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Home Buying in North Hollywood : Real Estate Advice

  • All98
  • Local Info13
  • Home Buying23
  • Home Selling1
  • Market Conditions0

Activity 23
Sat Jul 22, 2017
Conny Wolfram asked:
I would like to buy 5 - 50 units by the end of August (south of Chandler preferred); and am trying to make myself familiar with the area.
0 votes 0 Answers Share Flag
Sun Apr 9, 2017
Hello Ramon, it will depend on if you are self employed 1099 or a W2 employee. Do you have down payment and closing costs saved or do you need down payment and closing cost assistance programs?

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you are W2 you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k. The CHDAP down payment and closing cost program can go up to 600k in high balance areas like North Hollywood.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The rentals in North Hollywood start from $1,095 for a studio apt, from $1,190 for 1bd 1ba apt, from $1,600 for 2bd 1ba apt and the single family homes start from $2,650 for 3bd 1ba home.

The purchase in North Hollywood start from 159k for 2bd 1ba condo, from 375k for 3bd 2ba condo and the single family homes start from 425k for 3bd 1ba home.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Tue Mar 21, 2017
Alysse Musgrave answered:
Non-qualifying assumable loans are a thing of the past (20-30 years ago). If you happen to find one, the equity required to assume the loan would be enormous. I'm afraid you'll have to find another path.

Buying a Home? Don't Let Them Make a Monkey Out of You! Follow the link below.

Alysse Musgrave
Consumer Advocate/
Exclusive Buyer Broker

Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You!
... more
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Sun May 1, 2016
Zsanniwehbe asked:
11009 Burbank Blvd, north Hollywood, ca
0 votes 0 Answers Share Flag
Wed Oct 22, 2014
Rafael Gevorkian answered:

The average price per square foot in North Hollywood is $350. A foreclosure typically sells for below that value since in most cases they need some TLC. Rental rates in North Hollywood have come up quit a bit in the last few months and averaging about $2000 for a 3 bedroom home.

If you need more information or looking for investment properties please feel free to reach out to me.

Rafael Gevorkian
JohnHart Real Estate
Premier Realtor
Mobile - (818)825-1817
... more
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Fri Apr 4, 2014
Rafael Gevorkian answered:
Hi Inga,

Were you able to find the home you were looking for? I am a specialist in North Hollywood and Valley Village and have lived in North Hollywood for over 25 years. I have a few pocket listings that might work for you if you still are looking. ... more
0 votes 6 answers Share Flag
Tue Feb 11, 2014
Not sure where you are going to find a condo for $50,000 in North Hollywood. Are you sure it is for sale for that much. Email me with an address and I will check on it for you.

Alex Greer
Loan Officer
NMLS #1056079

... more
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Mon Dec 2, 2013
Marine Kutyan answered:
The lowest priced condo in the valley is $78,800 in North Hollywood, followed by one in Sylmar for $93,000. Let me know if you would like me to send these to you or if you would like to see any other listings.

Marine Kutyan
Realtor/Notary BRE# 01858584
Like Me On Facebook:
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0 votes 7 answers Share Flag
Tue Jun 11, 2013
Annette Lawrence answered:
Rule of thumb.
It does not exist.
Each HOA is very explicit regarding what pets, if any are allowed. They will even define what a 'pet' is. The will further define how many of each pet and the Maxium, mature, size allowed, Further refinement can occur prohibiting certain breeds. And finally, those exceptions, such as for companion pets, NOT SERVICE PETS are addressed.
THe HOA is comprised of the property owners in that community, not some remote 'on high' council that rules with absolute authority. The pet requirments can be vigorously enforced, modified or ignored depending on what the members choose to do or tolerate or the management company's policy.
As you very likely surmised, each community (and building within a community) must be researched to determine what are their pet rules.
... more
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Tue May 28, 2013
John Arendsen answered:
Must chime in with my fellow brokers on this one. Absolutely not!
0 votes 5 answers Share Flag
Sun Jul 8, 2012
Angie Simpson answered:

I am going to assume that you are referring to the NOHO/Studio City overlay area in 91607 & 91602 zip codes. If so, you are looking at $1 million and up for a move in ready home. If you do mean the actual area of N. Hollywood then the price point is much different, from $400k and up (maybe less for some streets).

If you are interested in looking for a home in either area, that is what I know best, so please get in touch with me to discuss your goals and how I can help.


Angie Simpson
Coldwell Banker
... more
0 votes 2 answers Share Flag
Fri Jul 29, 2011
Bill Hooper answered:
Escrow orders a title report at the start of escrow, the CC&R's are part of the "Underlying documents" that affect this title report and should be included with the package you receive. This package will also include other Home Owner Association (HOA) information, such as, 12 months of HOA minutes, financials, by-laws & a reserve study report.

Since this is new construction, there will be no minutes (the board has yet to be appointed), no reserve study since it's a new HOA, and minimal financials (the builder typically initially funds the reserves, maybe $10K). The CC&R's & by-laws should be available. The CC&R's are a recorded document, orginally filed with the tract map, as part of the process. The by-laws are not recorded, since they are an instrument of the HOA board to manage the day to day operations and controls over the entire project.

Every buyer should be presented with full documentation once their offer has been accepted and escrow opens. I hope this will provide some clarity for you!

Bill Hooper
RE/MAX Westside Properties
... more
0 votes 2 answers Share Flag
Thu Mar 17, 2011
Centermac Realty answered:
This issue is usually addressed in your purchase contract - assuming you've signed a standard CAR agreement. Unless otherwise agreed to by the seller, it is usually the buyer's responsibility in dealing with the tenants. The buyer can always allow the escrow to close in 30 days, delay moving in for 30 days, and become a landlord for a month. The tenant would still have to pay you rent during this 30 days. It now becomes your responsibility to deal with the tenants. If the tenants fails to pay rent or move at the end of the termination notice, you can hire an eviction attorney to evict him. ... more
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Tue Oct 19, 2010
Harold Sharpe answered:
That sinking feeling is not a good one.
If your agent agreed to negotiate your short sale for you,
Your agent should be working on this.
I will say that banks have taken a new approach.
If the short sale is not approved by the sale date, the foreclosure goes forward.
This means sitting on the fence is no longer an option.
If you or someone you know is behind in their payments it is wise not to wait if they want to salvage their credit and short sell it.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate License # 01312992
... more
0 votes 9 answers Share Flag
Sun Aug 15, 2010
Sonsie Conroy answered:
If you have reasonable credit, and your wife has excellent credit, you might look into seller financing. Some sellers would rather have monthly income than a lump sum, and are willing to finance a sale with a moderate amount down if the buyer[s] have good credit and steady employment.

There can be risks with a land contract; google that term to read about some of them. In any event, expect to make a good-sized down payment and have a credit check run and provide proof of income. Good luck!
... more
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Mon Mar 1, 2010
Tommy Lee answered:
Probably a typo. I checked just a minute ago and the cheapest in NoHo is 175k.

Call me if you need help.
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Fri Oct 2, 2009
Jenny Durling Team answered:
Buyers' offers are not confidential. The main reason a listing agent does not want to tell you exactly what others offers come in at is that they don't want to limit their seller's options. For example, If I tell you the best offer is $501K, you might offer $505K knowing it wouldn't take much to come in higher. If I tell you the best offer is "over $500K", you may offer offer $510, $520 or more. The listing agent's job is to get the highest offer for his client. By divulging exact numbers the agent would actually be limiting the amount that another buyer might be willing to offer. ... more
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Mon Jul 20, 2009
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