All Forum Posts by: Mattaniah Yip

Hi Stephanie!

The space is actually one bedroom smaller.  However, it is still big enough for our family.  We are mainly moving because of safety concerns which was thoroughly explained and illustrated to them. We provided proof of our concerns.

Yes, we were using our potential rent as income.

They did not care about a potential tenant .  They claimed we could falsify a tenant!  I guess we had a very suspicious underwriter.

Hey guys! My husband and I currently own an owner occupied duplex in Los Angeles. We found another duplex .6 miles away we planned move into and finance via FHA. We were in escrow for about 20 days and everything seemed to be going smoothly. Then I was given the run around for another week and was just denied because they didn't believe we were going to move into the new duplex. We explained to them that the new place is in a better area. If you know LA; .6 miles can make a difference in the quality of neighborhood. Has anyone experienced being denied because bank assumes you are committing fraud? Can anyone recommend a loan officer who can handle something like this?

@Siouxzie Hanes  -So your clients are selling?  I haven't seen any decrease in prices. . . I am wondering as November approaches, if prices will decrease.  Also, I didn't see the website you are referring to.

Thanks @Chris Mason.  I will take that $0.02.  I am hoping your cynicism is the right sentiment in this case.  I am an advocate for affordable housing, I just don't think the Costa Hawkins repeal is the bandaid that will fix it.

I hope to be one of those savvy investors! lol. My husband's uncle owns 100's of units in A plus areas in LA.  I asked his opinion-he just says he is going to wait and see.

https://www.realwealthnetwork.com/learn/rent-control-wars-in-california-2017/

WSJ gives you a limited amount of free articles per month I believe.  Perhaps you surpassed your limit.

Here is another article explaining what Costa Hawkins is:

https://la.curbed.com/2018/1/12/16883276/rent-cont...

Nether less, if you search Costa Hawkins -one can speculate how it will effect property owners in the future.  One of my  main concern it can potentially limit how much a landlord can increase the rent after a property is vacated . Meaning they cannot bring it to market value.  

So I am curious how property owners are handling this.  The WSJ article interviewed one property owner,  and he is unloading his properties and moving his investments to Vegas.  

My husband and I own a non RSO duplex in LA. We were looking to buy another multi family  this year. But with just learning that Costa Hawkins will likely be repealed in November, we are holding off to see what the outcome is.  

Curious, what are other landlords are doing with the likelihood of Costa Hawkins being repealed. Please share your thoughts. 

Here is an article I came across today featured in the Wall Street Journal.

https://www.wsj.com/articles/california-apartment-landlords-dump-properties-ahead-of-rent-control-vote-1526404269

@Antoine Martel 

Please refer to this article:

https://la.curbed.com/2017/1/9/14219298/granny-fla...

No, I honestly want try traditional financing first before entertaining HML.

Mattaniah

Hello, 

New state rules allow  California homeowners  an easier time building small second dwellings, (granny flats, accessory dwelling unit) on their properties.  I am wondering if anyone knows any loans that specializes in this type of construction?  Or the best place to turn to?

Thanks in advance!

Mattaniah