All Forum Posts by: Amine Kallala

Hello- does anyone know more details about this? If it passes, would a property owner that builds an ADU on their property qualify for the middle income housing tax credit if they rent it to qualified tenants (those who make 60-100% of the median income in the area)? The article mentions developers. But I think it should include anyone that provides housing to the qualifying tenants under this rule.

https://www.accountingtoday.com/news/wyden-proposes-bill-to-offer-tax-credits-to-combat-homelessness?position=editorial_3&campaignname=ACT%20Tax%20Practice-08192021&utm_source=newsletter&utm_medium=email&utm_campaign=V2_ACT_TaxProToday_20210503%2B%27-%27%2B08192021&bt_ee=29%2FO57ItcK%2B4lmP3jjOWuI9%2BYfs%2Bv6qJnzXCur%2FKKXrR7Ps0v%2FwYEVy1C3zQfQF7&bt_ts=1629389083397

@Amine Kallala sorry I meant Long Beach, CA

Hello- does anyone know of a credit union that would do a HELOC on a condo for 90% LTV? The property is on Long Beach and I would prefer a local CU. I did a research and found LBS Financial that meets the criteria I'm looking for but they increase the interest rate by a full point if I go from 80% to 90% LTV.

Thanks!

I love Long   each for that specific reason (being between OC and LA).

Here is a couple listings that will get you started on the areas where to look and where the zoning allows for small multi family:

On the high price side, Los Cerritos:

3530 Locust Ave Long Beach, CA 90807
3718 Country Club Dr Long Beach, CA 90807

On the more affordable side Circle area and Alamitos Heights area: good because close to cal state Long Beach 

1206 Belmont Ave Long Beach, CA 90804
817 Mira Mar Ave Long Beach, CA 90804

You might also wanna consider Signal Hill. Small city surrounded by LBC. SH has a zoning that’s good for house hacking but can get too dense in my opinion.

Both SH a d LBC are difficult to cash-flow. But they can be very good for house hacking.

Make sure you avoid certain areas though.

I used a very knowledgeable realtor in Long Beach Jose Smith (562) 209-0990

Long Beach is not well understood sometimes and that creates an opportunity. I own in Long Beach and always lived here. If you want great school districts check out Bixby Knolls. Los Cerritos area. But also Belmont shores and Alamitos heights. It’s more challenging to find deals there because of the school district being a 9-8. Long Beach is changing a lot but changing a big city takes years...

you might also want to consider Signal Hill- a small city surrounded by Long Beach with good school district as well.

Checkout Victor White Handyman. I don’t know where you’re at but he covers the greater Long  Beach area. I haven’t used for paint but he did a pretty good job with other stuff. He has 5 stars.