All Forum Posts by: Clarence Johnson

To answer your question all lenders do not require you to live in a 60 mile radius. Underwriting would find issue with you buying out of state if you did not work out of state, it would raise a red flag that you are possibly trying to use the FHA loan as an investment vehicle. This would likely be a problem with all lender unless you have a letter of transfer or some type of offer letter. Definitely be transparent with the lender to save time and money as it can possibly be an 11th hour problem post inspections and when contingencies are lifted risking the cost of appraisal, inspection and your earnest money deposit.

@Kevinn Harris most agents have access to off market properties, you would just need to agree on a way to compensate them for protecting your interest in those transactions and most of those transactions are targeting cash or hard money buyers.

@Taylor Morgan a duplex would be the way to go if you want to househack and not live with anyone. Find a lender that knows VA loans well, and welcome to the board.

@Teacha Wong Your in LA County Strip but a few properties in that area are actually LA City.  I'm just West of you across Van Ness and in the early planning stages for my duplex garage conversion.  The contractor I connected with is a one stop shop but did warn that LA County can be more tedious than LA City and he does not work in the area for that reason.  Great idea for a value add.  Will keep eyes and ears open in local investment groups for other who may be able to help you.  Stay the course!

Cash for keys agreement, see the RSO website below for guidance

https://hcidla.lacity.org/buyout-agreements

That ARV will not work for two tiny houses, you are comping it against duplexes that average from 600-800 sq feet per unit. Inglewood does allow ADU's, the better play would be to add on to the tiny house and possibly build an ADU. The stadium is creating demand for purchase and rentals in the area but I have to warn that several Lennox properties, including the one your looking at 90304 zip code, are being marketed as Inglewood. Lennox is a tertiary market to Inglewood like NELA to DTLA, but is not Inglewood and appraisers would not use Inglewood comps. I do think Lennox will bloom due to its proximity to Inglewood but that can be a 5-10 year run better suited for a long term hold rather than a flip.

@Long Quang I have a great contact at First Bank in Gardena, Ca. He did the HELOC for my duplex and they are running a promo now for a reduced rate. DM for contact.

I came to this thread trying to determine if or when banks may make such a decision. I'm debating writing myself a check to avoid the risk of the HELOC being frozen, I'm in the early stages of planning for an ADU project.

@Justin Gottuso just revisited your original post, why is the ADU $300k? I have seen ground up construction of 2 bed 2 baths for under $150k. Also, when are you moving to Columbus, I hear great things about that market and plan to visit soon.

@Nabil Suleiman much appreciated, I was told by one of my colleagues that there is a state number to call if cities are giving you pushback.  Are you familiar with this or is there any other course of action you suggest to start the fight?