All Forum Posts by: Lou V.

I would say you just need a decent escrow/title company. Done plenty of deals in the great state of CA and never needed an attorney. Just google escrow companies near you and make a couple phone calls. Better yet, go in and meet the people. They will take care of the administrative stuff for you and will school you up on what they need from you to do that. Is there some kind of special circumstance that is making you want to get an attorney involved?

This is a serious answer: Go to Lowes or Home Depot and start there. They will send someone out to measure. Then work with the store associate in the showroom to get some idea$. Not only are they generally the least expensive, you will have some recourse if you have any problems. Plus, you can hire the contractor that does the work to do other work outside of the big box stores if you were satisfied with what they did on your bathroom, for example. There's also other perks like sales on countertops or 0% for 18 months. This has worked for me. Your mileage may vary.

meant to say owner occupied requirement to get the ADU done is coming in 2025.

https://adu.lacity.org/about-a...

I don't have an answer to your question(s). I did want to point out that I would get the ADU done, and a Junior ADU, now while you are occupying the property. Many cities have enacted laws that only allow an ADU with owner occupied if there's a Junior ADU. I don't believe LA has done that….yet. Plus, any financing you would obtain will be better terms because you live there. Not to mention rates are low now and it will be so much easier to manage the build/conversion while you are there. Also, you'll be embarking on a year + journey- figure out how to start now. Just some observations, not facts.

https://www.ladbs.org/adu

Storage:

https://www.ladbs.org/docs/def...

As living space:

(to answer one question, can be 2 stories high)

https://www.ladbs.org/docs/def...

If you've never dealt with the City Department of Building and Safety...you're wise to just hire someone to do it. Especially if you're trying to do multiple things- make an ADU and make that ADU out of a shipping container (residential) and doing all that on a commercially zoned property. I've got a headache just thinking about it. Can't imagine what you are going to go through. Good luck.

I’m trying to locate a lender for a 20 home portfolio purchase. All 3-4 bedroom single family detached homes in the same area of Los Angeles County. I do NOT have a 1.25M down payment laying around. Looking for a lender that’s going to lend on the math or help do something creative to make it work. Any referrals? 

Yes, but my info on that is from seeing STR tenants. I don't have specific knowledge as to the HOA rules. It must be ok though because the tenants would never get through the security at the gate otherwise.

You are missing one thing. There was a vote in March and STRs were voted out. HOWEVER, the results do not apply to homes that are associated with homeowners associations (like at the Desert Princess). Of course, the HOA could exclude them in the future. I feel like this was a big gamble for the OP because if other STR landlords are irresponsible, the association could stop STRs- but he should be fine if he has to transition to long term and rent a room at the hotel when he's in town.

I own in DP. I'm surprised an STR would be viable in a place with a resort hotel on the property. I wish you well but I'm curious how this factored into your decision?

As far as management, I'd go talk to the ladies in the golf course restaurant/bar. They've been there forever and know everyone. I'd be surprised if you couldn't connect with a retiree looking for a few extra bucks to handle what you need handled and check up on the cleaning crew for you.