All Forum Posts by: Jeremy Lee

Thanks! I've heard the push caps aren't really a great permanent solution though and most contractors/handymen only use them for temporary caps. If I'm going to be having drywall hung over the capped off supply line, would it be a better idea just to have a plumber solder a copper cap on the end of it?

Hey all,

Just wanted to get some feedback on a possibility with a current situation I'm in with the condo I'm living in and the arrangement I have with my parents.

I currently co-own with my parents (tenants in common) in a 25/75 split, respectively. This is a condo in Southern California and the number we're working with is $523,000, which is what was paid back in 2007. We've taken a loan on the 25% ownership from them as well, and have about $89600 paid off at this point so $26150 owed.

I have two brothers, and in my parent's trust/inheritance, they have split things three ways. So for the condo, this means each of us has a $130750 stake in the place. 

My parents are encouraging us to buy them and my brothers out so that we have equity in the place. What we've agreed to so far is that they will 'gift' us [early] our inheritance portion of $130750 and carry back the remaining $261500 as a private loan that we'd be paying back to the trust (and therefore slowly be buying my brothers out per their respective parts inheritance). What this means is that they're saying "you guys just pay the $261500 as if you're buying out that portion and assume that the $130750k is already yours." As far as the $26150 of existing loan we owe, we can either pay that off going into this or roll it over into this new private loan. 

I'm not sure yet what the terms of the loan will be (e.g. 30yr fixed or whatever) so I guess the answer I'm looking for will depend on that a bit but I wanted to get some feedback as far the idea of holding the property and renting it out. 

Obviously we'd need to find another living arrangement (I have considered out of state but this is very early still), but if we did that would it be viable to rent the condo out for cashflow? 

I ran some numbers and based on a 30yr fixed loan with low to no interest (because I think this might be the arrangement my parents would be open to), it appears this could potentially cashflow at least close to around $500 per month based on loan payments, property taxes, and other expenses like HOA dues, garbage, repairs, etc. I'm basing this on the assumption of a $523k purchase price with 50% "down" (per paying off the existing loan and then receiving the 'gifted early inheritance'). Rents in my neighborhood seem to go anywhere from $2600-2900 (this is a 3 bed/2bath condo).

The big drawbacks I can think of are interior maintenance issues, especially with plumbing, which are generally homeowner responsibility. We recently had water damage from the upstairs unit neighbor's leaking fridge supply line and it's just been a huge mess dealing with it. There are fire sprinkler heads throughout our unit and I've had one or two leak before. Leaking fixtures, toilets, water heater, etc are probably what concern me the most with this and all the potential overhead. Of course, the other issue is with tenants and especially the foot traffic/noise from the upstairs tenants (currently the upstairs neighbors are in escrow and the new potential neighbors seem nice but they might be 'loud' on their feet). If we end up renting this place out to people who want peace and quiet, that might not work out so well. I'm sure all this comes with the territory but it seems buy and hold for a condo (and especially if you're below or above someone and have no control over them), in general, is probably one of the more least desirable buy and hold options out there.

Since we bought before the bubble burst, we haven't really significantly recovered in terms of appreciation. It seems condos in my area aren't as high in demand as SFRs (this is in Irvine, CA btw where SFRs are all the rage)

Any thoughts on all this? I may have missed some key details so let me know if more info is needed. 

Thanks! Well in this case the entire wall is exposed so no need to make any holes in the drywall. The current ice maker  valve box is attached to the firewall/plywood with nails so it doesn't seem too hard to remove. I'm not sure if it's a compression fitting or if it was soldered though. I *think* it might be a compression fitting. I replaced the toilet valves with compression fittings as well - if I recall correctly, those too were originally compression fittings... well, if they were soldered I'm pretty certain I wouldn't have been able to pull them off!

Here are pictures of the valve/box: https://photos.app.goo.gl/dlF5q7oAQc13b5k82

Hey all,

My in-laws have their [Chinese] restaurant listed in the Los Angeles area (they own the business but are leasing the space they're in currently) and don't really seem to have a valuation of their restaurant. I was wondering if anybody has references or contacts for a reputable business appraiser in the Los Angeles area who could help them out. They are primarily Chinese-speaking (Mandarin) so it would be nice if the appraiser or someone at the company could speak/translate. If not, also not that big of a deal either though. I think they just need to get an idea of what the actual value is for the restaurant instead of considering offers based on some number they came up with that may or may not be accurate. 

Any info would be greatly appreciated. TIA!

It seems something like this would work? Push/quick connect end cap?

https://www.youtube.com/watch?v=GucvbYi3pCU

https://www.homedepot.com/p/SharkBite-1-2-in-Brass...

 I'm wondering if I should just cap it off instead haha. I wasn't even using the thing anyway since our fridge is an old cheapo fridge. 

Thanks! The contractors who have come out so far have estimated 1-3 days but they might be too optimistic. The area of  work isn't super expansive.

So one of your suggestions is to ultimately have a plumber do the plumbing work separately and then have a handyman come in to do the drywall, baseboards, cabinetry and carpeting?

Would I want to get the plumbing taken care of *first* and then the drywall? This is an ice maker box which is currently nailed to a firewall (which the drywall I think was partially glued to originally - I don't see any screw holes into the firewall at least from where the drywall sat over it).

Is replacing the ice maker valve box something I should consider having a go at myself? I replaced the toilet water supply line valves myself when I replaced my toilets a while ago... 

I guess this is where I'm confused... if I don't hire a licensed contractor, according to the article, it seems as though I now have to go pulling permits and also my arrangement with the handyman may now be considered as an employee/employer relationship? 

It seems there are risks associated with this outside of doing the job well/right that might need to be factored in here - another person recounted that they hired a carpenter (presumably unlicensed) who did great work but deep into the job had a relapse (drugs) and attempted to extort him. Of course, the guys I'm looking at who appear to be unlicensed have great Yelp reviews haha. 

Hey all,

Just wanted to clarify but in California if I have repairs that cost over $500 including parts and labor, I need to hire a licensed contractor to do the work. If it's under $500 (including parts and labor) I can just hire a handyman for the work.

I have repair work that needs to be done post water damage remediation in my kitchen, bedroom and dining area. This includes drywall/texturing/paint, re-hanging cabinetry, installing baseboards, replacing carpet padding and tacking/stretching carpet back in place, replacing an ice maker box valve, as well as painting (though we may just do this ourselves). I had a couple handymen come out who I don't think are licensed through the state of California, and both quoted well over $500 for the work to be done. I wouldn't want to hire these guys, even if they're offering lower prices, at the risk of either of us getting in trouble.

Is it probably a best bet just to avoid/pass up on going with these guys in favor of using a licensed contractor? So far all the quotes I've received have been between $1200-$1900 for the scope of work so this definitely isn't a $500 job. 

I'm interested on hearing the perspectives around this as well...

BTW: here's one article outlining the most current proposal - https://www.pbs.org/newshour/politics/watch-live-whats-in-the-tax-plan-put-forth-by-house-republicans