All Forum Posts by: Geo Tan

So to give an update I'm in the process of giving him all the terms to put in an offer. I'm pretty much familiar with everything else besides the contingencies and contingency periods that he is requesting for the offer. I have gathered the majority of inspections and contingencies that are common but if you know of any that I should pay attention to for Los Angeles properties, that would be great! Here are all the things I have found so far that I am thinking of including:

• Inspection Contingency
• Financing Contingency
• Termite Letter Contingency
• Lead Paint Test Contingency
• Deed Contingency (stipulates what type of deed is expected from the seller at closing)
• Radon Testing Contingency
• Mold Inspection Contingency
• Sewer Inspection Contingency
• Insurance

If any of these are outdated or uncommon and I should take out, please let me know! 

@Steve Karp Thanks for the site Steve! I actually looked it up through there and the property isn't under rent control. Appreciate the great info!

@Jason Hastings Great advice. I'll definitely try to make a more personal connection with the seller.

I'll also look into the EU letter, thanks for that great info!

@Eric Dowling Always great to hear from you Eric!

Thanks for the correction on pre-approval vs pre-qualify! I have all of those documents prepared now so I won't be as nervous I suppose. The property is quite good in terms of all the research I put into it so once I take a look at everything, I realize that I would probably not be in the top of the list of ideal offers but it was an amazing experience to go through the process. I'm going in with no expectations so if the deal goes through or if he rejects my offer outright it would still be great experience to add under my belt. I'll definitely post on here how it turned out in case anyone is curious.

Thanks again,

@Carly Young@Shannon Wright@Benjie DeVera

I have much more respect and appreciation for agents now!

I'm actually in the middle of getting my license myself so I was hoping to try and dive in myself.

Thanks again for the input!

@Steve Karp @Eric Dowling Yeah I'll probably give the rent control board a holler later today. It was interesting that both sides seem equally possible just like you mentioned Eric. I'll post on here what they let me know. Thanks!

@Matt Mason Thanks for breaking it down for me. That totally makes sense. And I'll definitely look into it more but I'm glad someone else has had previous experience on a subject such as this. Gives me peace of mind to a certain extent.

And I guess that's another great point too. I always wondered why more people don't do that since I figured if the zoning stays the same and the permits work then why isn't everyone doing this? So I'm assuming this person I'm working the deal with is finding a sfh with large land and replacing these with multi-units. I certainly did not know that there was an Act preventing people from demolishing old multi-units to get out of rent control. Thanks for the info!

Hello Bigger Pockets family,

So I found a two properties that really look good and will be moving forward with them in the next week or so.

I was curious to what I should have prepared on my end in terms of documents such as proof of funds, mortgage prequalification, etc. I don't want to seem like a novice buyer since they might take advantage of me so I would love to hear what other people who bought multiunits have provided in the past. Any tips and tricks to getting a better deal would be great as well!

In case location plays a factor on what documents I should prepare, the properties I'm looking at are in the East and North Hollywood area in Los Angeles, CA.

Thanks in advance!

@Archie Robb How would you go about doing that? If you can show me the steps to doing it I'd much rather appreciate it. Teach a man to fish as they say...

@Jonathan Orr I'm a little confused... So the property in Santa Monica was in rent control and even after you demolish and build a brand new multi-unit, you would still be subject to rent control? I have never heard that. It's usually the most common way for people to get out of rent control in that property where they buy rent controlled, demolish and rebuild a new property that's rent control free? Or do people usually go for the sfh that has enough land to support a multi-unit?