Dr Paul, Home Buyer in Beverly Hills, CA

Bought a Low End Beverly Hills House As a LT Investment. Now What?

Asked by Dr Paul, Beverly Hills, CA Thu Jul 12, 2012

I recently bought a cheap 1br single family house at auction. It is in the 90210 BH Post Office area, just off Benedict Canyon Drive. The house is a 1920s home and, although liveable, needs some minor tidy-up. I am a bit reluctant to spend too much on renovating it. Just put in a security system because its currently vacant. I also bought the vacant land adjoining this house.

What sort of rent could I obtain for such a home? Ideally it would suit someone wanting a home office in a prestigious suburb. My acquisition was meant to be a long term investment. Buy and hold and wait a decade or more. Development is not something I know much about.

The house and the land next door seemed cheap. But now what......

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Answers

18
Dr Paul’s answer
Hi Everyone

Thank you for your responses and interest. I apologize for posting an incorrect number previously. The correct number is listed below.

I flew to LA last week and am camping out in my house like a boy scout. Forget all your perceptions of Beverly Hills luxury - the house is very old and extremely basic. I am sorting out a few superficial renovation issues while I am here.

The property will be ideal for someone running a home office or an online business. The Zip is 90210 and a Beverly Hills address confers an incomparable level of prestige internationally if you are dealing with overseas clients.

The asking rent is negotiable at $2500pm ono plus outgoings. It is also being advertised on Craigslist for the same. If you are a potential tenant, be aware that we need to work closely together together as I am usually based overseas. You will need to be extremely savvy about maintenance issues and, be able to handle these as they arise. Verifiable references are definitely required. Preference to non smokers.

My number is 424 653 7618. I am best reached late, after 9pm, or early in the mornings. I am living a very bohemian life in the house and internet access is irregular.

Agents are also welcome to call.

Kind regards

Dr Paul
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Everyone

Thank you for your responses. I apologize for posting an incorrect number previously.

I flew to LA and am camping out in my house. Forget all your perceptions of luxury. The house is very old and extremely basic. It can only be described as resplendent squalor and I am sorting out a few superficial renovation issues while I am here.

The asking rent is $2500pm and verifiable references need to be provided. It is also advertised on Craigslist. Potential tenants need to be savvy about maintenance issues as I am usually overseas.
If you are a potential tenant, be aware that we need to work together and the property will only be leased on a long term arrangement. Strictly for non smokers only.

My number here is 424 653 7618. Best reached late, after 9pm, or early in the mornings.

Other agents are also welcome to call.

Kind regards

Dr Paul
0 votes Thank Flag Link Tue Sep 25, 2012
Dr Paul I tried calling you as well without reaching you my phone number is 310.486.1002 (m) or email me at homes at endrebarath.com

Prudential California Realty
Beverly Hills, CA, 90210
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Dr. Paul,

I tried the number and it wasn't right, and I don't see your email. Can you call my office @818-817-4236 and leave me a message and I will get back to you tomorrow. Thanks!

Jodie
0 votes Thank Flag Link Mon Sep 24, 2012
Dr. Paul, I would like to live there. I can do maintenance of your adjoining land too. We are a family of three plus small dog. Our current lease ends in May. Why does your phone number have a 454 area code, is that a typo error?

glen
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Jodie

Not as yet.

I flew to LA and am camping out here in resplendent squalor and sorting out a few superficial renovation issues. Feel free to email me at my regular address.

My number here is 454 653 7618. Best reached late after 9pm or early in the mornings.

Other agents are also welcome to call.

Kind regards
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Dr. Paul,

Have you found a tenant or someone to help you with your rental? I can help you get the home rented out if you are interested. We have offices in Beverly Hills, and all across Los Angeles. Feel free to contact me if you would like more information. Thank you!

Best regards,

Jodie Francisco
Prudential California Realty
818-817-4236
0 votes Thank Flag Link Mon Sep 24, 2012
I actually flew in to LA today to sort out this problem. I am definitely looking for a reputable long term tenant with verifiable references. The house would be a perfect home office for the right person.
0 votes Thank Flag Link Fri Sep 14, 2012
Dr Paul I am the manager of the bldg where I have been living since 2008. Would you like to exchange a few emails about your tenant search? My first and last names, no spaces, at gmail dot com.
Flag Fri Sep 14, 2012
Dr Paul, I am a prospective tenant. Are you looking for somebody who can do some maintenance on the house and on the adjoining land while renting?
0 votes Thank Flag Link Thu Sep 13, 2012
you may find me at 424-250-0089
Flag Thu Sep 13, 2012
Thanks for your responses. If anyone can help, I'd be very happy to hear from you. I hope to deal with reliable people for the longer term and am happy to entertain all possibilities to maximize my long-term gain on this property.
0 votes Thank Flag Link Sun Aug 5, 2012
Dr Paul,
I'm currently working with developers and showing them properties in Beverly Hills.
Please contact me if you have any interest in selling both properties.
Susan@BeverlyHillsLuxuryFlats.com
Cheers
Susan Bo'ur
Realtor
Coldwell Banker
(310) 600-4240
0 votes Thank Flag Link Sun Jul 15, 2012
Hello Dr. Paul,

