Paul
@LA_Multi_Fam
Los Angeles Apartment Buildings. We buy run down buildings, renovate them & add ADU's. We also manage & sell apartment buildings for clients. DM's open!
We buy Dingbats in LA, where we add ADU's in the front & back carports. Here is a before & after of one of our projects, where we added a 1BR in the front & 2BR in the back. Construction cost $270,000. New income $50,000. $6,000 rent reductions to existing rent controlled…
$221 per foot in DTLA & exempt from City of LA rent control. Supposedly went through an $11M rehab in 2006. I had to go down there and see it. About half of the retail on Broadway is sitting empty or boarded up. Looks pretty bleak right now. But if anyone wanted to gamble on…
Hearing that “condo-ization” of ADUs might be coming to LA possibly within the next few months. You could build an ADU and sell it separately from the main home or apartment building.
SB 1123: - You can now build up to 10 Townhomes on single family lots in CA. It is going to be very interesting how neighbors react when the first of these go up next to their single family homes. - Need property to be vacant or uninhabitable. Language around uninhabitable…
Los Angeles says it wants housing, but make it so damn difficult to build anything, that developers like John end up turning to tiny ADU projects. I don't blame him! He can spend 5 years trying to chase permits with 150 bureaucrats asking for this & that while he bleeds money…
Ever wonder why housing is so expensive? 48 units becomes 4 units. I gave it my best shot. 💔
On a flat lot, foundation usually runs about 15% of the total construction cost for a typical two-story build. On our hillside project with 13 caissons, the bids are tracking closer to 35% :( The upside? Rents on hillsides are usually a lot stronger too, which will hopefully…
Most good off-market deals in LA come with some hair. Investors get a bad rap, but nobody else is cleaning up this mess! We’ll either build a new house or use SB1123 to put up townhomes here. Excited to learn some new things on this one! Reach out if you’re exploring SB1123…
11-unit deal in the Palisades going to public auction. 9 units vacant. Most of the surrounding area burnt. No idea where this trades. No idea how to underwrite it. Will be interesting to watch where it sells though. Someone with deep pockets & some patience should do well…
Just signed contract on an off-market house in West LA under a million. Will renovate and add ~1500 sq ft. Hopefully max 18 month project. Guy who brought me the deal came from a guy I manage apartment buildings for. First wholesale deal of his life. First house flip I’ll…
New construction SFRs feel way more exposed to the market. If it turns, there’s no “just rent it out for a couple years” option. Multifamily always felt safer, easier to ride out the storm if you have conservative debt. I'm looking at SFR builds again for the first time in…