Q: My building was bought by an out-of-town investor and they have raised my rent from $900 a month to $1500. I have lived in Inglewood most of my life and don't want to leave. What should I do?
A: Unfortunately, Inglewood does not have rent control, so the new owner is within their rights to raise the rents. Inglewood's housing market has become a hot spot for investors. The best advice I would give is to look to see if you can possibly qualify to purchase a home in the city or possibly team up with a family member or friend to purchase a home together. I wish you good luck whatever you decide to do.
Q: I have real estate people knocking on my door everyday asking me if I want to sell. I bought my house 18 years ago and my friend told me it’s worth 3 times what I paid for it back then. Should I sell?
A: I'm sorry you have people knocking on your door every day, but with Inglewood being so hot you can’t really blame these realtors for trying to make a living. In 18 years your home has probably gained a large amount of value. I would need to know more about your situation before I advised you to sell or stay, but what I would say is with the price of homes in Inglewood rising at such a high rate—and with the City finally having a consistent plan—Inglewood is now a place to hold onto property. If you sold now it is not likely you would be able to get the same kind of home and neighborhood in a surrounding community.
I would like to thank everyone who sent in questions this week. I will be doing Keeping it Real Estate Q & A the second and fourth Thursday of every month.
I am not an expert on every subject, but when it comes to real estate, lending, insurance and personal finance, I have been lucky to be around some of the smartest, hardest working people in those fields. And now I have the opportunity to pass this wealth of knowledge along to you. So ask me anything and if I can’t personally answer it, I’ll reach out to someone who can.
As always, at WLM Financial we are here to assist you with all of your real estate and mortgage needs, from buying and selling to refinancing your home, we can help you along. Our goal and my dream is to teach people how to get in the position to be financially free, and with a little bit of hard work and endurance you can get there.