Business
My name is Pamela Rich and I am your host; I’ve been selling real estate in Los Angeles for 20 years. If you are buying or selling property in LA or just curious about the buying and selling process, this podcast is for you! As a real estate agent, I often sell investment properties in the Los Angeles area. Having an investment property has many benefits; however, investment properties can be difficult to manage if tenants don’t pay rent. In today’s episode, I share a few relevant tidbits of information about rentals in general. I debunk a common myth about co-signers and share the LA ordinance that allows garages and spaces above garages to be converted into granny flats, which I think is a fabulous idea. I also cover the process of properly dealing with a tenant who hasn’t paid rent. I will say that enlisting the expertise of a real estate lawyer or an eviction service is totally worth it. However, it’s wise to thoroughly understand the process of evicting a tenant. This episode explains everything, from the first three-day notice, the unlawful detainer, and the writ of possession, to the locksmith changing the locks. There is some really valuable information that could save you lots of trouble. Pamela’s pick is a three-bedroom, absolutely amazing house I visited this week with incredible views of the “queen’s neckline.” It was a hot property and I can see why! I hope you will find this concise information helpful. If you have any questions or ideas for future episodes, please feel free to reach me at pamela@hiltonhighlands.com. Key Takeaways: [:44] Pamela Rich welcome listeners to this episode. [:50] This episode covers the process for when tenants do not pay their rent. [2:07] Pamela debunks a common myth about co-signing. [4:08] In 2017 an ordinance passed in LA that allows homeowners to legally convert a garage or a space over a garage into a granny flat. Pamela explains the ins and outs of that process. [6:35] My tenant hasn’t paid the rent, now what? Pamela outlines the steps to go through to start the eviction process, starting with giving the tenants a three day notice. [6:52] If the tenant does not pay rent within three days, the next step is to have your lawyer get an unlawful detainer from the superior court. [7:05] If you hear nothing from your tenant you will get what is called a judgment of possession which allows you to get a writ. The writ allows a sheriff to leave a notice to vacate. They must leave within five days. [7:32] After five days a locksmith and sheriff will go to the unit and change the locks and anyone in the space will be required to leave. You must hold the tenants belongings for 17 days. [8:52] What happens if your tenant contests the lawsuit? [9:45] A few last-minute tips for helping the eviction process go smoother: address three day notice to tenants and “all unknown occupants” and you cannot sue for any other fees besides back rent. [11:37 This episode, “Pamela’s pick” is the last of eight houses she saw this week. This house had unbelievable views of the “queen’s neckline” and was a real stunner! [13:04] You can download my podcast on iTunes or wherever you like to listen to your podcasts. Please share with a friend and leave a review. [13:27] Thanks for listening. Check out Pamela’s website, PamelaRichProperties.com or shoot her an email with questions or ideas for future shows at pamela@hiltonhighland.com and please leave a review and rating on iTunes or where you like to listen. Mentioned in This Episode: PamelaRichProperties.com