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
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
- Up to 95% LTV
- 1 month Bank Statement Program
- 12 or 24 month Bank Statement Program
- VOE Only Program
- 1099 Only Program
- P&L Only Program
- Asset Depletion Program
- Credit Scores Down to 500
- Foreclosure Bailout
- No Income Verification up to 80%
- No Income Verification for cash out up to 75%
- NO DSCR Required
- Ficos down to 600
- 5+ Unit Apartment Bldgs.
- Mixed Use Properties
- Loans held in LLC and Corps.
Inquire Below Today!
Happy New Year!
This year one of my goals is to become an even larger resource for the Fix and Flip & Investor Community. After 16 years of service in this industry, we connect investors to lenders and private funding programs nationwide.
After reviewing these new loan offers and working with dozens of lenders, I compiled this list of lenders to refer to interested parties.
I hope you enjoy!