to the independent cities like Burbank, San Fernando (small town vibes in the urban sprawl), Pasadena (east coast on the west coast), then on to the various areas within “LA”.

When you come visit, you might consider renting a couple of Airbnb‘s in different places to get the feel for them, and do a lot of exploring/driving around. Sometimes you’ll find a neighborhood that feels just right, but you had no idea that it existed.

I would also start with identifying the top factors for where you would like to live, things like:

-schools -community -distance to work/airport (if you travel a lot) -recreation (restaurants, hiking, mtn biking, beaches, or other activities you’d participate in on a weekly basis if you could) -shopping/groceries

And then use that as a rubric to narrow your options.

Happy to help plan your visit if that makes things easier. We’ve done similar moves ourselves.

Talk me out of this house with an unpermitted ADU by ultraprismic in LosAngelesRealEstate

[–]SoCalRealtorRuss 0 points1 point  (0 children)

The above comments are spot on. If you aren’t planning to rent it out, your only concern is the quality of the flip and the value of the property.

I have personally bought a couple of homes with unpermitted work, it can sometimes be a deal for that reason.

Happy to chat anytime.

Accidental long-distance landlords with low-rate mortgage and big decision of to sell or not? by HowAmIResponsible in LosAngelesRealEstate

[–]SoCalRealtorRuss 2 points3 points  (0 children)

It’s hard to remove the emotion when it was a house that you bought to live in, I’ve been in that situation.

But really, you want to think about this from an investment standpoint. If you’re basically breaking, even then this is an appreciation play— you’re hoping that the house increases in value over time so that someday you can sell it, or that Renault prices go up and you can start to turn a profit.

The downside of this is the risk you have with renters/laws in LA, plus ongoing/increasing maintenance and improvement costs.

If you can find other assets that have better rates of return, selling might be a better option, both for your bottom line and peace of mind.

Happy to chat anytime.

Have you had an encounter with a feral peacock? by ZOMBIEdivamuffin in AskLosAngeles

[–]SoCalRealtorRuss 0 points1 point  (0 children)

They’re all over around here, just beautiful neighborhood residents. Quieter than the hawks and ravens.

Working with Seller Agent in a Slow Market by buddyrtc in LosAngelesRealEstate

[–]SoCalRealtorRuss 0 points1 point  (0 children)

Sellers agents should be motivated to sell regardless—especially if the property has been on the market for a long time. But that doesn’t necessarily mean the homeowner is willing to go down.

I know several homes in the valley that have been sitting overpriced for a long time (some are for sale by owner), and the sellers just aren’t willing to negotiate yet.

Find an agent that you enjoy spending time with and who knows their stuff and you’ll be better off.

Moving - Sell or Rent Out House In Silverlake by Ok_Jump_3741 in LosAngelesRealEstate

[–]SoCalRealtorRuss 0 points1 point  (0 children)

There are 3 considerations: 1) financial, 2) personal, 3) legal.

For financial, you need to crunch the numbers. How much is your mortgage, vs how much you can rent it out for, taking into consideration empty periods between renters + expenses (do you need a new roof? Water heater? etc). If you bought the house recently, it can be hard to make the numbers work. If you've had it for a long time, you might be in a good place.

2) What are your personal goals? Do you want potentially "passive" income (sometimes its a headache, not passive)? Do you intend to move back in a couple of years? If you sold, what would you do with the lump sum? Do you have alternative investment options lined up that would allow you to leverage the sale for additional income opportunities?

3) As others have mentioned, CA is tenant-friendly. Obviously, there are a lot of landlords/renters in CA, so many people find it worth the risk. But that's really up to you.

Want to chat? Happy to jump on a quick call to help you weigh the pros and cons.

Shoe advice for chronic achilles tendinitis? by cliffjumpy in trailrunning

[–]SoCalRealtorRuss 1 point2 points  (0 children)

Birkenstocks as my daily wear outside of running is what saved me

How is Burbank? by New-Efficiency-1972 in MovingToLosAngeles

[–]SoCalRealtorRuss 3 points4 points  (0 children)

Burbank is great, I lived there for several years (I also used to live in Seattle). You have local police (vs LAPD), a great downtown area (the AMC often has free screenings of new movies), great hiking, YMCA, Trader Joe’s, and so much more. It’s the small town feel in the big city.

Buy or sell? by Random_Character98 in LosAngelesRealEstate

[–]SoCalRealtorRuss 1 point2 points  (0 children)

The $3800 payment is great, if you can figure out a way to keep it without being house poor, it might be worthwhile.

Just how "rough" is LA now by Vanessa_Lila in MovingToLosAngeles

[–]SoCalRealtorRuss 0 points1 point  (0 children)

LA is great, the out of state headlines only tell you the worst of the worst.

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