Scott, Home Buyer in Los Angeles, CA

What are the good areas to purchase a duplex/triplex/quad?

Asked by Scott, Los Angeles, CA Sat Jan 24, 2009

I wish to avoid rent control as I want to live in one and rent out the others to equal my mortg. I will also be working in downtown LA and then commuting to ctr Calif. on weekends so don't want to go very far east and turn around and go north.

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4
Dorene Slavi…, Agent, Torrance, CA
Mon Jan 26, 2009
We have some very nice duplex's for sale here in Culver City. These properties are always in high demand because of our excellent schools and safe neighborhoods. There is one in particular that is in short sale right now!
Web Reference:  http://www.doreneslavitz.com
1 vote
Grant Linsco…, Agent, Los Angeles, CA
Sat Jan 24, 2009
Hi Scott,

As was stated below by Jeffrey, a majority of the income units in Los Angeles fall under rent control. The key would be to find a building with near market rents and still have room for upside, since this is another way to build equity. I sell a TON of investment property and have several listings not yet on the market that may work for you in the Hollywood / Hancock Park area, which I would say will be highly desireable to live in as well. Certainly Silver Lake and Echo Park would be other great options.

These locations would be a nice commute to downtown LA and provide quick access to central California as well from the 101 fwy (I'm originally from San Luis Obispo and this is the most convenient way for me to get home). Let me know if I can help in any way.

Best,


Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
0 votes
Monique & Joe…, Agent, Beverly Hills, CA
Sat Jan 24, 2009
Hello Scott,

Your best options are The Miracle Mile, Silverlake (smaller units than areas like Silverlake), South of Miracle Mile-Wilshire Vista, Faircrest Heights and Picfair Village and also areas adj to Hancock Park-Brookside, Longwood Highlands and finally the Melrose area.

Duplexes represent about 40% of my buisness. I also have two currently on the market in the above areas. If you would like more info on the areas or the process of purchasing a duplex, owner occupying issues, I'm happy to be of assistance.

Best,

Monique Carrabba
Keller Williams Wilshire
The Carrabba Group
mcarrabba@kw.com
0 votes
Jeffrey White, Agent, Beverly HIlls, CA
Sat Jan 24, 2009
Hi there Scott. Thanks for your question! Almost every part of Los Angeles is under rent control, so you will most likely be under that, however some cities are more strict than others. West Hollywood for example is, i believe 3%, where as Los Angeles is 5%. Do the research and get the exact numbers from the cities themselves.

In general though, the best place to own a rental property is the ones that have the strongest rental market. I would recommend USC area, however I doubt you want to live there so not for an owner occupied situation. Hollywood, Los Feliz, and Silverlake are very active rental markets and bring the strong rents that will pay your mortgage for you. I would stay away from the valley as the rents have dropped a good bit.

If you buy a really nice building that is marketable, you can get solid rents and will have longer term tenants that will enjoy living there. So I always think that makes a big difference.

I would love to meet with you and find out your goals so I can give you more specific advice. I'm an expert on the rental/income property market, and I have lived in Hollywood, West Hollywood, Silverlake, and have my office in Los Feliz. Please contact me anytime through my website below. Cheers!
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