All Forum Posts by: Robert Chuang

@David Martin Jr Well anything from duplex to quad you can qualify with primary resident type of loan 

@David Martin Jr Real estate investing doesn't have a set route but sounds like you can start with 2 units - 4 units with low % down payment while you are collecting rent? As long as you are occupying the space, you can put lower down.

Robert

@Thomas Baylor It is really tough to get an estimate when you do not have a property under contract unless you pay them per visit. It is gotta make sense for those contractors. For example, they take their time out of their day and you pay them per trip. It would be a win win.

@David Martin Jr It really depends on what you are after David. What's your thought on long term investing vs short term? 

@Alex You I didnt personally do it. However, the wording is in the ADU code. You can convert the garage into ADU. New construction would be "Possible" if you can't see it from any angle from the street and has to be obvious and not in the original.

I flipped in HPOZ Miracle miles. Also is doing ADU now.

Robert

@Account Closed Oluwasegun, just thought to throw it out there. Not sure where you gotten your $138/sqft for the build but it doesn't seem to be the right number

@Steven Weiss Hey Steve, yes that would be a safe estimate. My project was submitted fews month after LA implemented linkage fee. Which hugely increased development cost. 

@Steven Weiss

Hell Steve, your impact fee is essentially park fee, linkage fee (rather new and expensive in LA), school...etc. You are correct, anything below 750 sqft will be your best bet. You are also correct on 1200 sqft. It is essentially the same fee just like a new ground-up construction. 

For example, one of my project located at 3699 Alta Mesa Dr in studio city. I paid $33,352 for 4800 sqft hillside development. It is about $6.95 a sqft. 

Again, if you can, go for less than 750. It will save you ALOT OF MONEY!

@Jonathan Prophet Hey Jonathan, there are a lot of meeting up around LA! I go to the one in North Hollywood and FIBI Pasadena. There are a lot of FIBI meetups and they are usually very very good and great for networking! Good luck!

@Marta Rodriguez I have spoken with few appraisers and lenders about ADUs. The ADUs are kinda new to most appraisers right now, appraiser community (few people I know) is giving the base value of $50,000 for the ADUs if they have no comparables to use. So they can play it safe.

Even if it does have 1 or 2 comps, the remainder of comp 3,4,5 (without ADU) would still pull the value down a bit.

The appraisal situation is a bit complicated right now due to the fact that even though you added an ADU. The property is still zone single-family (plus an ADU). Your property is NOT a duplex, and it is and will not be zoned duplex. So unless more comps with ADU come onto the market, it will really hard to justify the value of ADUs.

I hope that help explaining the ADU situation and provide some insight why the value may be low.