All Forum Posts by: Account Closed

@Patrick Wilcox Hi Patrick. I’m assuming you are working with an agent on this one as I think the paperwork is a little different than a standard deal (I’ve also seen plenty of 1031’s being done like this in LA, not my deals but have seen it). Anywho, I think South LA (Inglewood, View Park, Park Hills Heights) could offer what you’re looking for and use your equity efficiently. I would also suggest the Jefferson Park area, it’s gentrifying quicker than other areas down there and I know I’ve seen a number of duplexes that were unpermitted conversions so you’d get the open space you’re looking for. The Culver City area would probably have the space you’re looking for but prices are higher and inventory is lower. To me, it seems Downtown areas are overpriced, given the “neighborhood” but it is trying to come up. MidCity will be hit and miss (poor quality). Maybe Cheviot Hills, but that would depend on the amount of space you want. The Cypress Park/Glassell Park area could also be an option, it’s cheaper than Atwater/Silver Lake area and you could find a larger home in your price range.

@Richie Thomas we don’t deal with the NHD, we just order them (or escrow or your transaction coordinator). Inspections take about 2 hours per inspection, obviously depends on the size of the property and which inspections your clients get.

@Ledell Nelson I think you can access that through BiggerPockets. I’m not 100% sure on that, but I thought I saw that somewhere, or google it. As an agent, we can’t provide you with one unless we are part of the deal.

@Amir Hashemi. I started out part time as well, with Berkshire Hathaway HomeServices, and they were great about it. We have the Success Academy that you’re required to complete as part of onboarding, which helps you understand some things that you don’t learn about (not as much as you will by doing, but still helps). You also get paired with a mentor until you close 3 sales so that helps you to not feel lost as well. My “other job” was somewhat flexible about me needing to take time off or shuffle my schedule to accommodate the new job.

I don’t know if the company is still ok with starting part time but you never know. Good luck!

@Dan Schweit generally it is a 24 hour lag time, I think it depends on how busy the MLS is with new listings. I work most of LA and the Valley. My investor clients are mostly South LA but we had found a few deals in the Valley (just didn't get our offers accepted). Sent you a connection request. Always happy to chat!

@Dan Schweit many sellers prefer to take a chance on the market, thinking that competition will drive the price up (which it generally does here). I've found a few deals for clients only through the MLS, you just have to know what you're looking for and be ready to move. You wait too long in this market and it will be gone. I will say that an agent will usually know if a listing before it gets to the other sites, it usually takes about 24 hours to syndicate if the seller has agreed to let that happen.

@Alex J. What KJ said is correct. Plus, LA looks for any reason to get more money! Our property taxes are reassessed every 5 years (I think) but they can only increase a certain amount from that. If you transfer or sell however....

Talk to a RE lawyer or accountant on the best options.

@Ian Goodstein I'm curious as to what you/your agent are using for expenses on this unit. The listed potential rents, which are a reasonable ask for that area, would at least be higher than your potential mortgage payment (assuming you're going that route), but the listing (in the mls) does not show anything regarding separate utilities between the main house and the ADU. My experience says that you will have to cover those expenses (and obviously increase the rent to reflect that), unless you choose to get them separately metered. Also, just from my experience in that part of LA, you have to be careful between 60th and about 85th, some really not good pockets in there. I'm sure that will change after all of the development is done. Also, how are you and your agent calculating the cap rate? There is the basic way most of us calculate it, but there are other financial models that require a lot more information but would give you a better answer (my husband is in finance and he uses models that I barely understand).

I’m closing a deal on 58th right now and there are a few others in the area that could be good investments for you. Best of luck to you!

@Ian Goodstein I'm curious as to what you/your agent are using for expenses on this unit. The listed potential rents, which are a reasonable ask for that area, would at least be higher than your potential mortgage payment (assuming you're going that route), but the listing (in the mls) does not show anything regarding separate utilities between the main house and the ADU. My experience says that you will have to cover those expenses (and obviously increase the rent to reflect that), unless you choose to get them separately metered. Also, just from my experience in that part of LA, you have to be careful between 60th and about 85th, some really not good pockets in there. I'm sure that will change after all of the development is done. Also, how are you and your agent calculating the cap rate? There is the basic way most of us calculate it, but there are other financial models that require a lot more information but would give you a better answer (my husband is in finance and he uses models that I barely understand).

I’m closing a deal on 58th right now and there are a few others in the area that could be good investments for you. Best of luck to you!

@Matt Ferch unlikely, unless they have reciprocity with other MLS's. For example, mine in LA has access to San Diego and a few others in the area but nothing out of state. You could call your local mls to ask