All Forum Posts by: Tunde McConnell

@Matthew Smith Hi Matt, I’m currently in the design phase of the build. Depending on how long the permitting process will take with the city, but I’m hoping to break grounds by Spring. I will periodically post some updates on the learning curves I run into :). 

@Paul Wolfson many thanks for your input, I will be getting their long laundry list next week :). Good luck in Van Nuys, it's a fantastic rental market being so close to LA and Burbank.

@Paul Wolfson I'm not seeing the extra hurdles due to the location quite yet, but I just started the process. I know approval takes a minimum of 120 days but with the recent changes in regulations, even properties with HOA's are allowed to build up to 50% of the main unit. If you could share your experiences with the city it would be highly appreciated!

@Brett D. I would agree with your wife and stay away from D and F neighborhoods. California is a bit different playing field when it comes to cash flow properties than the rest of the country, and to find something in today's market that you can just turn around and rent right back out (and make money) is though, but not impossible. If you are willing to do the dirty work and do some renovation to force appreciation it is a good way to go. As long as you are breaking even in the first few years you should be golden, especially if your main goal is appreciation. Rents in the SCV have been going up and since everyone needs a place to live they usually don't dip even if the market makes an adjustment. Canyon Country and Saugus might be something you want to look at if you haven't already done so. I do work with some off-market properties, they are harder to find but well worth the extra work :)

@Paul Wolfson I see your post is from 9 months ago, and would like to find out if you were able to purchase your new property and build the ADU. I'm in the process of doing the same in Newhall. I bought my single family unit in 2012, the main house is 2121 sqft on a 12,000 sqft lot. My plan is to add a detached 750 sqft 2br/ 1bath unit and separate the yard space. Any contractors or architects you could recommend?

@Michael Berger Thank you! The SCV is a great area! I loved living there and it’s also an excellent area for investing. I’m sure you will have no problem renting out your townhouse when it’s time. 

@Jo-Ann Lapin Thank you very much! I will post some progress updates as the project is coming along.

Investment Info:

Single-family residence buy & hold investment in Santa Clarita.

Purchase price: $410,000
Cash invested: $15,000

I purchased this 4 bedrooms 2.5 baths 2121 Sqft property in 2012 as my primary residence and turned it into a rental in 2016. I have very stable, well-paying tenants staying long term. I'm currently working on adding a detached ADU unit to create more income.

Investment Info:

Single-family residence fix & flip investment in Burbank.

Purchase price: $110,000
Cash invested: $48,000

Due to the timing of this deal, the renovation has been taking longer than anticipated. The property was purchased for $110K at the end of February and our reno budget is $86K. With holding costs we are looking at a total investment of $215K. ARV is $265K. We are a few weeks away from completion.

@Account Closed Could you please send me the business plan template as well? I have reached a point where I need to start outlining my goals and processes better in order to hit the next level. Many thanks in advance!!