Finding a Home: A Journey of Two Bartenders
Two Paths: The Bartending Experience
“There are two types of bartenders,” says Lauren Plaxco. “Some focus solely on making drinks and fulfilling orders, while others engage socially, ensuring customers have an enjoyable experience.” When Lauren met Bryan Keith in 2014 at the Mondrian Hotel on Sunset Boulevard, she leaned more towards the latter, whilst he represented the former. Their differences in approach made them a fantastic team both in work and life.
Building a Life Together
“We enjoyed working together long before we started dating, partly because our personalities complement each other,” shares Lauren, now a lender with CrossCountry Mortgage. As they settled into life together and welcomed their son, August, they began to envision a future beyond their noisy Hollywood apartment.
Searching for a Quieter Home
With Bryan, an actor and associate artistic director, and Lauren working in finance, they recognized that by managing their expenses wisely, they could afford to purchase a home. They aimed to offset costs by acquiring rental income, whether through an apartment building or a house with an ADU (Accessory Dwelling Unit).
A Broad Search Across Los Angeles
Determined to provide a quality education for August, they explored neighborhoods across San Fernando Valley and Pasadena. Their focus was on finding a ready-to-move-in duplex, triplex, or a standalone home with potential for an ADU that could generate additional income.
Utilizing Renovation Loans
Lauren’s experience as a lender proved invaluable. “Many don’t know about programs like FHA 203k and Fannie Mae HomeStyle Renovation loans,” she explains. “These allow buyers to include renovation costs in their mortgage, based on the estimated value after improvements.” This knowledge is crucial when looking for properties needing updates or expansions, like adding a rental unit.
Crafting the Perfect Offer
The couple partnered with agents Alisandra Morisi and Rae Olivier from Sotheby’s International Realty, who crafted informative brochures for sellers. “Most sellers prefer straightforward, uncomplicated offers,” Morisi explains, emphasizing the importance of educating other agents on the benefits of renovation loans to alleviate any concerns.
A Home Among the Options
With a budget between $750,000 to $1.3 million, Lauren and Bryan considered various properties, including a stunning three-unit home in Highland Park, boasting beautiful views, rustic-chic designs, and existing tenants at below-market rent. They also explored a charming two-bedroom cottage in Van Nuys, featuring space for an ADU. Each option presented opportunities for rental income and personal growth.
