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90041 : Real Estate Advice

  • All40
  • Local Info4
  • Home Buying10
  • Home Selling4
  • Market Conditions3

Activity 28
Fri Mar 17, 2017
Jeffshir asked:
I noticed that the photo of my house at 5159 Shearin Ave Los Angeles (Eagle Rock, Ca 90041 is incorrect. The photo on Trulia is side of my next door neighbor to the north on the SW corner…
0 votes 0 Answers Share Flag
Mon Jan 25, 2016
Sally Grenier answered:
Probably have to start over? You'll need to input your MLS info, agent ID, etc. Or ask your managing broker or office admin.
0 votes 1 answer Share Flag
Tue Jan 19, 2016
Dorene Slavitz answered:
I don't see any reason why the bank would have an issue with your getting a great price on a house.I believe your loan is fine for renovation work, but adding a rental income property to the existing location will require the correct type of zoning. You have to check with the city (downtown if it's in Los Angeles) to be sure before you begin working on that. ... more
0 votes 2 answers Share Flag
Sat Mar 23, 2013
Kelly asked:
Sun Feb 10, 2013
Brad answered:
I see you posted this a few years ago, did you follow through with an LA area 203k contractor? Looking for someone myself...
0 votes 5 answers Share Flag
Tue Jan 10, 2012
Sky Minor answered:
NOTHING. Go to Operation Hope, Acorn or other non-profit agencies for a loan modification. Be ready to do alot of the work on your own, which is usually the best way to get it done. (If you want something done right, do it yourself).

They will make you fill out a monthly budget form and they will verify your earnings with paystubs. Based on that, they will ask the note owner. Freddie/Fannie are lukewarm about modifying right now. Good luck.
... more
0 votes 3 answers Share Flag
Fri Oct 14, 2011
Emily Knell answered:
DO NOT PUT $3K ON YOUR HUD, you will waste time & it will be rejected.

Do not offer any less than 10% if this was a "purchase money HELOC option" where none of the HELOC money was ever cashed.

Prepare your client, if they did cash in on the Full HELOC funds that the 2nd lien will want 20-30% of the balance to release them of the lien as paid in full. You can still get 10% from the 1st lien holder & tell the buyer up front about this because they'll likely need to also donate.

If HELOC funds went solely towards upgrading the property & your client has proof with receipts, the HELOC 2nd lien may accept less than 30%.

Email me directly if you'd like some more tips. I don't look back on this same trulia posting for answers after mine.
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert
... more
0 votes 1 answer Share Flag
Sat Dec 25, 2010
Paul Welden answered:
Certified 203k Contractors are located in the 203k Contractor Directory.

Contractor Directory for the FHA 203(k) Loan
(480) 463-4663
0 votes 4 answers Share Flag
Tue Apr 13, 2010
Keith Sorem answered:
There are quite a few new condo and townhome projects that have decided that rather than sell, the developers have opted to lease them. Their hope is that the market values will increase and then they can sell them and make more money.

These new apartments have caused problems for owners of older rentals. Tenants who had been paying rent to them can no pay the same rent and get a brand new unit, with stainless steel appliances, including refrigerator, washer, dryer, for the same price. That means that owners of older apartments need to lower their rent rates in order to attract tenants.

Hope this makes sense.
... more
0 votes 4 answers Share Flag
Wed Mar 31, 2010
CMRS Construction Inc answered:
We have worked on quite a few 203K projects in LA and also reverse morgage re builds, we are registered with Wells Fargo and B of A. All projects have stayed in budget and all home owners were thrilled with the final results. We are familiar with all the paper work and the payment processing. Call us if you have questions and ask for Liza 866 550 2677
5419 Hollywood Blvd C 133
LA CA 90027
... more
0 votes 3 answers Share Flag
Tue Mar 23, 2010
Sky Minor answered:
Yes! I just did a craftsman remodel of a classic 1911 Eagle Rock home on the cheap. Send me an email and I will tell you who I used.
0 votes 4 answers Share Flag
Fri Mar 12, 2010
Sky Minor answered:
Hi John, as mentioned before you don't need to pay anyone to do that. I just did it myself for a property I own that went from 700k to 295k. (Silver Lining of this cloud-much lower property tax bills!) All they will require you to do is fill out a form which is found here. you'll have to mention two comps of about the same building size which you can get off Trulia, Zillow, Redfin, or I can email to you. When you file the form, you should simultaneously file a request for appeal because if they don't give you the figure you want, you'll have to go downtown to Kenneth Hall and go before the appeals board with your comps. It sounds much worse than it is, I had to appeal and it took all of three minutes. The reason you file for appeal from the onset of your request is because the LA county bureaucracy is very slow moving and if you wait to file for appeal until after you get back your value, it will take another few months. If I can be of any more assistance, just email me. Good luck! ... more
0 votes 8 answers Share Flag
Thu Mar 11, 2010
Raphael Guerin answered:
The key for you besides having an excellent lender is weather or not the units are vacant or rented. Vacant will allow you flexibility in many ways. Units that are occupied may be hard to assist in your financing if the rents are low since the area is under rent control guidelines. ... more
0 votes 7 answers Share Flag
Mon Aug 31, 2009
Jacob Varghese answered:
You can do the calculation using the Affordability Calculator at the link below.

Please feel free to contact me with any questions that you may have.
0 votes 3 answers Share Flag
Wed Jul 15, 2009
Dorene Slavitz answered:
Yes! I have an excellet person I have worked with in the past. Send me an email or call me for that referral.
0 votes 6 answers Share Flag
Tue Jun 16, 2009
Dorene Slavitz answered:
How funny! have to have some respect for the agent you are working with because it could take a few months to sell your home, they will be selling your home and giving you advice, and you will be working with this person for some time.

I personally dislike having to "walk on eggshells" with someone because of their personality defects and I particularly dislike doing this when I am paying them!. If they "bug you" you can be sure they bug everyone else too!

There are So many excellent agents out there with pleasing personalities, .why work with someone who rubs you the wrong way?
I'm sure you can find someone to work with that will make the entire process a pleasure for you!
best of Luck to you!
... more
0 votes 15 answers Share Flag
Fri Apr 24, 2009
Monique and Joe Carrabba answered:
Hey Sky,

Call the Department of Housing. They will confirm with you if it's in REAP and or has violations and is pending being in REAP. It also may show up on the title report (which could hurt your client's ability to get a loan).

Good luck!

Monique Carrabba
The Carrabba Group
Keller Williams Hollywod Hills
(323) 899-2900
... more
0 votes 1 answer Share Flag
Tue Apr 14, 2009
Sky Minor answered:
You've got to get at least 3.5% down Joe. That's $5550.
1 vote 5 answers Share Flag
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