All Forum Posts by: Clarence Johnson

Welcome to BP, make sure you attend some of the meetups for plenty of good info an networking.  Also, I'm local if you have any real estate inquiries or needs.

In my experience most lenders want a 720 FICO for a Heloc and tax returns are going to be required with both the Heloc and cash out refi.  I agree with the other post that the Heloc would be the best option.

I work and live in the city and would love to be of assistance.  

Commercial property is definetely an added risk.  For Los Angeles area commercial property it's important to consider the current use as well as other uses which the property may be zoned for.  If your low paying restaurant tenant decides to shut down when you raise rent then you should be able to market the property for restaurant use as well as daycares, laundry mats or any other zoning that is allowable.  Also be aware that some local goverments and planning departments will limit the zoned use of the property depending on the proximity to like businesses and several other reasons.  From my perspective the 4 Residential units would anchor the property and mitigate the risk of having the one commercial unit.  In comparison, a unit mix with two residential and one commercial unit would be a larger risk.  I would strongly consider if the area has rent control so the restaurant rent can be gradually changed.  I would also go to the city planning department to inquire about alternative uses for the commercial property in the event that the tenant was driven out by the higher rents.  In the Los Angeles area there are only a few properties that fit this description, most of which are in areas that are rapidly changing and have a high potential for growth.

Hello,

I need contacts for good property inspectors in the San Diego/Chula Vista area.  I am opening escrow for a client on Tues and would like to give them a few options.

Thanks in advance.

Find an agent who is an investor or who understands the needs of an investor. Getting your license won't give you the expertise of a good agent and in my market cost over $1000 a year to maintain association dues and MLS fees. The seller pays the agent, he's working for you for free, it's a win win situation.

@Stephanie Medellin on an unrelated subject, can you forward a contacts for good property inspectors in the San Diego area.

Thanks

@Stephanie Medellin yes, I just did a transaction with Maxim in May.  I represented the buyer on a duplex in Lemeirt Park at $760k.  The quality of work was not amazing, but that's true of a lot of flips.  It was no surprise to myself or my client and the property had multiple offers, sold for above asking price, and at the time was the most expensive duplex in Lemiert Park.  I also noticed the negative reviews, and was informed to stay on my toes by my colleagues and broker.  The counter offer they sent me looked like a real estate attorney drafted it lol.

I have a client currently looking for a single family property in San Diego.  Are there any San Diego agents looking for a referral or if anyone recommend any agents in the area that I would greatly appreciate it.  I'm willing to do a commission split in exchange for the agent just showing properties and I will handle paperwork and the escrow process.

Crime stats aren't always accurate, sometimes you need to look at the source.  Carson paid for a report that said Inglewood is a prime target for a terrorist attack if we won the bid for the Rams.  Also, you cannot compare the crimes of 1 city to the state average, let's try a 5 mile radius.  This isn't to say Inglewood is crime free, hell my car was stolen a month ago, there have been some residential break ins, and gangs exist, but that's true for all of Los Angeles, especially middle to upper class areas bordered by crime and gang plagued areas.  Inglewood does have several less desirable areas, but these areas are also closest to the stadium and surrounding development and have the most potential for increased equity (not just from proximity, but also because they were already historically priced low). There is no way you can compare Inglewood crime to Compton, my family owns and self manages a 10 unit property in Compton and I grew up there in my early years.  Inglewood crime is property crime, Compton was the LA County murder capital for an unknown number of years, 1000 stolen cars doesn't equal 10 murders in a month.  With all this said, if Inglewood is scary then most of Los Angeles below $500k is also a concern.  A nice area adjacent to Inglewood  is the 90047 zip code in LA.  No, not the whole zipcode is pleasant, there are a few key areas and a corridor that I like in particular.  Inglewood definetely is not Mayberry but don't let statistics tell you it's Compton.  @Trevor no rent control can encourage a tenant to move if theare consistent increases as allowed by the law.