CA Wholesale Blog

Raw Footage from Walk-Through

Watch these 4 videos (total about 10 minutes) for detailed walk-through information on condition and layout of the property. It is located on W 88th St in Los Angeles, CA 90044, off Figueroa.

Video 1: Exterior full walk-around.

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Nice Compton Home - Fix-And-Flip Or Hold…

The bank’s had enough of the credit crunch…

Watch this short movie to walk you through this great first-time buyer or investment home in Compton. It needs minor cosmetics, and there are several creative additions. One of the bathrooms seems to have been added (probably unpermitted), and there is an extra “bedroom” with private access that was created from a covered porch. Don’t miss the “outhouse”!

Watch the Walk-Through Video here:

E El Segundo Blvd
Compton, CA 90222
3 bedrooms, 1 bath, 956 Square feet (Actual: 3 bed, 2 bath - plus the “outhouse”)

ARV: $237,000
Sold comps in the area are almost exclusively “foreclosure resale” transactions. By and large these are bank owned properties in bad shape. The key to prosperous investing in this market is to rehab a good product and sell it at an affordable price that allows for a reasonable profit. - Or hold on to it and rent it out for the big payday and wealth building strategy.

Our cash price: Only $109,900 (includes assignments)
Repairs: $16,500 (paint, carpet, minor repairs, cleanup, appliances)

Call now to lock in this great property: 626-921-5881

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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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)

Act now, this one will be gone very quickly!

Email: tom.b@CaWholesaleDeals.com

Free Foreclosure Search - Click here!

Best Value in small REO package

Currently available a small group of bank owned homes at a huge discount for cash or hard money buyer.

The package consists of 4 SIngle Family Homes that need minor cosmetic repairs (typically carpet, paint, light fixtures, landscaping). These homes make great rentals or flips to first-time buyers.

Here are the properties:

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Large 2-story, 4 bedroom, 3 baths - Great Investment

Look at the movie to walk you through this home. It needs major cleanup, but it was built in 1997 and has great potential!

Watch Part 1 - The Main House (scroll down for Part 2!):

E 110th St
Los Angeles, CA 90059

Assessed value: $419,000
Last sold: $450,000 (11/17/06)

Our cash price: Only $169,000 (includes assignments)
Repairs: $25,000
Quick sale value in good condition: $298,000 (there have been several recent sales near $400,000)

Email now to lock in this great property: tom.b@CaWholesaleDeals.com

Part 2 : Back lot and Units:

Stewart St, Baldwin Park, CA 91706

2 Bedroom, 1 bath house 800 sf

Needs very little work; almost all upgraded, just some fixes and repairs

Great buy-and-hold rental; recent sold comps around $300,000

Our price: $197,000

Email for full address: tom.b@CaWholesaleDeals.com

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More banks are feeling the pressure, and we have negotiated prices yet another $100,000 below recent “foreclosure resales”.

Speaking of “foreclosure resales”, did you know that the June sales statistics included 41% of foreclosure resale properties in Southern California (properties that were sold by banks or lenders after they had been foreclosed)?

That’s great, because it means two things:

1. Foreclosure inventory is starting to move because banks are pricing more aggressively;

2. Median home price data is dominated in some areas by discounted properties. So the steep drops are exaggerated leaving more opportunity to investors and buyers who understand that.

Anyway, back to our available deals. Four properties that are all cosmetic fixers. Some need very little repair. These are perfect to fix and keep as rentals in this market. They will cash flow AND appraise for a lot more than you’ve put in. So, refinancing will be an option for your buy-and-hold strategy.

Two properties are located in Pomona, CA in decent areas. One is a 4 bedroom(!), the other a 3 bedroom.

The third deal is located in Baldwin Park, CA. It’s a 2 bedroom, 1 bath house. Good condition, great keeper.

The fourth property is in Los Angeles, in a fairly decent neighborhood in South Central.

All properties are between 60% and 65% LTV and priced just under $200,000. Recent sold comps of mostly REO properties are in the $270,000 to $300,000 range. Appraised values after repairs will be in the range of $325,000 to $350,000 on these.

Please email me ASAP for details: tom.b@CaWholesaleDeals.com

Are you ready to steal from the banks?

This is literally a case of “legal” bank-robbery in the 21st century…

We have negotiated two incredible steals for wealth-buidling investors that are NOT IN THE MLS!

The first one is a 2 bedroom, 1 bath house on Prospect Ave in the 90270 zip code which is Mayflower.

The bank foreclosed in April for a nominal price of $360,000. The most recent sold comparables are in the $300,000 range for an REO property in poor condition.

Our cash price is only $237,000 (including all assignment fees)!

Call me at 626-232-6773 to lock it in NOW!

The second home is on Bell Ave in Bell (90201). Also a 2 bedroom, 1 bath home. This one sold for $450,000 in 2006. Bank took it back for $376,000 in 2007. Recent comparable sales are in the $300,000 range as well (again for mostly bank owned homes in bad shape…)

Steal this home for only $235,000! Call 626-232-6773…

Fantastic Rental Or First-Time Buyer Home

We have negotiated a bottom-basement price with the bank.

Call now to lock in this deal (626-232-6773):

13119 Beaver St, Sylmar, CA 91342 (click for map)
3 bedroom, 2 bath, 1360 sf, 9310 sf lot, Pool!!!

Assessed Value: $540,600 - at the peak of the market similar homes sold for $595,000!
Recent Sold Comps (last 3 months): $410,000; $369,000; $456,000

The home has a very nice pool and a sun room with custom tile work, as well as many lovely details in landscaping and design. Double door entry, fireplace, extra storage in the garage, built-in BBQ, etc.  The lot is very large for the area: 9,320 square feet.

Located in a very desirable area of Sylmar, North of the 210, in walking distance of LA Mission College, two County Parks, and El Cariso Golf Course, this home is perfect for entertaining.

Our Price: $279,000 (Listed at $309,000)
That is 46% of the peak value, or 62% of current ARV!