All Forum Posts by: Thomas Corey

One of the bedrooms in my rental is not permitted and I have some questions about rectifying that. Do you have to have a General Contractor to do this? And if not, how does one go about doing so? And, does anyone know someone who can help with getting this permitted in my area?

Thanks,
Tom

(Los Angeles-Long Beach, CA)

 Yes, that is a good way to put it.

How is buying a property that is about to go into Foreclosure, or is already in Foreclosure, different from a property that is not in the Foreclosure process? Also, what does an investor need to look out for or take into consideration when investing in this area of the market?

Thanks!

Tom

Depends on your strategy: for Buy n Hold, the 2nd option sounds like the logical choice; if you want to sell it then option 1 sounds like the better choice. But to get a fuller picture information-wise I’d consult an appraiser. As for the pool, i would consult an appraiser or a realtor about if it’ll add enough value to be worth saving.

best of luck!

Hi all, I am curious about SBA Loans. Specifically, how do Real Estate Investors, especially those starting out, would qualify for one. As a broader question: what services does the SBA provide that we can take advantage of? Thanks!

I heard about these too. I live in Los Angeles, and as many know, properties appreciate like no one's business so the idea of giving up equity as a percentage of my home's value seems like a bad deal, especially if I plan on using said equity to fund future deals.

How does having a historical designation affect property values? I have a duplex in San Pedro CA and I am exploring having that designation applied to my house (and applying for the Mills Act property tax break).

thanks,

Tom

yes, these are all great responses and gives me lots to consider. Thanks!

We have a duplex and one of the units (2bd/1ba) is in sorry condition and may be nearing the end of its useful life - as in, its foundation would take 50-60k to fix and the wood siding needs to be replaced at not an insignificant cost. My question is: how do I know when it's time to tear it down and build a new rental? We think we have enough room to make the current rental unit into two separate rentals making our duplex property into a triplex.

 check with the HCIDLA; San Pedro has rent control with specific rules to evict people