All Forum Posts by: Leah Miller

 @Jeffrey Blackman what upside could there be in mortgage rules for the buyer? Sounds interesting.

@Justin Landesman

Insurance has been bound for weeks already so that shouldn't be an issue.

 @Justin Landesman Curious, have any in Los Angeles City funded since Jan 8 when Los Angeles was designated as a disaster area by FEMA?

Ok, just wanted to make sure this was normal procedure. Thank you all for your responses.

Hello to all,

Need some lending advice.

Was supposed to close on a property on Thursday, with a Fannie Mae conventional loan. Had already signed etc. Bank was supposed to fund Thursday and official closing Friday. On Thursday the lender said they won't fund due to the property being in LA County and therefore a FEMA designated disaster area. The property is nowhere near any of the fires, but the bank won't budge until all fires are completely extinguished and a after disaster property inspection is done! There are no fires within a 10 mile radius of the property!

Is this normal? Or should we be looking for a different lender?

Seller is understandably getting really upset, because what the bank is asking for could take weeks and we were already supposed to have closed.

Any advice

@Andres Murillo

Thank you. The lot works and ok with living in one unit, just trying to find people that have executed them in Los Angeles City. Spoken to a few people that have done them, but haven't found a real expert in the matter thus far.

Hi 

@Adam Mayberry

Do yo know anyone that has successfully executed SB9 lot splits in Los Angeles city?

Hi, looking into a SB9 Lot split in Los Angeles. Has anybody successfully executed one?  

Starting a SB9 Lot split project in Los Angeles. Anybody know someone that has executed one?

@Anthony Swain

Thank You for your response. I know a condo is not the best way to go even without the conversion issue. I am set on Los Angeles because that's where we are at least for the forseeable future (minimum 3 years). Not only am I in Los Angeles but the area I am limited to is one of the more expensive in the city. 

That's why I had the condo idea, it would be the only way to get a 2 bedroom for my family of five and be able to rent out a two bedroom and cost in the $1M range. (I know, prices here are whacky).

The next option would be a small duplex, which at the lowest in my area is $1.5M! SFHs in my area are many times even more expensive than duplexes, but never significantly cheaper. That being the case, even with an ADU, I would be paying at least 10k a month for the mortgage and taxes, and then have to get extra funds for the ADU, and I would not have that income for the first while.

I am on the lookout for duplexes and fourplexes that may work, albeit with me just breaking even. But if the condo would have been possible it would have been a great deal. Spoke to a local real estate agent and some others and so far everyone says that it would be a huge headache (legalities etc) and would cost a ton up front. 

As far as renting out rooms, that would probably be the most feasible option but not going to work for our family (we have three small children thank G-D)

Would love to hear if you have any suggestions!