All Forum Posts by: Rajesh M.

@Bruce C. for which second step?

Me and my wife own several 1-4 family properties. They are all held in our personal names. Some joint, some sole and separate. There are no trusts or LLCs.

What form do we fill out for EIDL?

Form 5 says if you are a sole proprietor (not a partnership, Llc etc) then fill out form 5C, that is the home owner and soul proprietor form.

@David H. or anyone else she’d light on this?

Am in escrow on a property here in Los Angeles county. The subject is a duplex (SFR in front on street, and another SFR in the back).

Looks like this used to be a 4 unit property in the past, with 4 homes on it. 2 in the front and 2 in the back. These were then subdivided as "east half of lot" and "west half of lot" per the assessor maps. I am in escrow on the "west half of the lot".

I have a concern around access to the rear unit. You pass through a 6-7 feet wide walkway between the two adjoining lots to access the rear unit. The adjacent property has exactly the same issue. Not knowing exactly where the current property boundary is, leads me to this query.

I do not see any easement on my prelim allowing access to the rear unit on the adjoining property (east half of the lot). And the adjoining property has no easement against my property (west half of the lot) as well.

How should i go about addressing this. Am posting some pictures as well.

As you can see there are gas/electric meters of my property being accessed through this walkway. And there are electric cables passing above it in the air. Not having this easement...is that issue?

Should i get a survey done to mark the property boundary? If the walkway is half/half am i ok? Or should we pursue holding up the escrow until an easement gets recorded...And how can the title company help...so far I have not been able to get them to act to my questions/concerns...what can get them to do any specific endorsements, or guarantee access to rear unit?

image.jpeg 617 KB 602 KB

CA
May be closing escrow on a 4-plex all cash in the next few days. Its a US Bank REO.
Heard about robo-signing, and BoA foreclosure mess, and how lawyers/defaulters are getting more embolded to resist and sue the foreclosing bank.
Does title insurance cover me in case the previous owner sues for "improper foreclosure process" used by US bank, if any?

This is for CA.
Am in the process of buying a 4-plex all cash. Conventional loan was approved but some repairs
need to be made, which the REO bank does not want to do.

My goal is to be able to buy it all cash right now, and then refinance after making those minor
repairs. But I also want to make sure i dont get hit by the "Refi with cash out" and in the process
making the loan impossible or impractical.

A broker mentioned buying the property in an LLC (that I or my spouse owns) for all cash, but have
the escrow company create a NOTE, that I as the financier would carry.

Is this really possible? And would this get around the usual "refi with cash out" provisions for a
non-conventional loan?

Thanks Bryan & Jon.

Bryan what do you mean by FN/FR bullets? Have less than 4 properties on my credit if that is why you meant.
BoA lender who i trust said cash out refi would be difficult. But Amerisave.com is quoting rates on cash out refi, and another lender with good reviews/following on fatwallet.com seems to indicate its doable.

I am looking at 380K purchase netting 40K annual after all expenses. And that is with cash only.
If i can finance then with leverage the ROI gets even better. I think that's not a bad deal.

Ofcourse in the first year, evicting the owner may skew the numbers a bit...

Thoughts?