All Forum Posts by: Mario F.

@David Eiges Hey David!  I think it's currently a R2...duplex.  So I'm wondering if it's possible to change something like this to a 4plex?

Hello, I've been interested in purchasing an old duplex in Northeast Los Angeles. It's going for 500k  and my initial intention was to put all of my money in for the down payment, which is roughly 110k.  But after seeing how terrible the condition of the property was, I've been thinking about putting just 5 percent down to buy it and spending the rest of my 75-85k towards a new construction loan to build a fourplex, if the city allows me to rezone for R4.  But I am not sure how it all works and whether I'd qualify for it after taking on that first mortgage. Any help with this would be greatly appreciated!

Thanks!

Hello, I've been looking to purchase a duplex in Northeast Los Angeles. The seller's agent told me that there is potential with this property to change the zoning codes to accommodate more units.  How can I verify this is true before moving forward with the purchase? 

Thanks!

mario

@Marcus Auerbach  I've been reading a lot of Peter Schiff's books and according to him, the next crash will be huge.  Way bigger than the 2008 crash.  His understanding of what is going on with the world economy is impressive and it's hard not to believe him. He predicted the 08 crisis.   So I think I'll sit on the sidelines, continue to educate myself, and take action when things fall apart again. It seems inevitable!

David Faulkner hi thanks for your thoughts on this. Ive been thinking about digging around off market deals but dont reallly know where to start. I hear that direct mail is an option but isnt it ridiculous to send out mail if im not a company? Im only looking for that first house hack starter condo. Im begininnng to think about this option though.

@Adam P  so I'm assuming that you have your own real estate license. Or do you just ask  the seller's agent to set up the appt for you?

@Adam P Do you usually take the time to look at the property? Or do you just submit your offer immediately?  And when you do, is it always 20% below what they're asking?

Oh wow. @Adam P that's a pretty awesome idea haha.  How do you contact the sellers agent though? I am tied to a buyers agent on redfin right now so all I get is his contact info.

there is another property that just popped up for 209k.  would these numbers work?

@Adam P How do you find such deals? Not on the MLS right? Also, why would you finance 100 percent? Isn't it safer to put at least 20 percent down? to at least avoid mortgage insurance on top of it all?