Results for ‘How to’ category

When to order the appraisal

Recently, the question of when to order the appraisal has caused problems for us on two deals, so I thought I would address it here. Just so everyone is clear on what we’re talking about: When you use a loan to buy a building, the bank requires an appraisal be conducted. Depending on the size

Beware of setbacks!

Apologies, in advance, for a fairly technical piece, but this is very important information for anyone doing remodeling in LA. If you’re rehabbing a property, you need to be extremely careful about touching anything located in any setbacks. What do I mean by setbacks? They are the parts of any lot in which the city

Avoiding a pretty painful “oops”

A reader wrote in to ask me a question about yesterday’s piece, which argued for refinancing and holding, rather than selling, completed repositioning projects. The question: “Only thing I don’t understand is why not refi on a LTV more than 60% to get back all of your original 2million dollars.” It’s a reasonable question. After

How a good contractor handles inspectors

By now, we’ve had a LOT of experience dealing with city inspections. And we’ve seen how many different contractors handle them. And here’s what separates the contractors who get their permits signed off from the ones who get endless streams of corrections: Good quality work (obviously); and Confidence. The nature of renovating old buildings is

Never lose units

Saw that someone arrived on the blog yesterday using the following search term “convert duplex into single family home”. Here’s my advice: Don’t do it. Or, at least, don’t do it with permits. Regular readers know I’m strongly in favor of using permits for every single construction project. It’s a bit more expensive, but you

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