All Forum Posts by: Marian Jimenez

I have already inspected since I just closed on the purchase. The old lease from the previous owner states that they can use the garage for storage. Since they are using it as a bedroom I wanted to serve them notice to avoid any legal problems I might have when they are violating the law and I had nothing to do with it. I do not wish to convert the garage into living space, so I want to make it clear to them that they must not live in there or vacate for this violation.

Thanks! This gives me a good outline!

Thanks I do have the notice to cure or quit but I'm asking about the legal reasons I should site as violation.

Hi,

I recently bought a property and the tenants are using the garage as a bedroom. I know I can and should serve them notice. I'm wondering if anyone has language suggestions for this notice. Not sure if there is a California law I can site. I don't want to be liable for the illegal use. thanks

Marian

Seth, thanks for the advice. I know about home equity loans but not portfolio lenders. I will do some research and see what I can find as options.

Steve, yes Burbank, well all of Los Angeles really is a crazy expensive market. I made a good condo purchase and sale and used all the cash to buy this place and fix it up. Made the house from a 2 bed 1 bath to a 3 bed 3 bath, so it has appreciated quite a bit since I've had it.

Not sure I follow your tax comment but I don't really plan on selling the place since I want to end up with lots of passive income from rentals to make sure I can keep doing the work I love in film and TV.

Hi,

So I'm trying to make my first move into real estate investing. I'm going to be pursuing multi unit rental properties that I will "hack" by living in them for the first year.

I'm having issues with how to start. Here is where I stand today:

I own my home.

I owe very little on my mortgage. 200K on a 890K+ home

It is amazing rate of 3% for 15 year fix.

I don't make enough money for banks to think I can pay more then what I do. (even though I have been paying more then the regular payment for a year). My income fluctuates do to my freelance work.

I have an amazing credit score 799

I tried to get a line of credit and got rejected from my bank.

I now have an offer to refinance and get cash out for a total of $375K loan at 4.5% for 30 years (That gives me a bit more then $175K out)

My plan was to keep my mortgage as is rent my place out to cover it and get a new multi unit to live in and rent. This would off set my income and help me pay for all the loans. Main problem here is that I don't have money for the down payment.

I would really love any advice people might have for me. If there are any lenders out there that can give me better options I would gladly talk to you.

Thanks!

Marian

Hi,

So I'm trying to make my first move into real estate investing. I'm going to be pursuing multi unit rental properties that I will "hack" by living in them for the first year. 

I'm having issues with how to start. Here is where I stand today:

I own my home. 

I owe very little on my mortgage. 200K on a 890K+ home

It is amazing rate of 3% for 15 year fix.

I don't make enough money for banks to think I can pay more then what I do. (even though I have been paying more then the regular payment for a year). My income fluctuates do to my freelance work.

I have an amazing credit score 799

I tried to get a line of credit and got rejected from my bank.

I now have an offer to refinance and get cash out for a total of $375K loan at 4.5% for 30 years (That gives me a bit more then $175K out)

My plan was to keep my mortgage as is rent my place out to cover it and get a new multi unit to live in and rent. This would off set my income and help me pay for all the loans. Main problem here is that I don't have money for the down payment.

I would really love any advice people might have for me. If there are any lenders out there that can give me better options I would gladly talk to you. 

Thanks!

Marian

Relocation is not an option at the moment. I work in the film industry and need to be in LA for now.

That is why I'm thinking of relocating my money not where I live.

Yes, I agree that I need to start thinking of how I can get the most out of the property. I’m very glad to be getting advice. I’m still new on all these types of calculations. Not sure how much you know of the LA market but it’s hard to find something that will work for me both for living and as an investment. Even with this much cash. This is not to say that I’m not looking. If I find a way to get a multi family location within the area I need to live in for work I will definitely sell this home and get it. Or if I manage to find a good deal on a single family home that I can do a similar long term flip or keep for rental. I’m looking for both now. I just think that I will also have to consider getting some money out to invest elsewhere (outside LA) in order to start getting rental properties and cash flow. Since this is ultimately what I want to have for the future. At the end of the day this is a really good home for me personally, location, size and and still gaining value. Since I spent so much upfront on the rehab I don’t expect it to cost too much upkeep. The taxes are a killer here in LA but like I said hard to avid since I will have that no matter where I go. Thanks again for the advice and let me know if I’m missing anything in my analysis. Like I said I’m very new and constantly learning.

Yes, I think you are right. I have been thinking of it more as a life question since I posted this. I do think it is better to keep the property I have since its a buyers market here in LA right now and I would sell very well but then would have to spend all that in getting my next house. 

Thanks for the advice.