All Forum Posts by: Mario F.

Hey guys, I was wondering if I could get some advice on a deal that I'm trying to close for 239 West Hillcrest Blvd Inglewood CA 90301.  I got the offer accepted this past Monday for 750k, which was awesome.  But the place needs a ton of work.  I think it'll be worth it because having four units in this area, which is up and coming because of the new Rams stadium and Downtown train line, it seems like a home run. 

My family on the other hand seem to think it's a good deal but they're saying that I'm getting in over my head with rehab work.  The foundation on unit is also suspect. I want to chip away at it one unit at a time. Fix it up slowly and it'll eventually come together as a good investment for the long term. 

So I wanted to get your thoughts on this deal. Whether it might be worth diving in, even with some foundation problems. We'll see tomorrow when the inspector takes a look.  It's tough to find anything in LA these days. This opportunity seems like a chance to get myself out of renting. The three other units would almost cover the entire mortgage.  I'm looking to either put 5% down and have more for rehab right away, or 15% down to lower the mortgage and slowly chip away at rehab over time. What do you guys think?

thanks!

mario

Ok cool, my lender at US bank is saying the same thing as you guys are. The lending limit should be around 815k. He said he found a PMI company that US bank works with that can make it happen. So I'll find out by Monday hopefully. Thanks so much for all the advice!

Hey Calvin, so if the limit is 815k, then why would one of my lenders insist that it is 636k? Where is that number coming from . He's saying that the PMI company is setting it and we can't do anything about it.

I'm debating whether to put 5% down on this property vs. 15%.  What would you think is the best option?  Something about that smaller mortgage number is nice, especially when thinking about cash flow. But on the other hand, if I put 5% down, I'd be able to do a lot more sweeping renovations to the property right away.  What are your thoughts?

thanks

mario

My accountant is telling me that there is no was a bank like US bank would do this loan so they are giving me false hope.  The banker insists that he can make it happen though.

Hello, I've recently gotten an offer accepted on a four unit property in Inglewood CA and found that financing this was a bit more difficult with 5% down.  There is a program that Freddie Mac has called Home Possible which would work in this scenario but the only problem now is the lending limit for the loan. US bank is telling me that the limit is somewhere over 800k which would be perfect, but Bay Equity is telling me that the limit is 636k so the loan might not work.  I was wondering if anyone here had any thoughts on this.  

I"m trying to buy this: 239 west hillcrest blvd Inglewood CA 90301 for 5 percent down so I can have enough for immediate renovations. 

Here is the home page for the loan. One of the pdf files mentions that the loan limit is 818k or something like that.

http://www.freddiemac.com/homepossible/

thanks!

mario

My lender has told me that it's not going to be possible to get this loan for a fourplex unless it's through FHA. But the seller does not want to deal with FHA. Anyone have advice? Should I shop around?

I put an offer down on a property in Inglewood CA - four units.  If the offer gets accepted, now I'm not sure if the financing will work because of this problem. 

thanks

mario

Hello, I keep confronting foundation issues with properties I'm interested in throughout Los Angeles.  My agent said that it's a common problem here in socal so I was wondering what your thoughts were on this. Should I consider fixing it? Or would I be better off moving on?  I am a first time home buyer. I've always heard that faulty foundations are something that are not worth the hassle.  With that said, given how difficult it is to get into the market, it seems almost unavoidable.

thanks

mario

@Bryant Brislin @Susan O.  It's unbelievable how difficulty seemingly simple things can be in LA.  I have another question regarding a duplex I am looking into which does not have any sort of parking. There is a lot of space in front of the duplex to build a carport or some kind of parking. Would something like that be impossible to pass through building and planning too?  And how about adding a bathroom to one of the units?  

thanks!

mario

@Bryant Brislin  The zoning department sent me to planning. They told me the same thing you're saying haha. So I'm bailing on this deal.  Too much rehab on the duplex and no opportunities to add units. Not a great deal at all.  You guys have been extremely helpful though. Thanks so much!