City will allow 1,500 sqft per unit or up to 5 units. With a density bonus it's possible for 6 units. I recently sold a similar lot in the area.
(562) 622-9911... more
Hello Daniel, the best scenario for an investment would be a 4plex as they pencil out the best for monthly positive income cash flow. I can email you which ones I think would be the best to consider. There are many all over and vary of course by location. Are you a Foreign National with no US credit scores and self employed in the US? You may qualify for a Stated Income Loan. Here are some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
Northridge is a very attractive area in the San Fernando Valley. Close to two Freeways (405 and 118). Great shopping Mall at Nordhoff and Tampa. CSUN and local businesses bring in potential renters. Call me. 818-458-3329... more
If it's a tax foreclosure then you may not be able to obtain clear title to the condo. If it's bank owned then it may be easier.
Also, if you are going to be using a mortgage as opposed to paying cash, there may be some restrictions when it comes to condos.
Generally, if there are a lot of foreclosures in the condo development, if there are lawsuits pending against the association, or if there is a high concentration of investors, then you may have a tough time getting a mortgage regardless of your qualifications.
Lots to think about. Hope this helps!... more
Erica, I I understand you correctly, you own a multi-family building which you have a mortgage with a high rate. You need to speak to a Loan Officer, depending on what type of property it is, maybe even a commercial lender.
It sounds like you're looking to refinance the building out of your current 11% mortgage into terms that are more affordable and within the reach of the rents you collect from the units. I would be happy to discuss the details and see if there is something I can help you with. If you're not trying to sell the building then speaking to a Realtor is not something you want to do. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax... more
It's possible. Most lenders are competitive; they carry same loan programs.
Have you thought about selling this property? Right now, it's a great time to sell. Koreatown is one of my neighborhoods. Feel free to contact me without any obligation.
Rates have gone up. That's the hard truth of the situation. I can understand your upset. That said, you are absolutely responsible for reading what you sign. You're not the first or last borrower to do this - but hopefully you can learn from this.
Keep your eyes out fro when rates drop and see if you can refinance in a few months...
Best of luck.... more
It sounds that you need an extra income in order to qualify since this property might have unit(s) vacant. Get a co-signer or prospect tenant with a lease signed and security deposit dated within the time required to close and check with your lender for approval.
Do you have an agent?... more
Depending on the type of investment style you prefer, the San Fernando Valley is generally a great area for investors with your budget. Getting an idea of the type of property would help especially considering you could be talking about an upscale unit with less units or a property that houses more people and brings in less income per unit.... more
the home owner will be 55+. The mobile park is telling me that they can't do that because my name will be on the deed. Can anyone offer any advice besides asking my parents to buy it under their name?
thank you... more