In the heart of Los Angeles, where the dream of homeownership can be a daunting challenge, an intriguing story unfolds. Lauren Plaxco and Bryan Keith, a couple with a unique dynamic, found themselves navigating the complex real estate market with a creative solution: becoming landlords. Their journey, which began behind the bar at the Mondrian Hotel, led them to explore the world of property investment, offering a fascinating insight into the innovative ways people are adapting to the city's housing crisis.
The Bartender's Perspective
Lauren, a lender with CrossCountry Mortgage, and Bryan, an actor and artistic director, bring a unique blend of skills and personalities to their real estate venture. Their opposite approaches to bartending, one focused on efficiency and the other on social interaction, seem to complement each other perfectly, a quality they recognized early on in their relationship.
The Quest for a Quiet Haven
As their family grew, the couple sought a quieter and more peaceful environment for their son, August. Their search led them to consider properties with rental potential, a strategy to offset the high costs of homeownership in Los Angeles. With Lauren's expertise in lending and a clear vision for their future home, they embarked on a journey that would test their financial ingenuity.
Navigating the Market
The couple's budget ranged from $750,000 to $1.3 million, a significant sum, but one that could be manageable with the right property and rental strategy. They explored options, including duplexes, triplexes, and single-family homes with the potential to add accessory dwelling units (ADUs). Their criteria were clear: a turnkey property with rental potential and access to quality education for their son.
The Options
Option 1: Hillside Charm
A three-unit property in Highland Park offered rustic charm and stunning views. With two buildings, including a primary house and a separate studio, it provided rental income potential. However, the steep lot and below-market rent for one of the units may have presented challenges.
Option 2: Van Nuys Opportunity
In Van Nuys, a two-bedroom house with an open floor plan and a detached garage studio presented an opportunity to build an ADU. The neighborhood's familiarity with ADUs and the potential for a high rental income made this option attractive.
Option 3: Reseda Cottage
A bright and charming cottage in Reseda offered curb appeal and the potential to build a two-unit ADU. With a large backyard and a detached garage, this property provided flexibility and the possibility of a substantial rental income.
The Decision
So, which property did the couple choose? And how did they navigate the complexities of renovation loans and seller negotiations? Stay tuned for the next chapter in this real estate adventure, where the couple's story offers a glimpse into the innovative strategies people employ to make their dreams of homeownership a reality in the challenging Los Angeles market.
