Under Contract for a Duplex in Los Angeles...What now???

[Alejandro Garcia]

Hi!

I just recently got an offer accepted for a duplex in Los Angeles using an FHA loan and this would be my first property if I get it! My plan is to renovate, get some tenants in the extra unit and house hack it!

I am extremely excited but find myself asking myself "What now?". We are in a 60 day escrow period as that sale is contingent that the owner's find a new home and the residents of the back unit vacate. 

So what is there for me to do during the escrow period? What should I look out for? And what would be a good thing to start planning and/or working on?

Any help would be much appreciated! 

[Nabil Suleiman]

@Alejandro Garcia

Inspections, due diligence on the property, decide if you are leaving as is or adding square footage, invite GC's and or subs to come in and quote for work at the same time as inspections so you aren't being rude to the occupant and respecting their time, invite architects if you are modifying anything, also invite them if you are converting the garage into an ADU, if you are terrible and design, find someone who isn't, most GC's are so don't rely on their sense of design. If you want to do everything yourself look at the list above and start putting together all the things you would need, the subs you would manage, the materials you want for finishes, if you are upgrading panels, plumbing, windows, or anything major familiarize yourself with LADBS. thats what immediately comes to mind without knowing many details of your purchase or your goals.

edit: 

Rum comps for rehabbed duplex in the area, see what budget you may be able to refinance into in 6-12 months. if there are tri or quads in the area then consider an ADU(or two) on your lot. consider the square footage of your comps and what opportunities you have. read about ADU laws and familiarize yourself with the opportunities.