All Forum Posts by: Andy Chen

 Thanks

Hi all, can someone give me some guidance on splitting the lot. I have attached a conceptual diagram for reference.

I am adding a new detached structure to a lot with existing structure in the front. (Still in the permitting process) There is an easement setup on the shared drive and there is plenty of space in between two structures. I want to split the lot so each structure is on its parcel. I already have the boundary survey done.

Sorry my questions may be all over the place

Questions: 
(1) Whom should I talk to first? Should I talk to an attorney, City or lot planner? I am hoping to hire someone to take care of this for me.
(2) Should I split the lot before getting the permit or I should wait after the construction is done?
(3) What area should the attorney be specialized in? (e.g. land use, estate planning, real estate?)

I would really appreciate if someone can point me some direction.

Thank you in advance.

Andy

@Chris Davidson thank you. I will reach out and find out. I hope I will be able to keep the same mortgage at low rate and just the converted portion has the market rate. And cash out. 😝 Thanks again.

Hi all, can I have your wisdom?

I have a small multi with 30 yr 3.375% fixed. Also I have a helec on it to fund the ADU construction. Anyway I can cash out refin after construction without losing the primary mortgage?

Thank you

@Kevin Sobilo thank you so much. It seems very reasonable and making sense.

I am looking at an off-market deal and the owner is old and seems having a bit memory issue. He also wants to lease back which is fine by me.

Do you have any suggestions? I am a bit concerned that he will come back and deny any agreements that we had made.

I believe that the contract has the legality but I definitely don’t want to be any situations that I have to argue with old gentleman.

I was thinking to record the signing process and make sure we explain the term clearly and have his agreements.

I would very appreciate your suggestions.

Thanks

Andy

Hello BPers, I am new to CRE and interested in industrial warehouse. Should I account for the income from mezzanine in the warehouse area?

In seller’s calculation, the price included the income from mezzanine. But I heard that it shouldn’t be included. Can someone educate me?

Thanks

@Account Closed, it is in Pomona, CA. What is RSO?

@Account Closed thanks for reply. Yes, it is under rent control. I totally can imagine how hard or impossible to remove tenants due to violations in CA. That was what I was thinking too to add the water addendum to the lease. But my pm said it is against fair housing and grey area they are not willing to travel in. I really doubt that hence asking here. I think it is time to shop for another PM. It seems they care more about how much time they will need to spend and hassle / compliant they will need to deal with when adding that extra fee to the lease.

I manage my own rentals in my city and I do charge water per person.

do you know if water fee is considered part of the rent increase or it can be on top of the rent cap?

Thanks

@Greg M. I am really considering this.

I just recently took over the management from my business partner and still trying to get a handle of it.

I am still waiting for the lease agreements. I need to review before taking any actions or making decisions. Definitely need to do something if they do violate the lease.Thanks a lot.