Famous landlord selling all his properties over ‘failed California policies.’ Build wealth without ‘endless bureaucracy’

Moneywise and Yahoo Finance LLC whitethorn gain committee oregon gross done links successful the contented below.

YouTube prima Graham Stephan grew up successful Los Angeles, built his vocation successful existent property determination and spent years investing successful the city. Now he’s calling it quits.

In an affectional YouTube video titled “I’m selling everything,” Stephan said he’s unloading each of his LA properties — the precise marketplace wherever helium launched his existent property empire (1).

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“I person conscionable had enough. I’m bushed of dealing with failed California policies, reddish tape, restrictions and endless bureaucracy to the constituent wherever I’m going to commencement selling disconnected everything that I ain there,” helium said. “I can’t warrant investing immoderate much wealth into a metropolis that’s evidently headed down the incorrect direction.”

For Stephan, the turning constituent began during COVID-19.

“In 2020, everything changed. All of a sudden, Los Angeles enacted an eviction moratorium, meaning a tenant could not beryllium evicted if they failed to wage their rent — and this lasted for 3 years … Meanwhile, the landlord was inactive liable for the mortgage, spot taxes, insurance, repairs, upkeep, you sanction it.”

Stephan said nary of his ain tenants stopped paying and helium had “zero” problems. But the argumentation inactive bothered him.

“I conscionable didn’t similar that the metropolis was putting the full fiscal load of lodging connected the landlord,” helium said.

In January 2025, Stephan decided to physique an ADU — an accessory dwelling portion — connected 1 of his properties. His mathematics was simple: put $220,000 to physique a two-bed, one-bath, 700 quadrate ft unit, rent it retired astatine marketplace rates and adhd “much needed inventory to the lodging market.”

Then came what helium described arsenic a “nightmare.”

First, getting the permits required to commencement gathering took 3 months and outgo much than $4,000.

Then, erstwhile the ADU was astir finished successful July, helium had a tenant lined up to determination successful Sept. 1. All helium needed was a last inspection by the city.

After 2 weeks of delays, the inspector arrived and failed the portion implicit a missing AC drain line. Stephan’s contractor said helium could instal the drain enactment successful 10–20 minutes. It was Friday astatine astir 4:30 p.m. The inspector simply declined and left.