All Forum Posts by: Ryan Katz
Ryan Katz has started 2 posts and replied 13 times.
Quote from @Eliott Elias:
You can not get around the 6 month seasoning for full LTV, and any lender who tells you that is lying. You can pull out 75% LTC with delayed financing.
Any recommendations for delayed financing in the Los Angeles area? Is there a required LTV?
Any other buy and hold options if needing to pull cash out ASAP after renovation?
Post: Sub Water Meter for ADU
- Posts 13
- Votes 1
I am looking to install a sub water meter for my detached new construction ADU. I know it's not required, but I would like to install one. Does anyone recommend a brand or a company that offers sub water meters?
I would prefer one that is manual and does not need Wi-Fi. From my findings, there are not very many on market. Would LA DWP offer a solution?
Thanks
Post: Is getting a HELOC on my primary a good strategy to start a hack?
- Posts 13
- Votes 1
I doubt anything will change with your HELOC. It would remain the same just a your owner occupied mortgage rate. If and when you move you keep your fixed rate.
currently shopping For heloc products In Los Angeles. You can find good introductory offers, ex 6-24 fixed rate…then variable after. Some low as 1.99 intro rate.
hope this helps.
Quote from @Andre Galaviz:
Hello BP!
My wife and I are planning on renting the downstairs portion of our house to start our investment journey. To do this we're going to add an additional room and a kitchen area to make it a 2 bed/1 bath. The updates will cost around 25K. We could pull that out of an account earmarked for the next investment property (house hack #2), but I've heard people say that they often get a HELOC on properties, so they can tap into the HELOC for any future purposes (say, updates to the next investment property).
Here are my questions;
1. Does it makes sense to get a HELOC and continue to save over the next 12 months we are obligated to remain in this property as our primary (rule for getting the HELOC as I understand it)?
2. If yes, does it make more sense to lock the rate for the remodel costs for a longer time period (180 months), vs shorter (36 months)? Renter's monthly will cover HELOC payment in either scenario and I would want to pay off as quickly as possible. I'm thinking longer allows for reserves for vacancy, cap ex, etc.
3. Once we move out and rent both upstairs and downstairs as two units, is there anything I need to do to keep the HELOC in place? Can it be pulled if we are not in it as a primary?
I will ask questions to potential lenders as well, but of course, any insight from experienced investors is very much appreciated!
Thanks!
Post: Water Sub-Meter Recommendations?
- Posts 13
- Votes 1
@Sam Stabler hey Sam, did you end up doing a sub water meter for your units? If so, what did you go with?
Post: Sharing my ADU BBRRR Investment results
- Posts 13
- Votes 1
Makes sense!
How do you rent the extension out legally without making it a JADU?
Thanks
Post: Sharing my ADU BBRRR Investment results
- Posts 13
- Votes 1
8500 sq ft corner lot
Remodeled 3/2 main house- currently OO
converting 1 car tandem garage- 1/1 JADU separate enterance
New 3/2 1100 sq ft ADU in the back. Separate entrance.
What has me nervous, we are currently OO. But once we get the ADU and JADu rented, we plan to rent the main house and move.
What issue will I run into if I continue to rent JADU? How are you working around the OO requirement? Thanks
Post: Adding 2 ADUs to Single Family Home
- Posts 13
- Votes 1
@Cristian Baez it’s hard to say. Cost went way up with the cost of lumber rising. I am in the plans phase now. Once completed I will then get bids on construction.
I was told if a contractor gives you a bid for a project without plans. Run..
Post: Adding 2 ADUs to Single Family Home
- Posts 13
- Votes 1
@Dan H. 2 out of 3 that I am referring to are new builds. Garage conversion for JADU and then new construction ADU in the back.
We are currently OO. But we plan to move once construction is complete, refi complete and tenants are in place for JADU and ADU.
Post: Adding 2 ADUs to Single Family Home
- Posts 13
- Votes 1
@Jeffrey Palmer This will be a buy and hold and we would for sure refi before moving. There are multiple examples in my neighborhood with this scenario and I know for a fact they are not OO. To your point, doesn't make it right.
I’m just curious if there is a legal way around this? Or are investors working around the rule?