Zoned RD 1.5 – Build Up To Five Units
In the Heart of North East Los Angeles!
340 N. Ave 51 Los Angeles, CA 90042
This is a nice opportunity to develop a large lot in Northeast Los Angeles (NELA).
This is a hot area, with a large amount of development going on by investors and builders.
It will be delivered vacant, which is always our first concern.
There is value in this project, whichever strategy you initiate.
We have been told that you can build up to five (!) units on this large lot, but do you own due diligence with the city.
Take a look at the numbers:
– existing single-family home, 3 beds and 1 bath, is 1314 sf
– great lot size! 8242 sf
– closing date is August 30
– EMD is $10,000
– Purchase Price is $765,000
|Hard Money & Private Funds Available for Investors|
|Loans from $75,000|
Not many lenders arrange loans as small as $50,000. We will!
|Fix and Flip|
We lend up to 90% of the purchase price and 100% of the renovation budget. In addition, we don’t charge interest payments on the rehab dollars until it is drawn.
|Competitive rates and fees |
You came to the right place if you are looking for a private or institutional hard money!
|Bail Out Loans|
An equity-based program. If we can keep it under 65% LTV, we can bail
you out in 7-10 days. (Only CA and TX)
|Commercial, Land, Agricultural and Specialty Properties|
Commercial, apartments, land, Wearhouse, partially completed construction projects, industrial, automotive and many other types of properties are those we lend on.
|2nd and 3rd Mortgages|
We arrange second and third mortgages every month. (Only CA, TX)
|Construction Completion/Development Project|
Got construction project? We have multiple ways to structure your file, so you can complete your project and get it sold!
Do you need working capital/payroll/expansion for your business? We
can fund in 5-7 days. To qualify, all we require is the business to be
established for at least 6 months and provide 6 months business and
credit card-merchant processing statements.
Long Term Rental Loan Programs We offer 5,7,10 and 30-year fixed term, starting at 5.875% rate and can
leverage up to 85% LTV
Why is Residential Construction is Ripe for On-Demand Disruption?
With a record year for the on-demand industry in 2019, the big prediction for 2020 is that on-demand companies will expand to new industries.
This is happening now in residential construction. A common issue with residential construction is going over budget, not meeting deadlines and plainly losing (wasting) money primarily due to lack of communication.
Most contractors do not use project management software to keep their jobs in-line.
95% of all residential remodel projects end up in frustration. Homeowners go into a project excited about their contractor only to soon be in the dark about what is going on.
Check out: The new on-demand startup “Project Buddy” http://www.projectbuddyservices.com is the 1st of its kind and planning to revolutionize the industry: Creating completely transparent transactions between homeowners and contractors. Simply put, Project Buddy helps organize projects.
“After years of consulting in the construction industry I found that almost every job had a point where the client thought they were being cheated, it was almost always due to a simple lack of communication. Construction remodel projects are very organic and change daily. I started Project Buddy to help both Contractor and client stay up-to-date on a weekly basis.”
Project Buddy, from PGN Design Group, works with a cloud-based construction software that all parties have access to with their smartphone, tablet or computer. Project Buddy finally makes it easy for homeowners to follow the progress of their construction project from anywhere and makes it easy for contractors to keep their clients updated on day-to-day progress of their projects. It works with 5 easy steps.
- Upload project information to Project Buddy cloud-based software.
- Take daily photos of the project.
- Create daily work logs.
- Contact all contractors, subs and architects for scheduling purposes.
- Create an “end-of-week” report for the project.
So who’s doing the actual work? Numerous “Buddy’s” manage jobs in the areas that they live in. They can work as much or as little as they want. Think of it as the “Uber for Construction Projects“.
The service will operate on weekly contracts so that there is no big commitment from homeowners or Buddy’s. For contractors, there’s no need to hire and train full-time employees only to have the burden of their salaries on the books when it gets slow.
At the end of each week, clients have the ability to either “opt-in” if they like the service or “opt-out” and we’ll see you on the next one!
Project Buddy will have the ability to do one or all of their jobs. The company is poised to disrupt the residential construction industry by helping smaller companies with growth, and larger companies with quality control. The price is $497/week for most projects, cheaper than the cost of a laborer sweeping up the site!
Why Use Them?
- Lost Time = Lost Money
- Cloud-based Software = Transparency, 24/7 access from any device.
- Organize contractor = Get’s the Job Done on time and on-budget!
- Weekly contracts = No Big Commitment
- One low rate for any size project (single-family or multi-family)
Project Buddy has launched in Los Angeles and the San Francisco Bay area with expansion to other major cities in the U.S. later in the year.
- Contractors/Developers – Instead of carrying a payroll employee as a superintendent, we can replace that cost, and we have no problem with working for 1 week..
- Real Estate Agents – You know all of the Wholesalers, Flippers and Homeowners doing remodels, refer our service and receive a $497 referral for each.
- Architects – You work with homeowners and flippers too, with our service, you can monitor the project remotely and not get left out of the circle. Refer our service and receive a $497 referral for each.
- Hard Money Lenders – CLOSE MORE LOANS. We can act as a 3rd party service provider that can be financed and used as a kind of “insurance policy” Lenders can require their borrowers to use Project Buddy, and they’ll always know what’s going on with the project! Two words – Accountability Partner. Protect their loans. Fewer foreclosures will increase bottom-line. No COST to the Lender – You can build it into the loan (its a cost of doing business)
- Owner Builders – You want someone to babysit the work-site, and you don’t want the job?
