All Forum Posts by: Nabil Suleiman

@Jose Leanos

Hey Jose its honestly either one of two things. 1) Patience, you are not the priority for them and they will get to you when they get to you. 2) Hire an expeditor which will cost you $, and may or may not yield you the faster results you hope for. Some are better than others, but most only have so much they can do for you. 

@Serena Halterman

Hi Serena, I’ll send you some resources. If you have any questions about them Ill be happy to guide you

@Shawn Pacaoan 

If you are in escrow at last years prices with a duplex in a good area of LA, and you don have to take on the responsibility of a tenant.. sounds like patience is your game here. No harm in shopping around for other options while you are at it. 

@Julia Fong

HI Julia, first welcome to BP. Second, there is no wrong place to start in real estate, there is just starting in real estate. Similar to investing in general most people just never get started and the goal of either retirement or generational wealth isn't realize. I myself started in a one bedroom condo, but it needed renovations and I was able to force equity into it. I lived in it for two years, took advantage of not paying taxes on my gains, and moved into the next project (this actually helped split it into more than one). One of the arguments you may also hear is if you are happy with where you live paying 1600 a month, you can utilize your money to provide a higher returns in alternative investments, which can include real estate. AKA investing in real estate, but with tenants whom provide you cash flow, principal pay down and the tax benefits of owning real estate. If you aren't happy with your lower than average LA rental, then exploring the world of condos, townhomes and potentially single family homes should absolutely be on the table. Since you are on Bigger Pockets you can assume that no one here should try and sell you the newer remodeled one bedroom condo listing. You would more or so be shown the townhome or condo that looks like someone has hoarded magazines and car parts for the last 20 years. :) 

Anyway, it sounds like you have a great rental price, and also the opportunity to have a gift toward the down payment of your own place. There are lots submarkets of west LA that continue to grow exponentially and have a bright future ahead of them. I am always happy to connect on whats happening around here as well. 

Either way, good luck!

@Bianca Ker

It very unlikely that if you have a secondary dwelling unit pre ADU times, that they will allow you to add an ADU, the planner will look at what exists currently and consider your secondary unit an ADU. Zoning has changed a lot since 1916, so once upon a time it may have been zoned multi, but with r1 that will restrict you to one ADU and one JADU. Also, you said LA County, if this is something you have the time for LA County is slow on everything, so maybe 6-10 months for just getting permits approved, let alone getting the inspectors timeframe.

@Phillip Chang Im sure you will be fine, inventory isn't going to double in 5 months, and even if it did it still wouldn't satisfy the 25+ offers each home is getting right now. Im also selling something in South pas in 5 months so I am paying attention to everything daily :). 

@Rick Albert Have you looked at the options surrounding DT? I have a friend who rented in one of the buildings across from the Staple Center, and its nice, but at the same time, until DT does come back to life its meh, its almost like renting in a cool place with none of the cool stuff available. If you can rent near by and take the train in when things do open back up thats cool too. I have owned, sold, rented etc as long as the money I was using was being put to work for growth, so as long as your rental decision is based on your ability to utilize the down payment money on something that would generate a return you feel is greater than the appreciation of forced equity and or the depreciation + principal benefits, then by all means rent. If you do rent, negotiate as many months free as possible and use your agency fee as a discount toward whatever else you can. 

@Phillip Chang

Nice! welcome to BP, just made a few offers in Monterey Park, They got 25 offers over anything near comps, so I am sure you will fair well when you sell! Welcome to BP

@Kimberly Chan Find RE groups locally to join. Just listen to what they teach, explore, discover. Take your time, and if something really catches your attention, research it, and then put your time and energy into that. Most of these groups are doing online meetings now, you can find them on here or meetup. 

@Michael Avillion 

Hi Michael, 

So there can be pros and cons to each and opportunities in both. When it comes to single family homes vs duplexes not all are created equal and each neighborhood will provide different feels as well as different laws that you have to follow depending on which choice you make. Ill list a few of them below. 

1. Budget. If you are looking for an already existing duplex in say, Pasadena, and we are working with a budget of 1M, your options will place in you specific areas that may not be at the top of your list. You take that same budget and you look for SFH's and now you may be closer to the amenities you enjoy.

2. Cash flow. SFH will not have cash flow, like you said above you are paying down equity but that same 1M budget will effect your total monthly payment when you have someone else paying for a portion of it.

3. Some duplexes are two single family homes on a lot. These will often carry a heavier piece tag in comparison to their shared wall companions, but they can provide you a similar tenancy you would expect out of a single family home like you mentioned above. 

4. ADU's are a big thing in CA right now. Depending on how you decide to spend your money, buying a SFH and essentially turning it into a duplex is something you have the capability of doing out here. This same law also applies to duplexes so essentially creating a triplex +. These scenarios all have their own potential issues when it comes to appraisals and such but thats a much longer conversation.

5. Rent control exists in many parts, and the eviction moratorium exists with expiration dates that keep moving. Issues with some multi's right now is adopting tenants, and adopting the rent roll that comes with it, the sales price sometimes matches those expectations but not always, and if you adopt a troubling tenant, we are not a friendly landlord state. Many  prefer to choose their own tenants and screen them themselves. 

I am happy to provide links to ADU laws, and which areas may be higher in demand now and in the future, and I know we are talking tomorrow, but its a good questions and I am sure others will get value out of this. There are plenty of investors who specifically invest in SFH, others who only do small multi, those who only do commercial and for some they dabble in them all. There is no right answer, because each of these investors have their own success stories and preferences, but as you go further into what type of investments you like/ are comfortable with, you will settle into the route you want to take.

Talk soon, 

Nabil