Inspection Day and Closing Day
Busy day today, so I thought I’d keep it kind of brief and just give you a run-down of what I’m up to:
1. Am helping clients with inspections on a beautiful 1920s fourplex they’re thinking of buying Boyle Heights using an FHA loan. We’ve been at this one once before, but one of the tenants wasn’t home and the landlord refused to open the unit without the tenant being there. So now we have to go again… not that sweet. But it’s a nice deal and I’m hopeful it works out. Will let you all know what happens in a subsequent post.
2. Closing day! My partner, Jon Criss, and I have partnered with some investors to buy and renovate a five unit building in Echo Park. We close today, after which I take over management. We’ve already planned the renovations (which are going to be amazing), so the next few weeks are going to be about striking the deal for the contracting (which my partner will probably do) and then waiting for the existing tenants to move out so we can get started. It’s kind of a small project for us, but one which we hope will lead to many more in the future.
Wish me luck!