Tag: "fixer"

4 REO’s in LA County Below $200k!

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