All Forum Posts by: Francis A.

http://pacificescrowinc.com

Thanks for the article! 

It seems to boil down to this"

"Officials focused on structures built before 1978 with at least two stories and at least five units. The city's housing department provided addresses of 29,226 apartment buildings constructed before 1978."

At first blush without the aid of total units available the Los angeles area, 29,000 + or so buildings may not be as much as I thought where the Los Angeles area is concerned.

That being said, if there were ever a time to be poised to grab a 5 unit multi family building at conditions favorable, the time is coming starting February. I am curious to see all the buildings earmarked and which zip codes  they're located in. 

This could end up being the unofficial "phase 1" of this project as I'm sure there are smaller multi families out there that would need this treatment. 

I also read somewhere that Oklahoma is now ahead of California in terms of the potential  threat of earthquakes striking. 

All in all, nice post!

  Yes. 12 months, not 6 months. Either way it's a great way to get going. Make no mistake about it. The potential or existing income from the extra unit will will factored when you apply for the loan. A huge plus.

@Jose Quintana

@Matt Lefebvre is correct with regards to the FHA solution. That's how I got into my first duplex. The interesting thing is that I was informed by my loan guy that I would do the same thing if I wanted to move into an SFR. Furthermore, I've seen SFR's that are technically duplexes as in 2 free standing buildings on one lot. All legal.

If you have the money and would rather get into the place that you've vetted as best you can, you can move in for 6 months and then rent out the place. 

Or you can trying other alternative ways to finance this place. Only thing is, the building you're looking at might be gone when you finally sort out your "alternative" financing. 

I am also facing with the 20% conundrum. The way I see it, partnerships are the best way forward from my end.

Choice, choices, choices!

http://www.bloomberg.com/news/articles/2015-11-11/...

Have you checked with your bank about accepting rent checks (with a pre approved deposit slip? An email will be shot out to you as soon as the money hits. 

Wells Fargo will allow you to have them come in with a deposit slip to pay rents. I don't see too many branches in Atlanta though.

I would look your bank. Specifically check out the closest branch (to your rental)  and have them set a simple system (pre approved deposit slip) up for you. They will be only too happy to assist you. 

And selling point to your tenants? They too benefit by becoming regular faces at this particular branch. A time will come when they'll need a friendly face to vouch for them when the time comes for them to seek financial services. And bank hours shouldn't be an issue. I'm sure a deposit box type arrangement can be arranged or they can always go in on a Saturday, pay their rent and make friendly with their local bankers. Give it a shot!

 Interesting. If the ones by Berklee have existed for decades, that could mean (barring refi-ing etc), the underlying mortgages might have been paid off? That's a toss up.

The ones in Los Angeles (downtown, Glendale, Hollywood etc) some old some newer tend to be booked for months on end and the weekly rentals aren't exactly chump change.   That's where the curiosity is coming from. 

Does anyone own and or manage such a property. specifically for music and/or theater?

Trying to learn more about any experience regarding the numbers and general upside / downside of the "managing the people" part of business. Thanks!

Corrollaries and lessons to be learned? Interesting what's going on across the pond in our area of interest. 

http://www.bloomberg.com/news/articles/2015-10-12/flipping-frenzy-grips-sydney-spurring-warnings-of-housing-risks

Here you go...  right down the street from you and a contributor to Biggerpockets. 

http://www.biggerpockets.com/renewsblog/2013/12/19...

http://www.biggerpockets.com/renewsblog/author/ama...

@Amanda Han