All Forum Posts by: Clarence Johnson

Yes this would require a payout, check the LA rent stabilization ordinance website.  Take the required payoffs with a grain of salt, the spirit of the law often outweighs the letter of the law if it goes to court.  Out of court your are usually looking at $8-20k per tenant depending on how long they have been there and family composition.

Listen to @Dan H. he hit the nail on the head!!!

Also @Jonathan Taylor was spot on, investors are not seeing the resale value they assumed they would get on ADUs.

One of my clients purchased a SFR with ADU and the appraisal came in $30k short, I shrugged my shoulders, we reappraised and it came in less (miraculously) and got a $25k price decrease.

I told the appraiser for my recent SFR purchase about my plans to build an ADU there and he looked at me and said "I didnt know they would let you do that." I laughed and told him "yeah, and they will let you appraise it."

Big Bear, I think this has to be the safest place for STR in Socal.

@Jon Schwartz that map!!!  Love it.

Pedro is in the path of progress, between LB demand, SpaceX interest on terminal island, the waterfront development and the fact that it is one of the least expensive coastal cities in the LA area.  I sold my sister a duplex (that her and her family are house hacking) a few years back.  Then and now you see Watts duplexes and San Pedro duplexes listed for the same price, I choose Pedro, especially for my sister.  I actually showed a client a few Pedro duplexes over the weekend and though they are South Bay natives they looked at Pedro like a hidden gem.  This is not to mention the droves of other buyers that were visiting the same properties.  @Delbert Standifer I just purchased a SFR in Carson, hoping the mall development and Victoria Park sports complex gives the city a boost. @Allan C. South Central is gentrified, just certain areas, my sister has gained about $200k in equity in her 3 years in Pedro.   @Rachel S. good call, I have been suggesting San Pedro, Hawthorne and Gardena as cities in the path of progress the last few years.  My clients that are looking in Inglewood and Pedro tend to favor Pedro as the properties in the $700k plus price point are in areas that are further established than the $700k properties in Inglewood.  I love Inglewood and it will soon be more walkable and cool than ever, but that's my recent experience.  

@Shawn S. Dunn Edwards has a color consultant on staff that will look at pictures of your property and help choose a color.  They helped me and my wife pick a great white on white combination, there are a few suggestions on their website as well.  Reach out if you still need a painter suggestion.

@Jennifer S. from the surface it seems like your talking to the commercial lender re the refi and the new purchase.  You need a residential lender to refi the 4 unit and them go to the commercial lender for the new purchase.