All Forum Posts by: Account Closed

Looking for 4-6 units. Has significant down payment and loan approval ready. 

562-567-0071 or email at [email protected]

Thank you for the response and the input all!

the city is Los Angeles. 

Hi,

I am building new construction on one of my multifamily and I need soil reports. Can anyone recommend any soil engineering companies?

thank you. 

I have been trying to get some engineering plans of a 2 story building done. 

The bottom story will be a 2/2 and the upper unit will be a 2/1. 

The area is a R4 zoned and it currently has 6 units on it. 

Just to submit plans and drafts to the city we are looking at 10-15k. Does that sound correct? I’ve been getting pricing anywhere from 10, 15, to 20k

I am located in Southern California. Any recommendations on engineering/architectural firms?


Thank for the replies!
Brian 

Golf. Sure why not. Haven’t golf since the days of big Bertha. Hit me up! 

The cost of the utilities is around 7800. 

True True. the only reason I was worried was because I was audited on my personal side and the irs agent went overboard and I had to hire a lawyer to protect me for harassment because he was going overboard on the auditing. That’s why I am all paranoid now. Not a fun experience at all

Thanks for everyone’s answers!

Hi,

I looked on my returns this year on my schedule E and on one of my rentals my CPA didn’t put an amount in my utilities section. Would that be a red flag for the IRS for audit? The building is a multi family 6 unit. 

Should I go back and file an amendment just to rectify that utilities issue? Is it worth it? Would it open a can of worms for more problems?

Thanks again for your response. 

Hi Tom,

Thank you for your input! 

In regards to overpaying would running multiple comps and sales in that area be sufficient enough to see if I am overpaying? Or is there another approach to determine that?

In regards to refi. If I am on contract with him for 7 years then I technically can’t refi l, can I? Or is that something I can setup on the contract with him. 

Thanks guys for the response!

I would make my own AM schedule. He just wants the interest on the loan.

He wants 25% down. 

Hi,

I am currently going to purchase a multi family but as a condition the seller wants to use him as a bank and wants to finance the deal. He is offering a 4.5% 7 year loan. 

My question is what drawbacks are there or disadvantages are there with seller financing besides the usual being locked in and not able to move the property if needed. 

I am currently a buy and hold investor so i don’t see the drawbacks. The building cash flows very decent and it’s in a good area of California.

I just wanted to see if there were any other angles I haven’t taken into consideration in regards to seeing the drawbacks of this financing.