All Forum Posts by: Ben S.

Currently own 33 unit Residential building in Downtown LosAngeles.. pretty much free and clear.. the building brings in about 18k/ Month Gross. We want to sell it... We have tried selling it for 4 million, but can't get a solid offer.. the going rate for commerical buildings in the area is approx 400-500/sf the building is approx 15k sf making it a total of 6 million - 7.5 million compared to the 4 million that we can't even sell... anyone have any experience doing this? Ellis Act the property and convert it to commercial warehouse/office or whatever commerical... the building would be worth much more. TIA

Hello Everyone: 

We have 9 Properties in Los Angeles, CA where the total value - (Estimated here - not appraised value) is around $40 million. 

We have outstanding debt of $10.635.000 and they are all with different banks. mix of multifamily, commercial, and single family. 

Now I want to get a blanket loan to put everything under one loan... 1 payment to 1 bank.. and take out Equity to make a couple large moves... now -does anyone have experience with a blanket loan and would they recommend this?  pros/cons ? can i pull out 60% equity cash out from the total appraised Value? this would make for a nice amount of cash in hand....

Do i need to pay all appraisals upfront? or is there a way to get the appraisal costs from the closing end from the loan to limit my initial out of pocket expense... 

thanks in advance. 

Thanks for the responses...  I  Gave the tenant notice - gave credit of $150 towards rent... I'll update as things move on

Hi Everyone, 

Background:

I own a tri-plex in los angeles... rent controlled.. one of the tenants lived there when i acquired the property.. his rent is 750.00 - current rate is approx 3k 

He has full access to the only Garage on the building, an additional parking spot, and a great size yard... I want to take some things away from him.. After reviewing a pdf on Reduction in Housing Services on the HCIDLA website... its RAC 410.. in case anyone wants to look it up.. It shows there is a range for taking away parking from 67$ - $222 (Suggested reduction) and if the tenant is not happy with the deduction they can appeal it with the housing board for an amount decided upon by the housing board. I would hope they would take into consideration that the rent they're paying is already so low..? 

so......

- what do you think the value of a parking spot is worth?  HOLLYWOOD . Difficult area to find street parking, but no limitation on how long you can park once you do.

- what if i were to convert the garage into a non-conforming unit? extra income of $1500 or so 

- has anyone done anything like this before?  

need some advice! Thanks

@Ryan E.  not sure if they're open to a jv.. but just dealing with them on negotiating sales prices makes me cringe already. working wth them on a jv would drive me nuts. thanks for the advice. 

@Nabil Suleiman 

1. There is a nearby project that completed a nice mixed use and a few on the market with the same idea.. i'm pretty sure the zoning would allow. the projected sales price is based off a nearby sale in 2016 -  that sold for around 400k per unit. 

i will do more research on the zoning and check and double check what can be built and get my numbers right... but then what.. i know the project will make money... my issue is how to fund it and move fwd 

@Nabil Suleiman 

Hi Nabil, 

1. The lots combined can be built into a 30+ condo/apartment complex + retail on the bottom with underground parking.. my thought was to get plans and sell with plans. Or if I can get funds to build the project and then sell?  Building would be worth upwards of 20mill + 

2. the property i own that is in the middle and the best lot for the project used to have a house on it, but we demolished that and it is only land value now.. practically free and clear.. banks i've spoken with will not loan me money on the land. 

3. the costs to get the plans can't cost too much considering the value of the project... not trying to update anything, but want to tear down and either build or sell. 

4. plans and permits could take 3-6mo ? i'm just guessing as i haven't spoken to an arch yet.. but the flip with plans could take 6 mnths to sell or it could take  about 2 years to build the entire project. 

Hi Everyone. My family is fortunate enough to own some real estate in the LA area.. so my goal is to take these properties to the next level.. 

one property we own is an amazing lot in a great upcoming neighborhood.. I know both neighboring owners and have discussed purchasing their lots... the catch is I don't have the money to buy them! They're not down for owner financing... i've spoken to a couple banks and they don't see the value in the purchase because they said they need a valuation on the property alone and not with the connecting properties (makes no sense to me) so now I've turned to Bigger Pockets and I need some suggestions.

Breakdown: 1 Neighbor wants $1.3 million and the other i can get for 900k  both of these + my land brings total SF to around 18k+ sf of land. 

projects in the area have sold - just land value for approx $300/sf  this lot would be far superior given the location and it becoming a full city block...  so this project would be worth minimum $5 million..   

Advice Please 

Own a tri-plex for about 7 years in Los Angeles. I have a tenant that has lived there since I've owned the building. Lease is under a female and the person living there is male... phone records are under the lease holder's name... I think she lives with him, but not as a primary dwelling. Anyway, I want to get them out. Property is rent controlled. There is another unit on the property with the same number of bedrooms... this guy has lived there longer so can't do an owner move - in... any other ideas?