CA luxury rentals and top dollar land
I live in Beverly Hills, and despite what people think, I see so many run down homes every day that would make for a great BRRRR. I need to do more specific research, but the monthly rents for 2-bed luxury rentals (in MFH sometimes) go for about $5k-$9k/mo. Considering people in this area can afford so much, I'm curious what people see as the downside to investing in an area like this? It seems everyone is a lot more interested in investing in middle/low income areas and I'm wondering if there is a reason for it.
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Hey Caroline! I'm a realtor/investor in LA and this is a very good question. The main thing that comes to mind is that in Beverly Hills even the distressed properties can be super pricey. If you ever have any addresses specifically that you want info on, I can totally look up comps and the condition and owners of the house to get you more info. Let me know. I'd love to help!