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Just closed escrow on my 12 unit building in the San Fernando Valley (CSLG)
Poast new message in this thread
Date: September 20th, 2019 3:23 PM Author: marvelous wrinkle Closed escrow about 1 hour ago. Escrow had been delayed a few weeks because the owner had to do some repairs prior to closing. Now the work starts rehabbing and getting rents up. I'll post photos and updates as things progress. Should be a fun and interesting project. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862931) |
Date: September 20th, 2019 3:25 PM Author: spruce senate how much of it do you own? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862940) |
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Date: September 20th, 2019 3:28 PM Author: marvelous wrinkle I own 40%.
It was going to be 50/50 with a partner (who will also manage), but it ended up being 40% to me and 30% to two other partners. My friend who is a broker brought in another friend of ours (also a broker). Both of them get a lot of good deals so I let him join so I could jump in on more projects with them. |
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Date: September 20th, 2019 3:30 PM Author: translucent temple Where is it? Maybe it's another building I'd recognize from my childhood. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862965) |
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Date: September 20th, 2019 3:31 PM Author: marvelous wrinkle One of these areas: Studio City/Sherman Oaks/Encino/Tarzana/Woodland Hills/Valley Village (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862967) |
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Date: September 20th, 2019 3:55 PM Author: translucent temple Eh, I would only be intimately familiar with Woodland Hills. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863091) |
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Date: September 20th, 2019 3:31 PM Author: Razzle Startling Chapel What's your next step? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862969) |
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Date: September 20th, 2019 3:48 PM Author: marvelous wrinkle We need to do mandatory earthquake retrofitting for the tucked under parking, and we are going to rehab each unit one by one as people move out/get evicted. We also are redoing the laundry room with new machines, getting rid of the onsite manager, and sending rent increase notices to the tenants. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863055) |
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Date: September 20th, 2019 5:03 PM Author: White Stock Car Sweet Tailpipe l'chaim! (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863381) |
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Date: September 20th, 2019 6:09 PM Author: Narrow-minded Doctorate Roast Beef (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863665) |
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Date: September 20th, 2019 7:08 PM Author: Racy idiot trust fund (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863835) |
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Date: September 20th, 2019 3:33 PM Author: Territorial green yarmulke CSLG Investments LLC? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862980) |
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Date: September 20th, 2019 3:35 PM Author: razzmatazz private investor selfie Rent to some pornstars and their friends (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38862994) |
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Date: September 20th, 2019 3:47 PM Author: Territorial green yarmulke *installs security cameras* (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863053) |
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Date: September 20th, 2019 3:49 PM Author: marvelous wrinkle One of them asked me to move in already but I told her it was fully occupied. I assume she wanted to turn it into a trick pad. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863064) |
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Date: September 20th, 2019 4:14 PM Author: Razzle Startling Chapel Did you know Jessica Jaymes? RIP (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863169) |
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Date: September 20th, 2019 3:47 PM Author: Territorial green yarmulke DESCRIBE your application criteria. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863054) |
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Date: September 20th, 2019 3:48 PM Author: marvelous wrinkle I did an online mortgage calculator for fun. I can afford a 14 million dollar primary residence. So it was pretty easy to get approved for the loan. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863059) |
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Date: September 20th, 2019 3:55 PM Author: Territorial green yarmulke For your tenants, silly. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863090) |
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Date: September 20th, 2019 3:57 PM Author: marvelous wrinkle Well nothing yet. They are all long term rent control tenants. My partners are doing all the applications when we get new tenants. They own several buildings and I trust them to take care of it. I don't have time to be involved with that part of the property. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863100) |
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Date: September 20th, 2019 4:02 PM Author: big costumed menage do you admit that rent control is just another variable to smokescreen the fact that owners capable of basic finance are screwing the public out of money? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863124) |
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Date: September 20th, 2019 4:03 PM Author: Comical Organic Girlfriend What is your slumlord plan of action for pushing these birdshits out on the street? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863131) |
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Date: September 20th, 2019 4:17 PM Author: marvelous wrinkle Most do it to themselves by not paying rent.
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Date: September 20th, 2019 4:00 PM Author: Territorial green yarmulke Is it true you plan on installing Pan and satyr statues?
