All Forum Posts by: Leona Usaty

Hi everyone, 

I'm super excited to get started investing in real estate and my current goal is a househack of a duplex or triplex here in Los Angeles where I live. Because I'm a business owner/self employed, my finances only qualify me for a 15% down payment loan. I would need to find the cash to cover the down payment, but I'm good to go with our portion of the mortgage/PITI. We would either find a vacant property or convert the other units to mid term rentals once the long term tenants move out. (I own a mid term rental management business, so I got that part nailed down.)

My question is, would it make sense to an investor to partner with me and provide the cash for the down payment? The property wouldn't cash flow unless I choose to pay more than I need to for the (PITI - rental income). Would it be attractive enough if, let's say, I offered the partner 60% of equity and future cash flow? My family would probably move out of our unit in 2-4 years and at that point there would definitely be positive cash flow renting out all units as MTRs.

Here's the summary of what I'm thinking of offering a cash partner.

-They would get 60% equity and 60% of cash flow

-Cash flow won't be positive until 2-4 years later

-When we eventually cash out refi to buy our next property, which may be in 2-4 years as well, the partner would get their 60%

-If this isn't attractive enough of a deal, would 70% or even higher make it worthwhile?

I'm fully on board with the idea that the most valuable thing about my first deal is all the learning I would get. This is why I'm not worried about getting a smaller share of the property if it means I can get the snowball started. Added bonus would be a better home for my family since we're renting now.

I appreciate your feedback. Feel free to pick apart my plan and ideas =)

I’m new to RE investing and always thought it required large amounts capital or investor relationships to get started. When I came across Pace and learned there are ways to do it with little to nothing down I was intrigued.

I realize I could spend the time on YouTube University and various podcasts and websites to learn the methods he is teaching but I’m looking to fast track that knowledge and find a support network to help me get started.

A lot of the posts in these forums about this topic have been locked because the moderators think they are bot replies trying to sell people on the program.

If there are any REAL people who have been involved in this mentorship, particularly in California I would love to hear from you.

Much appreciated.

 Leona, do you hang your license with Pellego?  I am interested in hearing from someone who does what the experience is like.

Thanks!

Marcus

New investor.

I am interested in a property that is in preforeclosure. The date for the auction is Jan.10th. I have not contacted the owner yet, because I am not sure how long the process of doing a subject to takes. I would never promise something that I could not follow thru on.

I would need to make sure there are not any liens, get a clear title, find out what is owed on the mortgage and taxes,

get a lawyer to create some documentation and have the deed signed over. 

Is this something that can be done with in 30 day?

I have read that the homeowner can still file for bankruptcy, is that correct and if so, is there a legal document that can be drawn to protect against this?

I appreciate all input. Thanks.

Hello All,

Im Chad and I have about 20 units I manage in West Ventura County. Id like to meet up with other who invest right here in our local area to share Contractors, Lenders, and Strategies. Let me know what you have going and how I can help make your problems go away.

We are in the middle of rehabbing 6 units in Santa Paula and looking to add a ground up ADU. Do you have experience with this? Lets talk!

Hi @Jian Feng, do you know if your property is subject to LA's Rent Stabilization Ordinance (RSO)? If so, there's currently a moratorium on no-fault evictions (which includes evicting a tenant for the owner/owner's family to move in), which I believe will be in place until 2024.

Cash for keys is a good option, but keep in mind the tenants aren't obligated to accept the offer, and if the current rent they're paying is low enough it might not be worth it to them to accept. 

If you're interested in the subject, a great resource for tenant/landlord laws in the LA area is Dennis Block's website. He has an "Ask Dennis" section on his site where landlords ask questions and he posts the answers, which I always find fascinating to read.

hi everyone, my name is Kenny. Last night I went to a property which is being foreclosed, NOD was filed last month, the owner Loretta passed way yesterday morning and didn't leave a living trust to anyone, Loretta is the only one on the title, her daughter is currently living in the house, can her daughter still sell the house under Loretta's name? What are the procedures?