All Forum Posts by: Conor Murphy

Thank you all for your help. I really appreciate the honest and thorough feedback and for various reasons I've decided against making the offer. I would love to connect with someone who is well versed in the LA market, as it's a completely different game from anywhere else. While I have done a lot of research on my own, I definitely could use some mentorship from a seasoned vet in this market. If anyone would be willing to connect me with someone who fits that criteria, please let me know.

Thanks again.

Conor

my question is, if I make an offer, am I legally bound in any way yet or do I legitimately have the escrow period to back out?

Great input. Also, since I don't have much time here, but the deadline is tomorrow, what can you wonderful people tell me about contingencies? I can back out within 21 days correct?

Also, my agent likes the deal so much that he wants to personally go in on it 50/50 with me. Is that suspect?

elaborate

It's probably worth around $700,000 already before renovations. You have to consider that Brentwood is one of the most reliable markets in America and that it's LA, so everything is expensive here.

Thanks for your hasty reply Mindy. When the renters are out I plan on re-doing the kitchen and making one of the bathrooms into a true master bath. I could realistically charge between 3,300-3,600 after renovations. 

The loan is from a private lender who I know fairly well, but why do you think I should be leery of that?

I can afford it for a little while based on my savings of $240,000, but like I said, my income is never guaranteed.

I eventually want to simultaneously put it back on the market, as well as ask for the higher rental price after renovations.

Here's the deal:  I'm writing this quickly because the deadline for an offer is tomorrow at 5pm. Please bare with the haste.

I am planning on putting an offer out tonight for what seems like a steal. The condo is a two bedroom, 2 bath, in Brentwood, Los Angeles, asking for $620,000, but because counters have already begun I am going to make an offer of $660,000. The condo is in pretty good condition, but I would still want to put about $40,000 of work into it to make it optimal by Brentwood standards (Re-do the kitchen, and spruce up a few other things). 

I have $240,000 saved up, but I'm an actor so my income is never guaranteed and I don't have secure income moving forward. It's all spontaneous. I want to do an interest only loan at 4% with 10% down, with my lender saying that would put my mortgage estimate around $2,000 and the HOA is $315. I also have a non-occupant co-borrower that helped me secure the loan. Currently, the residence is occupied but the tenants are "planning on leaving in August" with a currently rental rate of $2,900.

WHAT DO YOU THINK? I appreciate any and all questions and/or analysis. 

I am looking to buy an investment property in Los Angeles.

I can afford $200,000 as a down payment.  My income is around $30,000 a year but fluctuates. I was just pre-approved for an $800,000 loan, because I have a good co-signer. 

I want to either buy a duplex that I can fix up and live in half of it, or buy a two bedroom where I can rent out the second room. The houses I have been looking at that interest me have a purchase price of around $600,000-$800,000. 

What does everyone think about this in terms of feasibility?

What neighborhoods in Los Angeles will be most effected by appreciation within the next 5 years? Specifically in regard to multi-family homes.

David,

What neighborhoods would you recommend?