Manuel, Home Buyer in Los Angeles, CA

LA City Condo Conversion?

Asked by Manuel, Los Angeles, CA Tue Jul 22, 2008

I am looking to buy a multifamily residential income property in the Mid-Wilshire/Westside area in Los Angeles, but i am put off by the rent control for buildings built before 1978 in these areas. My question is: If i purchase a complex and improve the property would i be able to get around the Rent Control? In other words, do i have to go through the condo conversion process to avoid rent control or is there another way? Thanks

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Answers

6
Hi Manuel,
I don't have this information but I know where you can get it. Go downtown to City Hall to the building and planning department and speak to one of the officials there. It's best for you to get correct information from the source. This is a part of due-diligence for those of us who work in Commercial Real Estate .
0 votes Thank Flag Link Wed Aug 26, 2009
Dear Manuel,
I am in the process of a condo conversion in a rent controlled apartment. All approvals look fine - now that the market has changed, we may want to rent the 8 units after they are vacated, instead of selling them . Did you find your answer or a statute allowing you to re-rent , the now vacant rent controlled apartments? Thank you in advance.
Best regards,
Matt
310-428-8106
mattpt2004@yahoo.com
0 votes Thank Flag Link Tue Apr 28, 2009
multi family usually means up to 4 units. Income units over 4 also available. Send me you email and I'll set you up to receive proprty info.
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Thu Jul 24, 2008
Hello Manuel,

When you say multi-family, how many units are you considering? You would not be able to make improvements to get the rents up. Your best chance is getting a property vacant (free of tenants). Purchasing a property with market rents. I may be wrong but you might want to look into if the property has section 8 if you can cancel section 8 to get the rents up. Not sure about that. Of coarse the other option is condo conversion which are becoming tougher to do and you may have to end up having a few low income units. You might just want to buy a newer building.

Best,

Monique
Web Reference: http://www.thereavis.com
0 votes Thank Flag Link Wed Jul 23, 2008
Welcome to Trulia, good question hope you will find our professional answers a benefit for you.

Anything you do needs city approval.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jul 22, 2008
Hello Manuel,

From what I know about rent control, improving a multi-unit property that was built prior to 1978 would not avoid the rent control laws unless you went through the full conversion into condos. The city would have to approve all the plans, etc... and give the final approval after construction. Please confirm this with the building and permit office for the City of Los Angeles.

Jimmy Hutchinson
Atmosphere Realty
0 votes Thank Flag Link Tue Jul 22, 2008
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