There are some great buys on residential income properties in this market. In fact, there are often multiple offers, yes I said multiple offers, for the best ones. I have come in second on the last two residential income offers I wrote. Consequently, my buyers and I are still shopping.
Today I saw another property of interest on the MLS, I previewed it, sent the information to a client and did some research on REAP in Los Angeles. Rent control applies to this property and all LA City residential income buildings built before 1978. However, the listing stated, "In REAP." I had to look that one up! Here's the link that explains REAP in LA!
http://www.caltenantlaw.com/LARSO.htm
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
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