Home Buying in Sherman Oaks>Question Details

Leslie, Other/Just Looking in Sherman Oaks, CA

Thanks to those who responded re: my interest in a fourplex in Sherman Oaks.

Asked by Leslie, Sherman Oaks, CA Wed May 23, 2007

I am looking in the $1 million range with a cap rate of 5-6%. Perfect credit, high income, $100,000 down payment.

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If you are going to have your son in one unit and a friend in the other.. I would be more concerned with location then cap rate. In Southern CA.. most income properties rarely make a lot of financial sense but the appreciation for a multi-residential zoned property in a good area is usually excellent...good cap rates are usually not found in areas where you would like to have your child living... I would buy in the best location I could afford.. I would also check with a lender who knows small unit financing.. and be prepared to run a deficit for a bit.. I would contact.. Brian Brady.. @ http://brian-brady.com.. he knows a lot about this type of financing and can offer you the best advice about ways to financially structure the transaction.. Hope this is helpful..
Web Reference: http://kayethomas4homes.com
1 vote Thank Flag Link Sun May 27, 2007
Kaye Thomas, Real Estate Pro in 90266
MVP'08
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You should call the best mortgage lender in the business for 23 years Joe Tishkoff at Skyline Funding (818)995-1700. He is very experienced in this type of loan and is not to mention a savvy businessman. Please let me know if I can assist you as I live and work in Sherman Oaks for over 10 years. (818)422-1702
1 vote Thank Flag Link Sat Dec 8, 2007
Thank you, Kaye! I will contact Brian. I appreciate your thoughtful answer.
1 vote Thank Flag Link Sun May 27, 2007
My son and his wife would live in one of the units and his friend and his wife would live in another of the units.
1 vote Thank Flag Link Thu May 24, 2007
Leslie-- Glad I was able to help..
Hope all works well..
0 votes Thank Flag Link Mon May 28, 2007
Kaye Thomas, Real Estate Pro in 90266
MVP'08
Contact
Leslie.. I don't believe you will find what your are looking for with only 10% down anywhere in Los Angeles County at this time. If you are planning to live in one of the units it might make more sense.. You may want to discuss this with a professinal in your area who knows the small income unit market.
Web Reference: http://kayethomas4homes.com
0 votes Thank Flag Link Thu May 24, 2007
Kaye Thomas, Real Estate Pro in 90266
MVP'08
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