Results for ‘Buying’ category

When a deal goes bad

If you make enough deals, eventually one goes sour. Here’s one that went sour on me… We were looking into developing some small-lot sub-division homes in Silver Lake. We found a lady selling a house on a properly-zoned ¬†piece of land. We contacted her next door neighbor, whose duplex wasn’t for sale, and convinced him

What happens if you refuse to remove contingencies

When you go into contract to buy a piece of property, you typically get a contingency period during which you have the right (and obligation!) to perform a thorough investigation of the condition of the property and title thereto. Usually, the stuff you’ll find is tolerable and you can negotiate a price reduction from the

Multi-Family Millions: The book that started my career

If you’re interested in making money from re-positioning apartment buildings like we do, you should read Multi-Family Millions, by Dave Lindahl (that’s not an affiliate link; I don’t get paid if you buy it). A few warnings: The book is cheaply made. It feels like someone self-published it out of vanity. I recommend getting the

Who to bring with you to an inspection

Once you get a property under contract, the clock starts on your physical inspection period (also called the “due diligence” or “contingency” period). This is the period, usually 10-14 days, during which you check the physical condition of the property. But most buyers aren’t experts in looking at all of the systems (foundation, roof, electric,

Avoid problems with the Los Angeles Housing Department

Pro tip: You don’t want to buy a building, only to find yourself in the middle of a war with the Los Angeles Housing Department (LAHD). Under the standard California real estate sale contract between seller and buyer, the seller has a duty to disclose any on-going issues that may effect the value of the

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