All Forum Posts by: Clarence Johnson

Do you have a sibling or another trusted relative who can put the property in their name?  What is the reason that the refi is needed, to consolidate the loans, lower interest?  Do you plan on buying in LA or NY?  Property ownership doesn't disqualify you as much as you may think. 

No problem, my sister is using the money we negotiated from the sellers to vacate the tenant from the front unit so she can occupy it.  The back unit is a single and was previously renting for $900, but with some rehab we believe we can get around $1100-1200.  Keep your eyes open for off market deals, a lot of deals are happening at these real estate mixers and events.

Hello Hector,

Inglewood adjacent 90047 has some duplex deals below $600k.  Also, this area is mostly non-rent control and only about 1.5 miles from the new Rams stadium being built.  Also consider San Pedro, Im expecting Pedro to have a Inglewood like demand soon.  Closing a duplex for my sister next week at $430k with a $17,500 seller credit to relocate the remaining tenants. 

For long term rentals Inglewood only charges $20 per year, per unit.  I would get a business license but I don't feel obligated to tell them if I'm renting long or short term, renting is renting.  Though they ask, I don't even divulge my income to them since the fee for the license is a flat rate.

Swap step two and three.  If the contractors estimate (usually free) is too much then you can move on to the next project with no money out of pocket.  If you get an inspection prior to the estimate then the money spent for the inspection could be possibly a waste.  

If it was built pre 1978 I'm sure both are present.  There's a larger concern if tenants are in place because disturbing those substances can have health concerns and become a liability if not done correctly.  Ask your about safeguards if tenants are in place.  Fyi, vacation rentals are great but the amount of hands on management compared to managing Residential tenants can be a headache.  Your essentially running a hotel.

Don't be discouraged, there are still deals out here....I'm closing a duplex for client next week that she will be house hacking for a year and then purchasing a sfr...the duplex was acquired off market in Inglewood adjacent LA for $515k in a $560k area...mortgage is about $3400, existing tenant pays $1400, and her out out of pocket expenses including downpayment, closing, appraisal and inspection did not exceed $20k.  In short, you can do it.  This was about a 4 month search but we'll worth the wait.  Be patient and diligent!  No, diligent and patient lol.

Hi Bobby and welcome.  I house hacked a duplex in Inglewood in 2011 and passed the blueprint to several of my clients since.  I purchased for $289k, values are currently in the $550k range, I obtained a Heloc to facilitate my flips (when I find one), and plan to buy a single family residence by the end of the year using fha or 3% conventional financing.  The current figures don't look anything like 2011, but rents are higher and you can get your foot in the door, midcity and Inglewood are good, also pay attention to areas surrounding the metro developments.  

You do not need an attorney, you agent and lender should be able to assist and advise with any questions or concerns.  Your brother probably lives out of state where attorneys are standard part of a RE transaction.  It would cause a delay and be costly.  

Hawthorne is nice and could see spill over from the Inglewood demand. Also, there has been talks for years about turning the old mall into a nice outo or shopping area or outlets to cater to the LAX crowd. I like it for multifamily investments but absent a mall development I prefere nicer pockets of Gardena and San Pedro to Hawthorne for SFR equity growth.