- We’ll help week-to-week until you don’t need us anymore! You can see all the progress on your smartphone or preferred device, and read the notes left by the Buddy. Perfect Communication!
Book us for one job, for one week and you will quickly see how easy and smooth your job/s will run.
Find out more about our services TODAY www.projectbuddyservices.com
Or Call Greg Direct – 323-632-3279
Large R3 Property in L.A. County Area!
$17K PRICE REDUCTION!
Take a second look at this great L.A. County property now that we’ve negotiated a nice price reduction.
It’s a single-family home on a 9200+ sf lot, perfect for building multiple units. There are apartments and other multi-family properties on the same block, and this property is primed for development!
Here are the details:
Existing single family home is 3+2- 1306 square feet
Lot size 9233 sf
EMD is $10,000
Closing date is July 23
Strategy is to build multiple units and hold for income or sell once built and/or occupied
Purchase Price is now just $475,000
*ACCESS IS BY APPOINTMENT ONLY*
510 E. 48th Street Los Angeles, CA 90011
Here’s a duplex in L.A. near USC! The property is zoned LAR2, and is currently rented at below market rents, which is one reason we obtained the large discount from list price. The tenants can be relocated with the proper allowance, so take that into account when doing the math.
It’s a very nice street on the north end of South L.A., and has potential to be a great long-term income property once fixed and rented.
Here are the details:
– existing two units 1/1 up and 2/1 down- 2168 square feet- lot size 5480 sf- EMD is $10,000- closing date is July 23- tenants paying just $500 each ($1000 total)
– Purchase Price is $450,000 (it’s currently listed for $510,000)-
Remodel cost guesstimate $80,000-ARV around $630,000
A vacation home might seem like it belongs squarely in your “dream goals” column—something you’ll invest in if you come into a windfall of money. But the truth is, a second home is more attainable than you think. In fact, it could even be a smart financial strategy! If a vacation home is on your radar, here’s what you need to know.
Vacation Home Statistics
According to HomeAway’s 2016 Vacation Rental Report, 70 percent of vacation home owners pay more than half of their mortgage with rental fees, and 54 percent cover more than three-quarters of their mortgage. That represents an average $28,000 in annual income with fewer than 10 hours per week of work. And since the typical vacation home owner rents out their second home for only 18 weeks of the year, there’s still plenty of time to enjoy the property for your own leisure.
Choosing a Sound Investment
Investing in real estate is far from a sure thing, but there are a few things you can do to make sure the numbers work out in your favor:
- Choose a location with a strong rental market. Renting out your vacation home is a great way to generate passive income. But if renters are in short supply or prices are low, you’ll lose money maintaining your second home. And if you select a location that relies on seasonal tourism, like a ski town, you might not be able to use the vacation home when you want to.
- Buy smaller and add your own garage space. Sometimes the best choice is to opt for a smaller space. You can save money on the purchase price as well as utilities and insurance. If you buy a smaller freestanding home without a garage, you can easily add a detached prefabricated steel garage that can house your car or function as extra storage.
- Vacation for less than two weeks each year. If you use your home for less than 14 days in a calendar year, it’s considered a rental property, and you can deduct rental expenses like management fees and depreciation. While you’ll have to pay taxes on the rental income, you’ll come out ahead if you rent the property for most of the year.
- Or rent out your home for less than two weeks each year. If two weeks of vacation isn’t enough, there’s another tax rule that can work to your advantage. If you rent out your home for less than two weeks each year, you don’t have to report the income to the IRS. This is a great option if you’re near a big annual event that lets you charge higher rental fees. You won’t be able to deduct rental expenses, but you can deduct mortgage interest and property taxes. For more information on how rental use affects tax obligations, read the IRS rule or this breakdown from Bankrate.
- Buy a home you’d like to retire to—at least temporarily. When you sell a primary residence, the first $500,000 in profit is exempt from capital gains taxes ($250,000 if you’re single). However, this exemption doesn’t apply to vacation homes, with one caveat. If you live in your second home for at least two years before selling, you can take advantage of the primary residence exclusion. This is a smart solution if you want to retire to the beach but aren’t committed to staying long term.
Protecting Your Investment
Making money off your second home only works if you take good care of it. Whether you’re renting or selling, it’s important to keep the property in good repair to get the best price.
If your primary residence is far from your vacation home, hire someone to handle maintenance and coordinate cleaners. If your vacation home is vacant for extended periods, invest in a strong security system and ask someone to check in periodically. If you have a swimming pool, be sure to install safety features like temporary fencing and pool covers to keep trespassers and wandering children out. And don’t forget to maintain the exterior, even when the property isn’t in use. Curb appeal is a major selling point, and you want your property to leave a good impression on prospective renters.
Whether your priority is generating income or having a gorgeous place to vacation, a second home is an excellent option. With the right property, you enjoy a convenient vacation destination, a potential retirement property, and passive income to enhance your lifestyle. Choosing the right vacation property for your personal goals is complicated, so consult your realtor and accountant for help making the best choice.
Guest Post Written By:
Seth Murphy, Papadiy.com