All Forum Posts by: Peter Eberhardt

IThis made me curious as well as just today I drove by a property I am interested in and just am about to underwrite it. I figured this out in 10 minutes of google searching:

\Step one: Find out the Tax Rate Area number. Do this by going to https://portal.assessor.lacoun... and look up the address

Step two: input the tax rate area number in here https://auditor.lacounty.gov/t... and that will give you your tax rate 

Step three: Don't forget the supplemental tax bill

If anyone can verify my findings are correct and there is nothing else (are there any special assessments in LA county..?) we would appreciate it! 

Uber, that funds 70% of my down payments for buy and holds. It’s up and down but an extra $40-$60k a year just doing it on the side on top of my regular 9-5 isn’t bad at all

I have to agree with you there. I feel like it has solid bones. I have spent a few weekends in Bakersfield every year for the last 6 years and it has been itching at me, and I am looking into more the past economics as well as future economics of the area to see how stable it is looking. I would be interested in connecting more with you as well Gene! 

I would be interested to know how much of these stats are inflated from the low interest rates due to COVID, as the same stats are everywhere across the nation.  Do you have any comments on the big 3-5 yr picture if the inflation slows down and interest rates rise back up? Do you see oil, natural gas, and the other industries that make Bakersfield thrive not slowing down any time soon?   

I would really double check on being able to refi out of the HELOC into a new 30 year fixed with a balance on the HELOC. If you are able to do that and keep the open balance on the HELOC I would be interested in which lender you are using as that would be useful for my situation as well!

I am still wanting to clarify, you said refi with a HELOC and then said "closing the account early". So, are you able to refi with a HELOC open and in place, or do you have to close the HELOC first before you refi? I am still under the assumption that you will have to completely pay off the HELOC first to close the account before you can refinance.

Another note from what Dan has already said, appraisals are going to be your biggest hurdle but it helps to live in an area where ADUs, granny flats, etc are more common. If your garage is attached I don't think this applies much. But I do know that where I live (20 minutes south of Dan in central San Diego) that ADUs are less of a white elephant and a few investor friends have had no trouble getting them to appraise. Other people have experienced what Dan has said with little to no appraisal value. 

Other quick question, are you sure you will be able to refinance with a HELOC in place and a balance? I am under the assumption a refinance can only happen with no liens on the property.

@Nicole Gilberts that is awesome! I am curious to know if you had any challenges with the re-appraisal? It sounds like the studio was looked at as a legitimate 3rd unit and not as an ADU to the duplex, was that intentional or was it a "crumbs will fall as they may" type of situation?

@Cameron McNulty when you ask your question, you should specifically state that only responses from non-Ohio based affiliates are allowed 😅 don’t show up to a Subaru car dealership and ask why Subarus are so great.

No problem fire away, my inbox is open