All Forum Posts by: Elma Van der Ryst

The owner (me) moved in after the tenant, if that makes any difference.

I don't necessarily want them out, but according to the lease I've inherited when I bought the duplex, they have a parking spot where I want to build a garage and an ADU. They can have a spot in the garage afterwards which will beat the snot out of parking in mother nature, but it'll take a few months to build during which they will have to park on the street. I'd like to know what I can and can't do. I know I can negotiate and I will, but I want to know what I can legally do in case that fails. Can I raise the rent with 50% because I live there, or can I improve my property as long as they get their amenity back when I'm done, perhaps?

Thanks in advance for any help.

I had a phone call with broker #1 and he said he thinks he added value because he referred me to someone who could get it done when "nobody would touch me", but that I could pay the invoice or not. I told him that I won't be paying it as he didn't explore all options before passing me on, so we might have been able to work together and then there wouldn't be an invoice for $4,500. It seemed to end on a good note, but who knows. I don't think I'll use him again though.

For the record, I did not get any paperwork from the first broker but he's quoted me on some great rates and low costs and have always come through, so I didn't insist on it. No denial letter, just a call in which he told me the second broker is going to phone me and 'he's a good guy' (he was).

It's a single family, held in my personal name. No fancy financing, although as I mentioned I have a few other properties (7 at the time), and it's a jumbo loan.

I ended up with a loan from BBVA, for 960k 3.375% 30 years fixed 25% down. Had to open a 25k CD with the bank, a checking account and sign up for auto bill pay for the mortgage, but can close all of that down now that it's done. Pretty happy with it.

I have a mortgage broker who I've used on a few deals. In fact, he just performed a refi for me, so he is intimately familiar with my financials. I was starting to shop for a loan for my newest planned acquisition and sent him the info. He gave me his terms which I was happy with, so we moved to the next steps. For whatever reasons (which I’ll get into in the next paragraph) he couldn't get me a loan, and next thing I knew he'd passed me on to another guy who could. This caused complications and delayed our closing (which cost me $1k to the seller). On the day of the closing he sends me an invoice for .5% for "Loan consulting" with the description "Loan Origination Fee". When he passed me on to the new mortgage broker, he did not even hint that there would be a fee involved, so I definitely did not agree to this.

Reasons he said he could not get me a loan: Jumbo loan, and too many properties. When I gave him the new acquisition's details, I pointed out it’s a jumbo loan, and even offered to bring it down to a non-jumbo loan level. He said that won’t be necessary. Later in the process he said he’s running into some difficulties because I have too many properties, and that he can get me the deal but it’ll cost me +1%. I told him I'd rather pay off my lowest balance property than pay 1%. When he sent me the surprise invoice, I asked him why, if he had complete knowledge of my financials and the new deal, did he say he can get me a loan and then couldn’t. He replied with “nobody would touch your jumbo loan and many properties”, and then seemed surprised when I reminded him that I offered to pay it down to a non-jumbo level and/or to pay a property off. I know the guy is busy, but I don’t think it’s my problem that he is forgetful.

So my question is: Is this allowed? Even if it's not allowed, should I feel a moral obligation to pay him something for the (I guess) loan shopping he did for me? My first instinct is to say that heck no, it’s not allowed, and heck no, I bent over backwards to try and help him keep his promises, but he never took me up on it! (Also, he should have gotten a lock!) But I’m prepared to listen to other opinions, which is why I’m posting here. Thanks in advance. (The invoice is for $4,500, so not chump change.)

I am wondering how much this renovation would cost me ballpark.

- 2000 sq ft townhouse in Marina Del Rey (upscale CA beach neighborhood)

- Good condition, but cosmetically everything is older

- Need to upgrade a powder and guest bath where everything stays in the same spot but is replaced

- Upgrade master bath, same things as above AND add a clawfoot tub where there is a closet now - 3 feet from nearest water connection (don't have to move walls). Add glass paneling/door across 6' gap to close master bath off from master bed

- New medium-sized kitchen - cabinets, countertops, backsplash, appliances - needs to be high-end (sub zero, viking etc). Putting a sink and dishwasher on a wall where there is currently nothing, approx 9' from any existing water/drain connections. Removing a big soffit

- Piping is new (copper)

- Need to upgrade from 80A to whatever necessary to charge electric car and power new appliances (200A?)

- No idea about electric wiring - townhouse was built 1968

- Windows are new

- Interior doors need replacing (8)

- Not moving windows or walls or doors

- Outside is fine

- AC is newer

- Water heater is old - replace with tankless

- Replace all floors with hardwood and tile, or wood-lookalike tile (currently hardwood, carpet and tile. Hardwood not salvageable). Includes 2 flights of stairs.

- New washer/dryer (hookups fine) and pantry shelves

- New french door to patio

- New fireplace (direct vent, upscale)

- There are plenty recessed lights, but "statement" light fixtures need to be replaced (kitchen pendants, dining room)

- Garage is ok

- New closet doors for 3 beds

Any help would be appreciated!!