All Forum Posts by: Shawn Choi

Hello,

I have owned a Duplex in Los Angeles County since 2019, and looked into accessing my equity for another purchase.

However, as I have never lived in the property, and the property is under an LLC, I was informed by a lender that I would not be able to pull a HELOC on the property.

Is this the case? - Are there lenders that you recommend that would be able to provide a HELOC in this type of scenario?

What are my options as far as being able to use the equity that has built up in the property?

Thank you very much for your help!

"Always go to your lease. It contains all of the answers to address these issues" - Thank you for such a detailed answer, Cara! :)

A tenant operating halfway housing is looking to terminate the lease and vacate the premise 9 months earlier than the expiration of the lease due to problems with their business.

However, the unit has extreme damages, and the tenant has stated that they will not pay anything other than the forfeiture of the security deposit, which does not cover the necessary repairs.

As a rookie 'mom and pop' landlord in California, who now has to forgo 9 months of income, what is the best way to retrieve any monetary consideration for repairs??

What would you do in this situation, and what kind of mindset and mentality is key in tackling these types of conflicts with tenants??

Thank you very much for taking the time in reading this!

Greatly appreciate any insight~~

Hello,

I am planning on putting my 2019 built property on the market, which has an income that is above the market, and cash flows exceptionally.

With my listing agent, we did a quick inspection of one of the units prior to listing, and even though this tenant never misses a payment, we saw an absolute mess.

Walls have holes, drawers and cupboards are falling apart, paint is chipped, trash everywhere, etc. (I’m sure many investors here know what I am talking about)

What is the appropriate way to address this issue with the tenant?

Should I warn the tenant that the mess will be an issue later?

How would the experienced investor deal with this situation?

I expect that the messy unit will be a handicap when trying to sell this property.

Thank you!!

Hello,

For context on the situation,

1. Purchased an investment property in December 2019.

2. Took on ownership of an existing business in March 2020 (revenue/profit are both good).

3. Identified another property to purchase (not as an investment).

4. Was told I am unable to receive a new mortgage for about two years because I am considered "owner of a new business" (as of March 2020).

Are you familiar with this kind of issue of not being able to receive a new mortgage due to the status of a new business owner?

I understand that in the eyes of the underwriter, point #2 of taking ownership of an existing business is seen as starting a new business, and would be difficult to lend to an owner of an 11 months old business.

What are some ways to attain a mortgage without the two year waiting period, given the aforementioned facts?

Please share any experiences or ides, I'd greatly appreciate them.

Thank you for your help!!!

Hello,

I am having trouble with refinancing on a multi-family property because the current tenant does not feel comfortable with the appraiser entering the home with fully protective gear.

1. - Has anyone dealt with this issue?
2. - Are there any creative ways to maneuver around this problem?
3. - What options do I have to continue and complete the refinancing process?

Thank you for your help.

For your information, the property is located in California.

Hello,

In the past couple of years, I have successfully procured a few Multi Family Properties. (None of these properties required any construction or renovations)

My Real Estate Investment goal is to eventually be a full time Developer; and to get there, I would assume experience in Flipping will be the best teacher.

For those of you who have experience in Developing:

- What goes into developing a property, other than money and risk?

 - What is the most strategic way of leveraging my properties into becoming a Full-Time Developer?

 - What other ways are there for a passive investor to pivot into Developing?

 - Am I right in assuming that the next step towards my goal is to have many successful flips under my belt?

 - Knowing what you know, what advise would you give to someone that would like to become a Developer?

 - If you don't mind, would you please share your experiences on how you became a Developer?

For your information, my investments are located in California and would like to Develop projects in California.

Thank you very much for your answers. It definitely helps.

Based on your experience, what are the Advantages/Disadvantages of investing into California properties with Section 8 tenants?

Hello, I am a newbie in this industry that is looking to get into developing real estate projects in Orange County, CA. I understand this is a loaded question and most of the people on this forum are quite busy, but as a newbie who is only equipped with capital and a vision, what is the “rule of thumb” I should remember as I start out? Would you please share with me tips on what to consider when buying land for commercial projects? Again, thank you very much for taking the time to read over this post!