All Forum Posts by: Chris Crosby

There seems to be a discrepancy between appraisers on how they attribute value to ADUs.  Really depends on which appraiser you get.

@Madhu Ponnada my clients have been happy with Echo Wu with Antarctica Service.  She's great! 

A few key guidelines to keep in mind for a 1031 exchange (however, not legal or tax advice):

1. Proceeds from escrow must go directly into an exchange account (set up prior to close of escrow)

2. From close of escrow, you have 45 days to identify a property (multiple can be identified).

3. From close of escrow, you then have 180 days to close on one of the identified properties

4. The purchase price of the new property (up leg) must be of greater value than the sold property (down leg). All of the existing debt from the sold property (down leg) must be replaced.

As a real estate investment agent, I've represented clients buying/selling during a 1031 exchange.  Feel free to reach out if you need an agent.

Good luck! 

I'd be interested in joining as well! 

Good afternoon, has anyone done a value-add multifamily project in Inglewood that required vacating occupied units?  I am looking at a 6 unit with rents well below market.  All of the units are occupied and I have a feeling they have been living there for awhile.  If anyone has experience with cash for keys and/or vacating units in Inglewood CA, I'd be interested in connecting.  Thanks! 

@Fransisca R. CoStar is predicting rents to decrease in LA county.  Are you looking to move into the new property or will you be staying in your house and purchasing an investment property?  Interest rates are very low right now so you have some options   

Is there anyone like me that enjoys golf and also likes meeting other local investors?  I am considering putting together a group based in LA/Orange County that meets monthly and plays golf and talks real estate investing.  Would anyone be interested in joining something like this?

Count me in as well!  I'm looking to buy a 3-4 unit multifamily in LA/Long Beach in the next year

Hey Nick, financing without employment will be a challenge.  Possibly a hard money lender?  Are you able to find a co-signer (parent, family?)?  It is definitely profitable to invest in multi-family in Los Angeles if you are able to identify the right property.  Purchase prices are high but rents are also high to help you as a landlord so don't be discouraged.  Millionaires are made in LA all the time.

Hi Rebecca, I am sorry to hear about your recent misfortune with your ex-husband.  I have seen seller financing anywhere between 10% - 50% down.  I would recommend requiring an escrow company to make payments and also draw up a note.  Happy to make a recommendation if you need a referral.

@Johanna Hackett I would be interested as well!