https://i.etsystatic.com/13953711/r/il/053c41/1956956855/il_570xN.1956956855_jd9z.jpg
https://i.etsystatic.com/13933039/r/il/c77806/1619281925/il_570xN.1619281925_eirq.jpg |
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Date: September 20th, 2019 5:01 PM Author: Chestnut abode rigpig I cannot wait to have your 12 tenants get “injured” due to some negligent shortcut you took in the rehab. And rest assured, I know how to find all the ways in which your willful gross negligence will pierce the LL protection. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863375) |
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Date: September 20th, 2019 5:27 PM Author: Territorial green yarmulke I suspect he'll have insurance. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863476) |
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Date: September 20th, 2019 5:52 PM Author: Chestnut abode rigpig He only has a $1m umbrella policy IIRC. I don't know how that protects him from the 25 career-ending problems of back pain and restless leg syndrome for 25 tenants that are coming at him. It was also really weird how their salaries all quadrupled in the year before the lawsuits. Oh well, extrapolating that to age 75 will be the damages. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863569) |
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Date: September 20th, 2019 6:02 PM Author: Territorial green yarmulke Sounds like he better make a stop by the asset protection lawyer's office. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863627) |
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Date: September 20th, 2019 6:24 PM Author: marvelous wrinkle If you own a building like this having only 1 million in coverage is dumb. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863721) |
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Date: September 20th, 2019 6:39 PM Author: Territorial green yarmulke DESCRIBE your asset protection planning. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863754) |
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Date: September 20th, 2019 6:47 PM Author: marvelous wrinkle I'm not going to disclose that, brother. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863769) |
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Date: September 20th, 2019 7:44 PM Author: Territorial green yarmulke Boo! (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863960) |
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Date: September 21st, 2019 8:58 AM Author: Chestnut abode rigpig gorss negligence don't care anyway. make sure you aren't cheaping out on any of those adhesives. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38865540) |
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Date: September 20th, 2019 6:51 PM Author: learning disabled buff kitchen Make sure to talk to ARE Reptile and DGB about expert Jew York ways for making life miserable enough for tenants that even the most wretched poor niggers will be running away as fast as they can.
I remember being at my Jewish best friend's house growing up when his parents had company over -- and they would discuss the most mind-fucking depraved shit they would do to get nigger and spic tenants out in NYC prewar buildings. |
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Date: September 20th, 2019 6:53 PM Author: White Stock Car Sweet Tailpipe if I lived in SoCal instead of Silicon Valley I'd offer to occupy rent free and parade around in my Nazi uniform, and give the Roman Salute to tenants (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863778) |
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Date: September 20th, 2019 6:57 PM Author: learning disabled buff kitchen In other words, you'd just go about your normal business? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863786) |
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Date: September 21st, 2019 8:50 AM Author: White Stock Car Sweet Tailpipe I don't see how anyone could think Hitler did anything wrong after observing the behavior ITT (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38865528) |
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Date: September 20th, 2019 6:54 PM Author: Bat-shit-crazy lay (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863780) |
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Date: September 20th, 2019 6:59 PM Author: learning disabled buff kitchen Please explain your version of "the rental game." I can't imagine a bank would give you a loan -- thenagain you do live in ARE Country. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863792) |
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Date: September 20th, 2019 6:59 PM Author: Bat-shit-crazy lay (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863795) |
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Date: September 20th, 2019 7:01 PM Author: learning disabled buff kitchen Please tell me you have no personal debt. Even if you inherited this house (which I assume you must have) you should sell and pay down all existing personal debt. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863803) |
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Date: September 20th, 2019 7:54 PM Author: Bat-shit-crazy lay (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38864028) |
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Date: September 20th, 2019 6:58 PM Author: topaz toilet seat you are aware of the statewide rent control ordinance going into place Jan 1? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863791) |
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Date: September 20th, 2019 6:59 PM Author: learning disabled buff kitchen I'm not even a Calimo or a real estatemo and even I know that that does not impact LA, which already has rent control. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863793) |
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Date: September 20th, 2019 7:01 PM Author: topaz toilet seat LA county did something for the unincorporated areas just recently together with the state. I'm not sure if his property is in LA city. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863807) |
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Date: September 20th, 2019 7:17 PM Author: learning disabled buff kitchen He already said the units are rent controlled, so it does not matter what city / county they are in. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863863) |
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Date: September 20th, 2019 7:03 PM Author: topaz toilet seat also the state ordinance applies to all units built before 2004. I think the LA ordinance is just for old units. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863816) |
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Date: September 20th, 2019 7:23 PM Author: marvelous wrinkle Building is pre-1978 so it is rent controlled already. The new law doesn't really change much for me. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863887) |
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Date: September 20th, 2019 7:05 PM Author: Cracking center I used to do work for a landlord who would pay me to do things to make undesirable tenants move out. There are lots of ways to get people to leave but you have to be discreet about it (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863821) |
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Date: September 20th, 2019 7:07 PM Author: slippery lascivious address gaming laptop Wasn’t the thread that set this all up the one that you got deleted because you got caught sockpuppeting with your “negrobill” moniker? LOL (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863830) |
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Date: September 20th, 2019 7:22 PM Author: marvelous wrinkle Who is Negrobill? Is he another poster? (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863885) |
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Date: September 20th, 2019 7:46 PM Author: learning disabled buff kitchen Holy shit, CSLG dropped the N word (almost)! (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38863969) |
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Date: September 20th, 2019 8:12 PM Author: magical rehab pocket flask Sup CSLG, whittier here. My mom flips houses like this for a living, so feel free to reach out to me (u have my #) if yoy have any qs about the process (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38864127) |
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Date: September 20th, 2019 9:00 PM Author: marvelous wrinkle This isn't a flip, it's a long term hold. Let's hang out some time soon though, it's been a while since we hung out. (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38864309) |
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Date: September 25th, 2019 5:43 PM Author: magical rehab pocket flask 180, yeah, let's do it (http://www.autoadmit.com/thread.php?thread_id=4347612&forum_id=2#38885933) |