I would suggest you get a professional opinion of an agent who knows the area and can offer comparables as far as what is renting and for what price near to your property.
You can then proceed to either advertise to rent yourself or hire an agent to assist you with the process. We can show to prospective tenants, make sure they are qualified to rent, and also protect you from looky-loo's who just want to know what the property is for other agenda.

If you have any other questions or want an opinion on what your property would rent for please contact me.

Best regards,
Tammy Hunt
Nelson Shelton & Associates
355 N. Canon Dr.
Beverly Hills, CA 90210
310-990-9005
DRE - 01275416
http://www.TammyHunt.com
0 votes Thank Flag Link Fri Jul 13, 2012
Dr. Paul my advice would be to rent it out and while you are renting it, get a good local architect(if you would like I could refer you to a few) and have them go thru the approval process for a home. Clearly you might have to spend a year or so with the approval process, the end result will be a huge financial upside.

Please contact me directly to discuss further either thru email or via telephone:

Endre Barath,Jr.
Prudential California
Beverly Hills
homes@endrebarath.com
310.486.1002 (m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Thu Jul 12, 2012
Hi Dr. Paul, Wow, George Lucas used to live at this house? And he wrote the script(s) for Star Wars there? If that's the case, I think you would definitely find a tenant (maybe some young college film students) who would love to rent that house. Maybe just have a contractor come over and spruce the place up a little, and you should have no problem renting it, I believe.

Let me know if there is anything more I can do to help. I know a couple good contractors if you need a bid on any work. And if you want to put the house on the market for lease, let me know.

Thanks,

-Andrew
0 votes Thank Flag Link Thu Jul 12, 2012
For those who love trivia. I forgot to add something that is totally immaterial to the value of the house, or to its future potentiality.

Long ago, in the 1970s, a budding (but then unknown) film director lived lived in this house. It is reliably said that he wrote the script for a major 70s sci fi movie in the home. The movie, Star Wars, was a major sensation. The director, George Lucas, has moved on to better things.

Of course, this information is hardly likely to be of benefit to future tenants or owners as the house is very modest and, in fact, was one of the cheapest homes to be sold in the 90210 area in the last year.

I'm really unsure of what to do with this house and the adjoining land. All opinions from locals will be appreciated. Thanks in advance.
0 votes Thank Flag Link Thu Jul 12, 2012
Hi Dr. Paul, Thanks for the info. I just checked other properties available for lease in Beverly Hills that are 1 bedroom + 1 bathroom and it looks like there are about a dozen places available anywhere from $1,550 on the low end, all the way to about $3,600 on the high end. -Most of them are condos.

You mentioned that the house is currently "livable." What needs to be done to make it better? If you can get the place in good condition, you could probably rent it to a couple, no problem. 732 square feet is not big, but it's plenty large enough for 2 people.

As far as the land goes, you might want to hang on to that for a little while. Maybe once the market heats up more (in a few more years) you could sell it for a nice profit.

-Andrew
0 votes Thank Flag Link Thu Jul 12, 2012
Thanks. It's an old house, pretty spartan. Here is some information:

1 Bedroom 1 Bathroom
732 sqft Lot Size: 8,647 sqft
Built In 1923 1 Unit County: Los Angeles Tax Rate Code Area: 0-067

The land next door, which I also own, is equally hilly and approximately the same size. The house is liveable but, obviously, not large enough for a family.
0 votes Thank Flag Link Thu Jul 12, 2012
Hello Dr. Paul, Even though it's a 1 bedroom, you can probably still get $2,500 a month in rent if the place is large enough. How many square feet is the whole house? Is there a 2 car garage? How large is the empty lot next to the house?

Feel free to contact me if you would like to talk more about it.

Thanks!

Andrew G. Belcher
Broker Lic. 01707173
310-734-8299
0 votes Thank Flag Link Thu Jul 12, 2012
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