All Forum Posts by: Clarence Johnson

@Todd Rasmussen my sister, just give them one bullet to start lol

@John Underwood in that case I'm coming to Greer to boat and look at multis lol

San Pedro x 1000

Its booming, my clients purchased FHA there and were able to refi and drop MI within 6 months. It has high rental demand and lots of competition in the multifamily space, the West Harbor water front development will be San Pedro's Sofi Stadium. Imagine a 6200 seat amphitheater surrounded by Yamashiro's only location outside of Hollywood, Sugar Factory, Poppy Rose and host of other restaurant's. If your not familiar with the restaurants I just mentioned Google them and you will begin to connect the dots on the path of progress. I don't think I can post the a link but westharborla dot com has several renderings available. Go for it!

As important as write offs are its more important to make sure your write offs align with you future plans to buy again for the next 1-2 years.  Send your taxes to a lender for guidance before filing to make sure our not shooting yourself in the foot to save a buck.

@Kristle M. Don't rent undermined units.in LA..

.between sophisticated tenants and tenant advocacy groups it wont end well...you could possibly live in the undermined unit to mitigate risk..always ask for the LA city inspection to see when the last time the city inspected and if they were concerned with the unpermited unit or other defects.

@Steven Zamoranothere won't be any SFRs with ADUs in that price point. It's not easy but if you look hard enough you could find a duplex that makes sense. We just closed a $505k duplex for a client in the very competitive 90047 zip code of LA. I would definitely suggest using 3.5% down and buying again in 12 months, and using the extra money to build an ADU on the duplex. Im encountering more contractors with finance options, so you may not spend all your cash reserves.

@Luisa Alzate FHA househack a

duplex or sfr with ADU...use retirement funds if you dont have the cash for a downpayment...

@Joshua Garcia yes definitely speak to someone soon, a trust, transfer or combination of both would be needed.

@Angel Rodriguez 3-4 unit properties have self sufficiency requirements, 75% of the actual or mkt rent would need to cover the PITI. Always ask, many lenders and agents aren't aware and buyers tend to find out after spending $1200 on inspections and appraisals. FHA is a great program and the most common program we use for house hacking clients in multifamilies, however if your looking at a SFR with ADU a 3-5% conventional program would be best. If you find a 3-5% conventional program for duplexes with no income limits please share because I'm not aware of any and I work with multiple lenders and brokers who previously had access to them.