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General Area in Los Angeles : Real Estate Advice

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Activity 132
Thu Jan 31, 2013
Sona Gallatin answered:
You really need to start here at the website below. This platform on Trulia is not going to give you the direction you need.

Los Angeles' HPOZs | Office of Historic Resources, City of Los Angeles
www.preservation.lacity.org/hpoz/la

Good Luck
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0 votes 3 answers Share Flag
Mon Jan 28, 2013
Kirk Garibian answered:
That's tough, usually companies that specialize in investment real estate have their in house broker and they typically work on their OWN investments.

If you are an agent, what you should do is sign up with a reputable brokerage in Los Angeles and market yourself as an "Investment Specialist" or preferably get a designation from this company by completing the courses and requirement:

http://www.ccim.com/

Specializing is key in the real estate business, market yourself as someone who does strictly investments and if you get a couple good deals you will have enough rapport to show leads that you know what you are talking about.
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0 votes 1 answer Share Flag
Fri Dec 28, 2012
carlos parrague answered:
Yes most will as long as all the details are coordinated and all buyers and sellers are in agreement
0 votes 7 answers Share Flag
Fri Nov 16, 2012
Jeri Creson answered:
Lease options are possible… generally the trade off is that the seller wants to cut a deal for more than the property is actually worth in today's market. Otherwise, they would just sell it to a fair market value buyer right now and be done with it. Sometimes agreeing to a price a little higher than current market value is an acceptable bargain for a buyer who cannot qualify for a loan now, but has realistic expectations to be in a better position to qualify in the next few years.

There are lots of reasons people prefer to own than to rent… just the freedom to be able to move a wall, paint the kitchen, or invest in the landscaping without worrying that you are throwing your money and efforts down the drain improving someone else's property…I get that. But it is a gamble. - and if the home doesn't appreciate to your pre-negotiated purchase price, you may find yourself unable to get financing for it when you are ready to exercise that option.

Generally, a lease option will include a "premium" payment above and beyond the fair market rent, which can be converted to down payment later on if you exercise the option. Sometimes a seller will carry the paper on the financing if you come up with more down payment during the lease period and exercise the option - especially now, if they can also charge much higher interest rates to you than the going rates (that presumably someone in this position wouldn't be eligible for) Be careful though, the "idea" of a lease option is a very common way for people to get taken advantage of. Never sign a lease option agreement without having a professional, and preferably a real estate attorney look at it first. The language is almost always convoluted, and most people don't fully understand what they are agreeing to when they do it.

Best of luck to you!
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0 votes 4 answers Share Flag
Thu Nov 15, 2012
Dorene Slavitz answered:
I would recommend that you take whatever steps necessary to comply with city citations.
0 votes 9 answers Share Flag
Thu Oct 25, 2012
Yeprem P. Davoodian, M.A. answered:
Check out these areas: They range from Westwood to Beverly Hills.

90024
90025
90067
90077
90095
90210
90212

Best,

Yeprem P. Davoodian
0 votes 5 answers Share Flag
Thu Sep 20, 2012
Angela Porter answered:
Thank you for posting. The listing is not active on Trulia. If you encounter such listings in the future, please flag them by clicking the Report Error button or by contacting Customer Service @ 888-466-3501. ... more
0 votes 23 answers Share Flag
Thu Aug 9, 2012
Abu Musa answered:
0 votes 9 answers Share Flag
Tue Jul 17, 2012
Arlene Vinnick answered:
Steve Duddy Shoreline Construction. FABULOUS. Has done several jobs for me and family and we still LOVE him. 310-561-5374 referred by Arlene R
1 vote 6 answers Share Flag
Tue May 29, 2012
Kathleen Becker answered:
Oh My...as Realtors, we are not supposed to answer this question by stating bad areas...however, you may want to check with the local police departments to discuss high crime areas.

Another thing you can do is to map out the areas that you are looking at and then drive them several times on different days and times and see what they are like. Weekends and night times usually give a good depiction of what an area is like.

As far as buying and renting, speak with a real estate professional that will be able to give you data on affordable condo's and demographics.

Feel free to contact me directly if I may be of assistance to you. I am a native to Southern California and know it pretty well.

All the best, and good luck!

Kat Becker, Realtor
Prudential California Realty
katbecker@prula.com
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0 votes 8 answers Share Flag
Mon May 28, 2012
Stephanie Hart answered:
The areas that are right up against LAX are LAUSD. Most of my clients would preffer non-LAUSD schools. El Segundo (10 mins) is great! But, the lowest 3 Bed condo is currently mid 500ks. You may be able to get in a better district with a condo in the 300k range, in Torrance (30 min drive). But again it would most likely be high 300k range. Culver city (15 mins) is a good option if you stay within LAUSD.
Feel free to email me if you would like up-to-date listings emailed to you.
Stephanie Hart
Broker-Associate
Forecast Realty
310-918-6856
CA DRE 01338444
www.hartssellsouthbay.com
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0 votes 8 answers Share Flag
Sun May 27, 2012
Felix Hung answered:
Rachel,

