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All Forum Posts by: Michael Mun

Michael Mun has started 10 posts and replied 18 times.

Post: Does Lot SF matter for a residential income property

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

I have a 2200 sq. ft lot that I intend to build 2 units on. It's a relatively small lot so it's hard to find another market comp in the area that has the same lot sq. footage. I am able to build 2 units roughly around 800-900 sq. ft. which is about 1600-1800 sq. ft of livable space which I am able to find market comparables but obviously without the same lot square footage. I'm sure there is some bearing into the size of the lot but I want to know how much it will affect it. I normally have buyers who are usually more concerned about the livable square footage of the lot versus the actual lot size. I've seen a 1200 sq. ft home with a 4000 sq ft lot sell the same as a home with a 7000 sq. ft lot with 1200 sq ft of livable space. I know appraising is an art and science and everyones perception is a little different.  

Post: Minimum profit for flip (I know it has been asked a lot)..

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

i'd maybe buy it for 110k. 40k seems awfully expensive for renovations for that home. But if it is in fact 40k than yes 110k for me as a flipper. For a buy and hold investor they want to maybe buy it a break even price so probably like 130k for a buy and hold investor. Oh and I just realized that my price gives her the ability to walk away from the home debt free.

Post: How to remove rent control tenants

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

@syndey hall good luck with that. I spoke with an investor who had a rent controlled apartment and they bought out all the tenants. They picked a day and time and sent 2 people to each unit and negotiated an agreement to have everyone move out. Luckily all the negotiations were made and accepted on that day. 

Post: Looking for Handymen & Contractors

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

Hello,

I am looking to build a vendor list for my future projects. Looking for reliable and affordable handymen and contractors throughout Southern California. 

Post: Does Lot Square footage matter?

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

Hello,

I have a property that has 2200 sq. ft of livable space and the lot is around 3500 sq. ft. I'm looking at the comparables in the area and their lot size is at least 5000 sq. ft How much is lot square footage taken into consideration? Or if at all.

Post: How to remove rent control tenants

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

hmm.. what about a property that is rent controlled but was purchased through a trustee's sale. The previous owner put a tenant in their which he/she should not do. The tenant falsified a lease agreement to extort a cash for keys situation. If they don't have a lease agreement they are month to month. What is the recourse for a month to month tenant? Are they still bona fide tenants? When will California change laws to prevent a previous owner to put in a "squatter" and make a false lease agreement to collect a higher cash for keys offer? 

Post: How to remove rent control tenants

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

I'm interested in purchasing a property but it is under rent control in LA county and has tenants inside of it. How can I remove the tenants? Can you give tenants a 2 month notice to vacate?

Post: 1031 Exchange Question. Please help

Michael MunPosted
  • Investor
  • West Covina, CA
  • Posts 19
  • Votes 0

Hello, 

This is my first post and I have no idea if this question has been answered in this forum or not but I'll go ahead and ask again. I have a customer who has a hotel he intends to sell at about 8.5 million. I know that you can list three properties or fewer to use to acquire the next 1031 exchange but the 4th property cannot exceed 200% of the selling price of the hotel. Can the next three properties combined together equal 8.5 million or greater? Or do all three have to be individually 8.5 million each to qualify for the 1031 exchange. Thank you for the help!