All Forum Posts by: Chidi Dillibe

Thank you responding David. I’d love to have a talk with you if you’re available.

Hello all,

I appreciate you taking the time to read this post. I currently live in the Phoenix area but spent most of my life in Los Angeles County (Pasadena/Monrovia to be exact). I'm really passionate about wanting to become a better RE owner and operator but I know that my lack of knowledge and guidance is holding me back. I see the value of mentorship and that is what i'm seeking. I bought a 3 unit property in Los Angeles in 2020 and i'm currently in the permit process to turn into a 5 unit. I've read and listened to plenty of podcasts and have gotten in the game...I'm just looking for that coaching and knowledge to propel my further and faster than figuring it out on my own.

To any experienced investor willing to share their wisdom and insights, I offer my willingness to learn, and hands-on support in your projects. I believe that with the right guidance, I can overcome the learning curve and contribute meaningfully to our mutual success

I'm thankful in advance for your comments and responses!

Chidi

@Victor Menasce

Thanks for the info! Sorry for the late reply. I’m not looking another 4 unit (legally a 3 unit) but has 5 meters. At one point the garage was turned into a unit.

Hello all,

I ran into a couple of 4 unit properties where it's listed on the MLS as a 3 unit but has 4 electrical meters. LA code enforcement can be ridiculous so I'm curious about this.

My question is how troublesome and costly is it to get a unit permitted if it already has an electric/gas meter installed to it? Has anyone ever dealt with this scenario when buying and give their experience? I always assumed that a meter would only be installed on a permitted construction.

Thanks

@Christopher Hunter For sure. I plan on having this property as my primary residence.

@Christopher Hunter

Thanks for the response! I've followed up with another realtor friend of mine who spoke with her preferred lender. She said her lender says 3.5% down for FHA still works for up to 4 units. I'm kind of seeing a mixed message from different folks hence me bringing up this question in the first place.

I think I'm just going to call up some local lenders around my way and see if they do 10% down FHA for a quad. That's basically what I'll have to put down at this point.

Hey all,

I am in the process of selling my condo and looking to roll that money into a multifamily purchase. I am hearing that in CA a 3 or 4 unit bldg requires a 20% down payment minimum. Is that set in stone for me in CA or are there other options i'm not aware of?

@Nabil Suleiman, i appreciate your input and your time. I'll definitely look into the yellow letter options. I usually go to Bible study on Weds and I see a lot of REI's like to use Weds as their day of choice. Thankfully FIBI operates on Thursdays which works for me.

Thank you for responding Nabil. A monthly schedule sounds like a good fit for me right now. I'm aware of the potential discouragements and resounding NO's that will be received. But hey...the potential deal will be more than worth it.

I have a question for you. Would you go through the hassle of personalizing each letter? Things like addressing them in the letter by their actual name and not "homeowner" and listing the actual property address on the letter? I'm just curious to see from your experience if you would think that is actually worthwhile. I know it would add considerable cost and time to my campaign to do it that way.

I actually used to live in Pasadena last year before I bought my condo. Great city and I would love to one day live there as all my family lives there. Is there a particular REI that you go to? I have been to the FIBI meetup in Pasadena but that was several months ago.