I'm from the DC Metro originally and I agree with all the advice you've been given - even if it is confusing. Are you planning on having a car or will you be relying on public transportation? ... more
1 vote 16 answers Share Flag
Wed May 2, 2012
Dorene Slavitz answered:
I would recommend you take a look at Washington Blvd. in Culver City for interesting and upcoming areas for Art. Downtown is also improving,but Culver is moving faster!
0 votes 10 answers Share Flag
Wed May 2, 2012
Dorene Slavitz answered:
You will need to to apply for a condo conversion permit or license you will need permits from county and city government before moving forward. You will have to provide notice to your tenants, and possibly pay for relocation of the tenants.
I recommend you discuss your plans with the Department of Urban Development, your local City Hall as well as look into Tenant and Landlord law in the State of California http://www.caltenantlaw.com/LACondoConv.htm
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0 votes 3 answers Share Flag
Mon Apr 23, 2012
Thomas Bohlmann answered:
More info:

"In real estate investing, the due-on-sale clause can be an impediment for a property owner who wishes to sell the property and have the buyer take over an existing loan rather than paying the loan off as part of the sale. Likewise, a due-on-sale clause would interfere with a seller's extension of financing to a buyer by using a wraparound mortgage, also called an "all-inclusive mortgage" or "all-inclusive deed of trust." Either of these arrangements triggers the due-on-sale clause in the seller's existing mortgage and thus the lender may call the loan due. If a property with a due-on-sale clause in the mortgage loan is transferred and the loan is not paid off, the bank could foreclose on the property.'

'Virtually all mortgage loans made in the United States by institiutional lenders in recent years contain a due-on-sale clause. This is in contrast to the wide availability of assumable mortgages in the past. Until 1982, the enforceability of due-on-sale provisions was basically a matter of state, not federal, law. Many States had adopted laws that permitted existing loans to be assumed by buyers whether or not the lender was willing to agree. The logic behind these laws was generally that a lender should only be permitted to call a loan due when the property securing the loan is sold if the lender could demnonstrate that the sale and transfer of the property reduced the lender's security or increased the risk that the loan would go into default.

However, in 1982 Congress passed the by the Garn–St. Germain Depository Institutions Act. Section 341a of the Act (codified in Title 12, U.S. Code, Section 1701j-3) makes the enforceability of due-on-sale provisions a federal issue, and provides that if real estate loan documents contain a due-on-sale provision, that provision is enforceable if the property securing the loan is transferred without the lender's consent. Institutional lenders lobbied Congress heavily to add Section 341a of the Act to federal law and their lobbying efforts were successful.

Lenders are generally not required to include due-on-sale provisions in loans, but it is nearly universal practice for institutional lenders to include them. For loans by private lenders, such as financing extended to buyers by sellers, due-on-sale provisions are not always included. Also, a buyer and seller could negotiate to include due-on-sale clause that allows a one-time loan assumption.

There are certain exceptions to enforceability of due-on-sale clauses. These are generally contained in Title 12, Code of Federal Regulations, Section 551. For example, borrowers may place their homes in their own trust without triggering the due-on-sale clause. "A lender may not exercise its option pursuant to a due-on-sale clause upon a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property." (12 U.S.C. 1701j-3(d)(8)..[5].) Note that a beneficiary means possibly among multiple beneficiaries. Similarly, transfer of the borrower's home to a spouse as part of a divorce or dissolution of marriage generally does not trigger a due-on-sale clause. There are other exemptions in the law as well. Use trusts also facilitates transfers of property to heirs and minors. It may also protect the property of wealthy or risky owners against the possibility of future lawsuits or creditors, because the trust owns the property, not the individuals at risk."

Key Words:

take over payments
Loan Assumption
Trusts
Lease Option
rent to own
property securing the loan is transferred without the lender's consent.
'take over payments' MAY BE the same as 'transferred without lender's consent'

Contarct your Real Estate Attorny.

Very Thin Ice here.
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0 votes 12 answers Share Flag
Sat Apr 21, 2012
Kawain Payne answered:
Neal Grusky has given you the BEST ANSWER!

The Controoler of Currency has enacted some new laws to help home wners in your situation.

Best of Luck to you,

Kawain Payne, Realtor
0 votes 8 answers Share Flag
Tue Apr 17, 2012
Thomas Bohlmann answered:
Tue Apr 17, 2012
Richard "RJ" Kas answered:
People want to cut commute times and equate that expense to the cost of owning something closer to work.
0 votes 7 answers Share Flag
Tue Apr 17, 2012
Richard "RJ" Kas answered:
Depends on your intended goals. It is easy to cross reference work and personal on most of these and if done cleaverly, you can get a lot of inquiries and comments on Facebood and Twitter, but LinkedIn is also good for getting the word out to your peers... Again, what are your goals and what are you trying to get done.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
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0 votes 4 answers Share Flag
Sun Apr 15, 2012
Johnny James answered:
There is no way to know who will win the lawsuit until both sides go to court and present their case. Good Luck.
0 votes 4 answers Share Flag
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