All Forum Posts by: Mario F.

Hey @Manolo D. so what words should I use then?  Trying to find more information on it. I know Los Angeles requires a business license but not sure if Inglewood would require it.  But I'm sure many hosts just list their properties without it!

Hello, I just purchased a fourplex in Inglewood CA. I'll be living in one, my mom in another, while the two others will be STR. I'm wondering if anyone has any advice on how to proceed from this point as we will be starting with the rentals soon. Do I need to go to the city and pull a license to operate the airbnbs? Los Angeles has rental control but Inglewood does not. I'm thinking it will be a lot easier in Inglewood to run these airbnbs since its not tied to LA's regulations on short term rentals. Any advice would be appreciated!

thanks!

mario

thanks so much for all the help guys. Nice variety of opinions here!  

@Greg Scott  Thanks Greg. My mom is obsessed with getting the tankless because it heats the water instantly and also takes up less space.  I don't know much about the differences here so just am looking for some opinions from this forum.  So you're saying a traditional gas water heater is the way to go. Good to know! 

thanks!

mario

Hello, I'm in the process of completely rehabbing one of my Inglewood units.  We are putting in brand new electric and plumbing and are trying to decide between going with Electric or Gas tankless water heater.  Does anyone have thoughts on this? Which is better? etc?

thanks!

mario

@Will Barnard  I think you're right that I should just tent it but since the unit is completely emptied out, I thought that this spray might work.  It's going to take some time to get the carport demo. That's the only way I'll be able to tent this particular unit.  By then, it'll likely be almost finished with remodeling.  So should I just wait it out then?

All of these units are pretty old and damaged. Lots of work ahead

@Sanju K.  So I just had this unit completely gutted. All the dry wall is out and frame is exposed. There is certainly a lot of termite damage.  But at this point, my contractor recommends I get Terminex to spray it all down and that should be sufficient. So that's the plan. We already took care of the sub termites with the little capsules installed under ground.  

Problem with tenting is that we would need to remove all the tenants and either way, there is a huge carport in the way which makes tenting this particular unit impossible.  So I'm thinking spraying it down might do the trick.  What do you think?

It seems like this 1800 remodel deal is very similar to the HERO loan program: https://www.renovateamerica.com/financing/hero

http://thevalleybusinessjournal.com/real-estates/i...

There is some interesting information about it.  i would rather go with HERO only because it seems more legit and established through the goverment's PACE program. But from what I see here, there are issues with these loans since there are liens set on your property. Fannie Mae and Freddie Mac don't buy loans that have these liens on them.
 

 But as long as the debt is paid in full, there shouldn't be an issue refinancing correct?  I wouldn't be looking to refinance anytime soon. Perhaps a year or so. But I would certainly have this loan paid off within a year or two MAX. 

Any thoughts?

thanks

mario

@Laura Ozols  Im considering the Hero loan only because I intend to pay off the balance in full before the 18 month promotional period expires.  If one goes about it this way, do you think it's worth it?  Apparently no payments are due for 18 months.  And if you pay off the entire loan at that time all the interest accrued will be waived. What do you think?

thanks

mario

@Chris Mason  Gotcha!  So how long would I need to wait to be eligible to refinance? Doesn't it have to be at least one year?  I kind of need to get this place whipped into shape asap, ideally.