All Forum Posts by: Chris Miller

Well I'll be ploppin' These adu's In any property I can. I'll tell you that. Apparently allowed possibly 2 ADU's in multi-family? Sure hope I can get away with that on my 4plexes. Will be huge for cash flow. I'm not sure what mr mason's talking about but a lot of the 5+ unit properties I see selling in Long Beach area or other areas are more expensive per unit AND sell. So I for one am not worried about that at all. Cash flow is king my friends

Hi all. I have a 4plex in east la and am heavily considering doing a couple of the units short term rentals. I’m considering either getting affordable vacation rental manager or doing it myself. I’m not super keen on having to physically going to the property for fixing issues that may come up as people are staying there. Does anybody know any good and affordable property managers or any advice on how to run short term rentals from kinda far away? I’m more than willing to do bookings, responses, etc. any ideas or advice is appreciated!

I say I “kinda brrr’d it” cause I didn’t pay cash for the property like most out of state buyers do.   I used hard money, put 15% down 1 time and 20% the other.    The hard money financed most rehab as well.    I bought the bell gardens one in November and will be refying next month and from recent comps I would think I’d be able to pull out probly 1/3 of what I put in maybe more.     Not sure I necessarily want to as I used heloc  for some of the down payment and may just pay that down with cash flow.  I pulled more cash than I expected too on a different property so I may just stay put.    Still trying to figure that game plan out as I’d like to keep decent cash flow.    The 4plexes are in non rent control areas.   Bell gardens and east la county.   They’re both still pretty fresh so I’m currently in full rehab of the east la one.   what a score on ur buy at 395k with appraisal at 1.6mill 9 years later!  Rad

@Alvin Uy. I’ve bought 2 4plexes in Los Angeles that I’ve kind of brrrr’d. I use hard money instead of paying cash for the property, then I rehab, rent (or keep some tenants and just increase rent), refinance and hopefully pull out some or all of the cash I put down on them. U gotta get good deals and have friendly appraisals after to get the cash out but it’s definitely possible to do.

@Brian Ellis. I’m assuming the owner is a new owner with much higher mortgage than previous owner. I’ve been in similar circumstances and if rent is half of what it should be or way under market I definitely see the dilemma for the new owner, especially if they’re negative on the property substantially. Hopefully she could handle a rent increase?

@Jonathan Bombaci. I think it sounds like a solid deal. 25k-30k cash flow in a couple years? Sounds very worth it to me. Do u have a line of credit? Maybe tap into that if so and pay it off with cash flow once there?

@Kevin Whisler. In that case where’s it at? Maybe I’ll buy it! Haha

@Ilya Skolnikoff. Since when can’t you raise rent on section 8? I’ve done so significantly higher 2 different times. It just takes 60-90 days for section 8 to respond....

@Huimin Zhang. SELL!! Get rid of that negative 2k a month! With that much equity you could easily sell and create 2k in positive cash flow with a decent purchase of a 4plex or similar

@Ryan Charron

Can buy fha if u “live” there. Of course, buying fha in 3 or 4plex is tougher as the downpayment amount is based on the gross rents. But it can be done