All Forum Posts by: Nabil Suleiman

@Dave Lawrence

Is there anything stopping you from using the 1031's to invest in an investment property that cash flows more? I don't mean to dissuade you, but it seems like you have a pretty great deal where you are and you enjoy living there. Unless the property will reduce what your are paying now + the costs for building the ADU, it seems like either the investments you already have are great or maybe its time to sell and move up. I know that doesn't answer your 1031 question but just a few thoughts after reading your post.

Thank you for your service. 

@Jonathan Prophet

Not sure if Eagle rock is far for you but we are hosting one this coming Wednesday night. Link is in my profile if curious 

@Anna L.

Hi Anna, Absolutely. It can really range depending on how you decide to pursue real estate. For me, I began finding value for investors by finding them properties that were worth their time, and as an agent my benefit there was to list the property, but as a partner I was the person who found the property, took risk with the lenders, worked with the architect & engineers, went through the city meetings, worked with neighbors and the council to approve my project, worked with contractors, found tenants and manage. that all led into a massive education where one mistake was made after another and it provided lessons that I am able to share with others to help them grow (also the major benefit of BP), but really its not until you get into It where you will really learn, because its likely those mistakes will happen. 

This all led me down the road to working with developers that I am investing with but also helping raise money for because I believe in their projects. The opportunity to be of value can come in many different ways, and we each have our own talents. i.e. architecture, networking, design, cold calling, and more vs some people work a lot of hours and only have the time to put money into the stock market and look to diversify but dont always know where to go, so the opportunity to build those relationships with people for the long term will always be the way to go in this business. 

So some of those examples may be thinking out of the box vs taking a loan out under your name, which could work with someone you have a close relationship with aka a cousin. The more you network or go to events where people have very similar goals as yourself will allow you to broaden your understanding of what you can do, and maybe also help you decide what you want to do, because this isn't for everyone. You really have to want it. 

@Paul Wolfson 

Once it’s permitted you can for sure rent it out. I can guarantee you people rent out non permitted units everyday. 

@Paul Wolfson

It's not impossible that by getting a permitted ADU that they will ask you to tear down the Guesthouse. I would partner with an architect or someone with experience reverse permitting. Permit the guesthouse first if possible and then attempt to do an ADU if they let you. May I ask if the zoning is R1. I saw you put single family just wanted to double check.

@Anna L.

Hi Anna, When it comes to the LA market a lot of it comes down to creativity and sweat equity. The most difficult part for most people is they either A. Don't have access to money to start on their own and B. Don't have the time to dedicate to providing value to people who do have money. It is an unfortunate catch 22. If you do have time I would look into going to meet ups, networking, and looking at ways to participate in the LA market. 

It looks like you already began investing out of state which is a great way to invest if you did you due diligence and are cash flowing. 

A lot of people that I speak with really have the preference to be passive investors more than active. In those scenarios I tend to suggest investing with developers that you find interesting and again, do your due diligence of course and eventually grow your portfolio through those means.

So I wouldn't say you are "out of luck" you just have to decide if you want to commit tremendous time to it or if you prefer to keep life the way it is and invest passively. 

@Clarence Johnson

Housing Policy Development

won't let me post number so ill PM

California Department of Housing & Community Development
2020 West El Camino Avenue
Sacramento, CA 95833

If you find a number let me know!

@Marta Rodriguez Hi Marta, Glad you guys have finished the project. If you don't mind sharing, which lender are you using (bank, credit union, broker) and have you run your own comps? If so what number are you expecting to get based on those comps, and have you tried arguing it with the lender?

@Mike Akerly @Clarence Johnson You can build ADU(s) on multi unit properties per CA law Jan 2020. There are plenty of cities that are not fond of this law and will be doing everything they can to fight it, but as it sits that is the law. Depending on you as an investor and your desire to push forward you have every legal right to do so. Will the city try to make it as difficult as possible for you? You betcha, but they can only do so much. If you want to pursue and push forward you can.

@Ronnie S.

Hey Ronnie, Yes to all of the above, when it comes to court being organized and well documented on everything that you are requesting money back for is needed if you want to be taken seriously on your requests. 

Contract stating work to be completed, payment for that phase of the work, photo of work not being done, communication on request to complete work, second opinion in writing, quote from that second opinion to fix repairs etc etc