All Forum Posts by: Patrick Godfrey

Which Bank did you use to obtain the HELOC? I'm trying to do it now to fund an ADU Garage conversion.

 Thanks for the recommendation! Plan is definitely to hold this one long term. I’ve seen the areas around this completely change, and I foresee a similar future here. Now if I can just get these rents up to market lol 😂 

Hey Landlords!

I recently bought a triplex to househack in Los Angeles. The tenants I inherited have been a nuisance. They have more people living in the property than stated, and a pet which isn’t on the month to month lease. They keep parking on the premises despite no parking privileges in the lease. I’ve spoken to a lawyer and they let me know that because of the moratorium there’s nothing I can do about them. I’ve already approached them once about relocating but the conversation didn’t go very well. Besides the nuisance they’re paying well below market rent and I’d like to get this building cash flowing as soon as possible. Does anyone in Los Angeles have a good  recommendation for someone to negotiate cash for keys in situations like these? 

Thank You!

Thank You guys for your input! I think I'm just going to go ahead and do it. I really plan on holding this for a long time. My terms are unbelievable and my interest rate is 1.125% so probably not refinancing. Although I may take a HELOC if it's at all possible. Again thank you for your input!

@Zach Fridrich It’s the best mortgage in America! Only for people who are just starting out and who own 0 properties.

Hey Y’all! 

I just closed on my first househack deal! It’s a triplex in LA. I’ve got a 600 sqft garage that I may expand to make 2 studio ADUs. My concern is that doing so will result in a breach of my loan with the bank, or convert the building to commercial status?

I could also just add 1 adu instead of 2 and play it safe?

Any advice/thoughts on this?

I just bought a Triplex to househack with my wife using NACA in Leimert Park for $0 down, $0 closing costs, and 1.125 interest rate. Moved into the vacant unit. Then I'm Adding an adu in the next coming months with my cash as a value add play. After that I'll move into the adu And rent all three other units and should be cash flow positive after expenses. I think the only way to make things work in LA is to do value add and buy Below market/"wedge" deals with potential.

Good Luck!

EDIT Also helps to have an investor friendly agent, who’s an LA native and who is tapped in networks with off market leads. 

Such a confusing topic... If I househack 4plex already and have owner occupied financing, can I convert the garage into 2 units and maintain my residential financing on the property?