All Forum Posts by: Robert Chuang

@Iago Noya The question is pretty broad but I can tell you. You will be looking around 3-4 cap in A class neighborhood. 4-5 cap in b class. 5-6 maybe in c class and 6 and up in the hood. Again...this is a rough estimate since it has many more variables like what others mentioned. But this is the gist of it. Hope that answers your question at least to get you started 

@Eduardo Slesaransky Good stuff, that's unfortunately for the heirs. Hopefully, you guys can work something out. Sometime lien holders will settle for less if negotiated. Just another thought.

@Pat Saperstein 
300 sqft shouldn't cost you more than $6000-8000 as this point for permitting (including architect)

If you are willing to work on the project yourselves like managing subs. It should cost you somewhere in a ballpark of $40-60,000. They are quoting you $300/sqft+ for an existing structure minus utilities. That is rather expensive as I am building a new construction at $180-190/sqft in eagle rock. I have my own construction company that's why it's cheap for me. For others, you will have to pay for GC and their service for managing, but it shouldn't cost that much. 

BTW let me know if you have friends looking for a new single family home in eagle rock. I am selling in few months :D

Mainly you want to network network and network. Maybe a few handwritten letters would be fun. But there are few real estate groups such as FIBIs all around Los Angeles county and OC. @Nabil Suleiman himself has a group as well :D. Check him out!

Robert

@Linze Peters Happy investing! Good luck! 

@Greg Wadsworth Hey Greg, any difficulties finding the buyer? Did the project sit on the market for a while? I am in the same boat myself haha. I am considering selling my project in studio city with entitled plans.

Thanks!

@Samantha Chang Instead of saying what you should do. I am gonna offer what I would do in your situation lol if you dont mind.

It depends on your attached/detached garage. I would turn them into ADU/JADU. Let's say one-bed studio rent for $1400. 2-bed rent for $2000. and 3-bed rent for $3000. Cash flowing at $6400/month. Mortgage plus your maintenance and repair lets say 2800+300. You are looking at $3,300 in cash flow. Now depending on the situation and what you want to do...I would use the surplus toward the mortgage itself. To pay off the house asap. Then go after a HELOC while looking for another place to repeat the same. Btw you don't get tax if you cash-out refi or HELOC your house.

This is one way of looking at it, really depends on people's tolerance with being a landlord and what they want to do with their money. After all my experience, I have learned that I don't want to sell any assets I own and I repositioning my strategy toward keeping everything

@Rick Albert
@Will Barnard

Haha I agree on what Will mention. I think there are only a few reasons why the developer goes radio silence. 1)Rather they needed time to analyze the deal (which shouldn't take long). 2) They are just looking. 3) The deal doesn't fit their category. 4) The deal is bad.

I think the best way to stop it keeps happening - ask exactly what they need and ask for feedback when you send something to further narrow down their need. If they completely ignore you. They are not serious. They just want "the deal" to look. If you are scratching their back sending a really good deal, they should be scratching yours. Otherwise, dump them and look for someone reliable and want to establish relationship like  @Will Barnard lol he will close. ;)

@Linze Peters I hope I am not being rude here. I have a development and construction company and used unlicensed subs a lot of times when I know the quality of their work.

With the 30k budget, it is doable for touch up and re-sand/paint projects without major changes (depends on sqft as well). You may need to organize the subs and hunt for your own subs (of course depending on how much work you need). However, as a GC, I don't think a qualify GC will do the job for $30k (maybe a 1-2 men crew when they do everything by themselves). Right now the labor market is fairly competitive with a shortage of qualify subs.

With that being said, here is my advice on your answers and I hope that helps. Maybe others can say otherwise.
1) I don't trust any of my subs right the way. I would ask for minimum of 3 bids for each trade. Each of them will have different advice and pricing and you take the best pick.

2) Yes it is worth it times to times, you get what you paid for. I have a tile guy who charges just the same as a big company but I know he is doing great work. I am keeping him 

3)You are most likely looking for a contractor/subcontractor. Interior designer designs your house not actually getting the job done.

4) I would refer to yelp to all the inspection services, as I find most inspection services reliable as long as they got good reviews.

@JT Goodwin Hey JT, which city is this in? I would definitely give a planning department a call. JADU is allowed when you have a detached garage (ADU). However, ADU and JADU may not be able to exceed 50% sqft of the primary resident. I would be very careful with that. It really depends on the interpretation of each city. Some Would use your 900 sqft as primary sqft. Some would combine adu+jadu/900+adu+jadu (as primary sqft).

Let me know if that clarifies your question