Updated about 3 years ago on . Most recent reply
Los Angeles/ North Hollywood/ Looking for an experienced investor
I have a friend that is looking for a real estate investor to partner with on his property in North Hollywood on Erwin St near Lankershim. His uncle is passing away soon and Ted will be awarded the house through a living trust. The property has a $525k reverse mortgage that will need to be paid off in 6-12 months after the uncle passes. The value of the property is ~$950k. Ted would like to build an ADU/garage conversion and rent out two of the bedrooms in the house, an outside bedroom, and the ADU/garage conversion. In exchange he is willing to do a seller carry back mortgage for his equity or equity split in exchange for him being able to occupy one of the rooms, and a percentage of the future equity and monthly rents. If this were your deal, how would you structure it as a win/win? Do you know of a local experienced real estate investor who would be interested in partnering with him on this deal? - Greg