All Forum Posts by: Jason L.

I am helping my mom manage her portfolio which is mostly intertwined with my own since she has capital but no borrowing power and I have no capital but have borrowing power. Currently everything is held in our names either individually or jointly which is probably not the best idea due to liability and tax reasons. My goal for Q1 2019 is to create the proper organizational structures to put these assets such that we are not exposing each other to unnecessary risk from a liability and tax standpoint. I would really appreciate referrals to tax or legal professionals who can help me strategize and possibly file the paperwork for the structuring/shuffling of assets. Thanks!

Thanks for the replies. The main reason I am considering this is because I found a new lender through my company that offers almost a full point difference. Maybe I can bring this to the current lender (Chase) and see if they would be willing to change the rate/terms on the existing loan for a small fee since they don’t have to redo the underwriting and appraisal process? Has anyone ever modified a loan within the first few months?

I just completed a cash-out refinance and in the process of shopping around for another mortgage when I realized something. Since cash-out refinances typically have a higher rate, would it make sense to immediately do a rate & term refinance into a lower rate? Are there any restrictions against doing something like this?

Thanks to everyone that attended!

Here are the links we discussed for everyone's reference:

https://www.roofstock.com/
https://retran.net/
https://lachamber.com/clientuploads/Membership/Pricing/18_RoomRentalPricing.pdf

The next meeting will be on Thursday January 31st at the same time and place. I will create a new event. Hopefully more people will show up since it will be after the holidays. As discussed I will be asking my neighbor who is a commercial property appraiser to come answer any of our questions related to how properties are valued.

Hey everyone, looks like we've got enough interest, so the event will proceed as planned. The building has a front desk, so just ask them to let you up to the 6th floor where the conference room is. If anything changes, I will post here to update everyone. Looking forward to meeting you all tonight!

Definitely consider the commute. Even if you are willing to make the sacrifice, is it worth your time? Even if you aren't able to cover your expenses 100% living on the west side, you might be able to reduce your cost of living which is still good. You can also consider somewhere on the west but south side that has good public transportation.

@Paul Martinez I am from Los Angeles as well. Depending on your personal situation, I would recommend house hacking as others have mentioned. LA is a very tenant friendly location, but being owner occupied comes with a bunch of advantages that non-owner occupied investors do not have. Look into the Ellis Act for taking over a unit for personal use. This can help you turn a bad deal into an okay deal or an okay deal into a great deal!

The purpose of creating this new meetup is mostly selfish. As the host of the podcast always say, if there's none around you, create one. That is exactly what I am doing. This meetup will be in the same place at the same time every month (or bi-weekly depending on interest) making it easy for people to work into their schedule. The location and time should be ideal for individuals working in DTLA.

I am looking to debut this DTLA Meetup just before the end of this wonderful year. I know many of you will be busy during the holidays, so I am not expecting a huge turn out. That fits perfectly with my desire to keep this small and intentional (anyone willing to take time away from the holidays to talk RE must mean business)! Looking forward to meeting the founding members of this group!

Hi Jaysen, thanks for your feedback.

I actually live close to this property and will likely self-manage, but I just put in 8% there in case I ever decided I don't want to manage it myself anymore. Regarding expenses, taxes in LA stay the same YOY because it's based off of purchase price. I also like to pass on utilities to the tenants so the only expense that might grow would be insurance.

Alternatively, I'm considering doing short term rental on two of the units and renting out one of the units to a family member who would help me turn over the two other units between bookings (they will keep the cleaning fee). That would likely increase the monthly income to $7600/mo but of course I would have to add back the utilities.

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*This link comes directly from our calculators, based on information input by the member who posted.