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Large 2-story, 4 bedroom, 3 baths – Great Investment
We’ve put two short movies together to walk you through this great 2-story home in SOuth Central Los Angeles. Looking at them will give you a pretty good idea of what it needs. It was built in 1997, so you know it has “good bones” even though the cosmetics needed are making it look ugly now. But hey, that’s what you need to buy to make money in this market, and this one has great potential!
Banks are more and more controlling the foreclosure real estate market by slashing prices to move their inventory. According to Dataquick (http://dsnews.com), over 43% of all Southern California home sales were “foreclosure resale” transactions:
“Foreclosure resales continue to be a dominant factor in today’s Southern California market, accounting for 43.6 percent of all resales. That was up from a revised 41.8 percent in June, and up from 7.9 percent in July 2007. Foreclosure resales — where a foreclosure had occurred at some point in the prior 12 months — ranged from 22.2 percent of all resales in Orange County last month to 64.4 percent in Riverside County.”
These “foreclosure resale” transactions are considered distressed sales, and if you see an over-proportionate amount of them in a certain area, it drags down the “median home price” and the “comps” below “fair market value”. If you can purchase a bargain property AT or even BELOW these price levels, you’re getting an excellent deal!
We’ve seen deals from our bank-owned sources that you could get for 30-50% BELOW “foreclosure resale” comps (click here for a sample)! Some of these properties are still available, even in the San Fernando Valley.
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Another Great Investment Home: Buy-And-Hold…
Established neighborhoods close to centers of business in safe areas.
That’s the ticket to successful buy-and-hold investing in this market! This is another solid rental home in a nice and established neighborhood that needs a little TLC to make ready and move in your tenant (BTW: We have a bunch of lease/options buyers in that area ready to go!)
Or sell it outright to a first-time buyer.
Hambledon Ave, La Puente, CA 91744
3 bedrooms, 2 baths, 1,152 sf 6,100 sf lot
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Investment home in Established Neighborhood!
All real estate is local. How would you like to pick up a property at about $120,000 below it’s current market value that only needs minor cosmetic repairs?
This property fits the bill! It’s a solid rental home in a nice and established neighborhood that needs a little TLC to make ready and move in your tenant (BTW: We have a bunch of lease/options buyers in that area ready to go!)
Or sell it outright to a first-time buyer.
Halray Ave, Whittier, CA 90606
3 bedrooms, 2 baths, 1,444 sf 5,600 sf lot
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More, Better Deals From the Banks
Here is yet another deal that could be a perfect addition to your rental portfolio, or fix it and flip it to a first-time or move-up buyer.
This 3 bedroom, 2 bath home of 1,444 sf is in a good and established neighborhood in Whittier, CA. When you check the sold comps, you will notice that most of them are NOT “foreclosure resales”!
What does that mean? I’m so glad you asked! It means that this area is more stable and not dominated by banks slashing prices on foreclosures.
Let me add to that argument. What about the foreclosure pipeline? How many homes are going into foreclosure in this neighborhood? – You may be surprised: Over the past months new filings of NOD are up to about 4 times the level of 2006.
BUT – in 2006 there were only about 2 new NOD filings per month in the 90606 zip code. So, 4 times that is only 6 to 8 per month right now. Not really a big deal – that’s why it’s called an “established neighborhood” that looks like it will hold on to its value a bit better.
BTW: If you want to take a look at all active foreclosures in the area for yourself, just scroll down to the bottom of this article, and click the link to Free Foreclosure Search…
OK, here is a picture:
Halray Ave, Whittier, CA 90606
3 bedrooms, 2 baths, 1,444 sf 5,600 sf lot
I will post more pictures and a repair estimate later today.
Let’s run some numbers:
ARV (sold comps): $389,000
Assessed value: $581,000
Last sale: $500,000 (8/05)
Our price: $249,000 (64% of ARV, $75,000 below listing)
