Any one know of a good realtor in the Alhambra area? Would like to know what the market is doing. Have a fix and flip deal where I was the private money gap lender in second position. Deal went over budget and took longer to complete. Has been completed. Thanks for any help you can provide.
I'm not a Realtor, but am familiar with the area and that local market. I've done several flips in El Sereno, which boarders it on the West side. Alhambra is a great location to invest in. But the areas can be spotty. And sometimes it is very difficult to come up with accurate ARV's unless you are familiar with it. Not sure where your particular property is located, but it'll make a HUGE difference in how fast it'll move. Anything heading North, nearing San Marino is the best and always is easiest to sell. Closer to the 10 freeway is more difficult. There is also other pockets that are more/less desirable in between. Market is pretty stable. Not hot or cold. More inventory is coming up, so buyers are becoming more and more picky. Again, Alhambra as a whole is a safe bet to invest in as long as you're familiar with it's pockets, the demographic buyer expectations and rehabbers budgets (obviously), as long as the correct price was paid before rehab you should be fine.
Rudy Kusuma is a successful Alhambra based real estate agent who runs a local RE meet up out at the Nu Vision REMAX offices in Alhambra. He is very generous with his knowledge and time. You should connect with him.
All the best,
Not one hour ago, @Jeniffer Huie , I returned from a property we will be funding in City Terrace, a city neighboring Alhambra. It's an area we know very well and where we have loaned on many properties. While some neighborhoods are better than others, there is no bad area to flip around there.
With Highland Park, Echo Park, Silver Lake, and most of the cities directly surrounding downtown becoming overpriced and gentrified, East LA on out is becoming more and more desirable. In fact, the rehabber we met today used to sell finished houses in the exact area for what he's paying for this one, pre-rehab.
If you made a sensible loan, I'd bet (hope?) the now completed house has enough equity to cover both you and the first position lender so I wouldn't worry. Just make sure the lender in first position is equally as comfortable, since I know some can get irrationally impatient. You don't need to hear about an NOD.
One reason that the home might be sitting is that prices in some pockets have either dropped slightly or flattened to where the seller's won't get as much as they thought when they bought late last year or early this one. As a result, expectations are still high and some homes are sitting for longer than they should. Plus, some sellers simply overpaid (are still doing so) and are praying the market will meet their price. I hope you didn't let your borrower overpay.
I'm not surprised that any rehab could go over budget, but is your borrower experienced? If so, why is he or she letting the property sit? Also, I don't mean to lecture, Jeniffer, but you're from northern CA. Why are you loaning out of your area?
Thanks for your response Jose, referral Francis and insight Jeff. I had met someone who was kind of brokering the deal. Seemed like they had done their due diligence. Had been poorly marketed since April. Have an offer, but the buyer is waffling. Really need to sell quick as an NOD has been filed. I'll connect with Rudy.
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I have deals in all 4 counties going on right now. Generally, the market is very flat. I'm seeing longer days on market, but when the offers do come in, we are getting full asking price. There are hot sub-markets and certain price points definitely attract more buyers, but overall it is a great time to be flipping houses.
Branden- will do. Aaron- thanks for your insight. Glad to know you're doing well. Wish I could say the same.
@Jeniffer Huie Regarding your post. Next week there is a meet up in Alhambra that will address your initial question. If you can you should really attend. Rudy Kusuma is the the agent who hosts this is a really great and knowledgable guy!
@Jeniffer Huie I'm a Realtor and I live in Alhambra. Just saw this post. Alhambra market did very well in 2014. Were you guys able to cash out on your flip? :)
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