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Old 06-15-2016, 08:34 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364

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Thanks
Interesting , didn't realize that a landlord could legally increase rent control tenants based on repairs and maintainance.
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Old 06-15-2016, 08:39 PM
 
1,168 posts, read 675,366 times
Reputation: 1413
I have some houses in California That I bought long ago and are paid off. I have a cleaning company that keeps them clean and had them clean up the house after the tenants left. I dont live there and was going to get a few potential tenants then go out there and meet them. In Valencia a tenant that had lived there for 18 years moved out and I listed it to rent again. I didnt at all check and see what rents were but I raised the rent to $1200 and decided to grin and bear it to get a good tenant. I got at least 500 calls and emails the first day and had to cancel the ad.
Then I checked the rents and they are obscene. People are renting for $3500 in that neighborhood. What I dont understand is how can people pay rents like that?
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Old 06-15-2016, 11:32 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Wow , must of been a really long time since you checked market rents .
Sounds like you probably lost out on a lot of potential rent over the years too if you were charging less than $1200 but market rents were over $3000 .

When did you buy the homes ?
How much where they back then versus now ?

Also regarding how people pay $3500, probably with dual income and both people making decent salaries .

If you think $3500 for an entire house is crazy .., take a look at what market rents are for 1 bedroom or even studios in Santa Monica ..

http://www.apartments.com/santa-monica-ca/
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Old 06-16-2016, 08:06 AM
 
Location: Altadena, CA
1,519 posts, read 1,416,454 times
Reputation: 2678
Quote:
Originally Posted by Joe33 View Post
I have some houses in California That I bought long ago and are paid off. I have a cleaning company that keeps them clean and had them clean up the house after the tenants left. I dont live there and was going to get a few potential tenants then go out there and meet them. In Valencia a tenant that had lived there for 18 years moved out and I listed it to rent again. I didnt at all check and see what rents were but I raised the rent to $1200 and decided to grin and bear it to get a good tenant. I got at least 500 calls and emails the first day and had to cancel the ad.
Then I checked the rents and they are obscene. People are renting for $3500 in that neighborhood. What I dont understand is how can people pay rents like that?

Wow, an avalanche of interest much have been mind blowing. Smart to cancel the ad. When you repost the ad, what will be the rent then? The rents are obscene, so perhaps you can rent just a little less than the obscene rates... just to give decent people a break.
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Old 06-16-2016, 08:31 AM
 
1,308 posts, read 3,597,601 times
Reputation: 1097
Quote:
Originally Posted by jm1982 View Post
Thanks
Interesting , didn't realize that a landlord could legally increase rent control tenants based on repairs and maintainance.
Not all repairs and maintenance qualifies. And the increase is temporary until the costs are paid off, IIRC the increased rent is spread over 5 years
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Old 06-16-2016, 09:34 AM
 
Location: Birmingham, Alabama
2,056 posts, read 1,837,055 times
Reputation: 3530
Quote:
Originally Posted by KazChasey View Post
You don't understand these foreigner types. They'll do ANYTHING to save a buck. "Who needs a real estate agent when we can just ask online?!"
Wow! Love the honesty! And, don't use your new rent control apartment to store weapons and launch attacks on Americans.
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Old 06-16-2016, 11:13 AM
 
4,212 posts, read 6,362,844 times
Reputation: 2630
Quote:
Originally Posted by BennyPhoenix View Post
Not all repairs and maintenance qualifies. And the increase is temporary until the costs are paid off, IIRC the increased rent is spread over 5 years
Capital improvements, not very much money.

Still, okay, investing in LA rent control is okay because you can increase 3%, and there is a fair amount of turnover, while the dinosaurs in WeHo and SM will stay for their entire life because of the low rent.
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Old 06-16-2016, 11:43 AM
 
25 posts, read 13,684 times
Reputation: 19
Quote:
Originally Posted by MItoBH View Post
Wow, an avalanche of interest much have been mind blowing. Smart to cancel the ad. When you repost the ad, what will be the rent then? The rents are obscene, so perhaps you can rent just a little less than the obscene rates... just to give decent people a break.
I've gotten bidding wars of people offering above my asking rent price.


Why exactly should I "give people a break"? This is business, not a charity.
If market rents go down in the future at some point, should I ask people to pay above market to give me a break?
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Old 06-16-2016, 11:44 AM
 
Location: Los Angeles County
11,062 posts, read 8,986,001 times
Reputation: 28999
Quote:
Originally Posted by Ms.MoneyPenny View Post
I've gotten bidding wars of people offering above my asking rent price.


Why exactly should I "give people a break"? This is business, not a charity.
If market rents go down in the future at some point, should I ask people to pay above market to give me a break?
Because the person they are quoting stated they wanted to.
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Old 06-16-2016, 12:52 PM
 
Location: Altadena, CA
1,519 posts, read 1,416,454 times
Reputation: 2678
Quote:
Originally Posted by Ms.MoneyPenny View Post
I've gotten bidding wars of people offering above my asking rent price.


Why exactly should I "give people a break"? This is business, not a charity.
If market rents go down in the future at some point, should I ask people to pay above market to give me a break?
Ok, ok, if you're getting bidding wars, then go for it, charge as much as the highest bidder is willing to give you.
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