CA Wholesale Blog

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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!

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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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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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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

Wow, what a great REO opportunity!

This gorgeous home was built in 2007 and sold new for $680,000… It was purchased as an investment and occupied by a Lease/Option tenant. Fast forward only 15 months later: The tenant is still living in the home, but now the bank owns the property. After taking it back at the reduced opening bid of $441,600 we have negotiated with the bank.

The result: They will take $350,000 or even less than that if a qualified buyer or cash buyer can close quickly!

And the best part: The lease/option tenant still loves the house and would be happy to stay at $2,900/month or even more! Absolutely no repairs, huge equity position, cash out with the L/O buyer once the market recovers. This is a no-brainer deal for cash or credit investors! Let’s do it!

Email tom.b@CaWholesaleDeals.com or call 626-232-6773 for details!

Search here for more Foreclosure Bargains in Your Area - it’s FREE!

…it’s good to be back in our home (and my home office…), after being evacuated due to the fires near Sierra Madre and Arcadia! (Tanker Drop)

I have a few things to catch up on AND also wanted to let you know about several new wholesale deals in our pipeline.

#1. REO Deals: As you know by now, these are usually extremely good deals that don’t last (sometimes not even long enough to upload pictures to the web site…) Currently we have pre-negotiated deals availale on 99th St, 100th St, and two duplexes on 112th St. They are all EXTREMELY cheap, and our mark-up is very small because we’re focussing on volume. So there is a lot of money to be made - left on the table for YOU!

#2. Short Sales: We’re seeing some great deals coming through right now. A nice, newer home in Fontana, North of the 210, that was last sold for $465,000: It appraises now for $350,000. It’s available for owner occupied buyers or landlord investors for only $249,000 (net). Financing and down payment assistance are available.I also have an in-road to a Quadruplex in Long Beach. It is rented for $4,400/mo. The bank wants $510,000 (plus fees, commissions and assignment). A great multi-family deal to buy-and-hold, if that’s what you’re looking to do. The previous investor paid $735,000 for it (oops)…