U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-03-2015, 05:15 PM
 
5 posts, read 4,704 times
Reputation: 10

Advertisements

Hello,
I own a 2000 sf home on a 5800 sf lot in Los Angeles, Ca. It is zoned R3 which allows the property to have a unit on it for every 800 sf of land. I am interested in tearing down the house because it is old and needs a lot of work and rebuilding a 1400 sf 3 bdr home and in the rear of the lot constructing 3 1 bdr rental units. I want the home to be a stand alone property and the other 3 units can be connecting, because i plan to live with my family here. I want to know what is the best way to get this done as far as funding, plans, construction, etc. If you have any advice or have had a similar experience please give me your input. I would definitely need some financing to get this done. Thanks in advance.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-03-2015, 06:25 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,341,437 times
Reputation: 6420
I'd make a visit to the local building authority first. To me, an R3 zoning would mean 3 units, not 4, but I'm not familiar with the LA zoning ordinance.

You will need plans from an architect at some point, but you should be talking to lenders (most likely a Savings and Loan) to see whether they do construction financing or not. If you find one, you will probably need to have your plans for them to approve (And for the permits).
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2015, 06:50 PM
 
5 posts, read 4,704 times
Reputation: 10
It can be up to 7 units on my lot. However anything over 4 is considered commercial. I went to BofA today and they told me the Big 4 (Bank of America, Wells Fargo, Chase and Citibank) havent been offering construction loans for about 5 years now. The only thing they offered is an equity line of credit. Which would not be enough. My total estimated sf (just an idea) is 3500. At $150 a sf its an estimate of around 600K. I spoke to a contractor today who said it was too difficult without structural drawings to give an estimate. But he did mention that with a 7 out of 10 in quality of materials it could be around $275 to $325 a sf.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2015, 08:13 PM
 
Location: El Dorado Hills, CA
3,724 posts, read 8,992,699 times
Reputation: 3891
My lender at BofA said they do have construction loans. Now, for a multi-family (investor) property that might be another thing. Surprised yours said they don't offer it.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top