All Forum Posts by: Andrew Galambos

What makes a loan conforming or non-conforming?   

I ask because when we refi'd about a year ago the bank person was saying that our loan was non conforming and I never understood why. It is not a VA, etc and for our zip code the amount we were refinancing is not considered a jumbo Loan. Also we have high credit scores but are both self employed.

Rates are getting attractive but the amount of work it took last time I had hoped to not have go through the process again (ever LOL).  I thought we were locking in a great rate at 3.625%, trying to figure out what rate I would have to get to make it worth it.

It does not mean you can build one unit per 2500 sf, just that if you have under 5,000 sf you can only have one unit.

Yes @Sean York, generally 2 dwellings but there are many other factors involved (lot size, adjacent zoning, etc).  I would go with the assumption you can not have the lot re-zoned, My blind guess is your best bet would be 2 dwellings plus an ADU. You used to be able to do a small lot sub-division on a R2, but I believe that is no longer allowed (it is also a fairly involved process). Obviously these are general assumptions as I do not know the specifics of your site. You may want to consider having someone do a zoning analysis or you could follow the steps here if your trying to get a preliminary understanding:

https://planning.lacity.org/zoning/zoning-code

http://zimas.lacity.org/

You need to have an architect do a site analysis for you (or try talking with LADBS directly). You are using confusing terminology, to keep things simple assume guest houses do not exist (there are some exceptions but you generally need to have a very large lot - I forget the exact number but it is definitely over 10k sf). Un-Permitted construction is looked at by the city as if it does not exist - you would need to prepare plans that show it as proposed construction and it would need to be built to today's code requirements, very likely this would require exposing some of the covered work. Most of the above information concerning ADU's/ JADU seems to be correct. Also you can have a rec room with a bathroom but no shower (unless there is a pool) and only a small bar sink but no gas hook up.

My answer assume you are in the City of Los Angeles.

I was going to comment that is called Tenants in common (as Embert said).  I know of two couples who attempted to do this, one in LA and it has been a success.  The other in NY - started looking with a Friends but than realized it actually made more financial sense to buy solo and rent out the other space.

They need drawings and specifications otherwise it’s a wild guess (or a extremely detailed contract).  I believe the law is that (at least for labor) 10% down payment max, regardless anything close to 50% seems way to high.

Do you have contract documents - drawings and specifications created by a architect and engineer?  The bid should be based on the contract documents, these spell out the layout, structural design, types of materials, etc and will include other necessary documents needed to get a permit.  Otherwise how to you know what your going to get?  $230/sf is on the very low end, it would make me concerned.

What the above said - but in addition I would look to see if there is a Certificate of Occupancy, and what that says. 

It all depends on what city and what Zoning.  Not possible with most R zoning.