Neighborhood research: Eagle Rock / Echo Park / Highland Park etc
Hi all! Looking for our first duplex to house hack in Los Angeles, and would love to hear your thoughts on the Highland Park / Glendale / Echo Park area. Open to expanding a little further south as well, but would love to stay north of the 10/101. How do you go about researching new development going in? Where are the cool new spots going in? Where are the best up-and-coming spots?
I'm planning to spend some time in the coming weeks driving the neighborhoods, talking to people, checking out the shopping areas, etc. Anything else I can do online to maximize my time when I hit the pavement? Thanks for any advice you can offer!
@Jeff Eames just sent you a PM
Hi @Jeff Eames,
Those are all awesome markets that have a ton of development going on right now. I would say Glendale has had more development done as opposed to highland park then followed by echo park. All three areas have their own pros + cons but remember that when you are buying in that side of town to consider the commute if you have one (to work). Everything north of the 110+101 is timed based on traffic from Dodger Stadium games and other events.
With that said some areas I like also include Pasadena, Altadena, La Crescent / La Canada, Montrose if you want to be in the foothills. If you are going for Glendale, I would also look into Burbank as well. Eagle Rock & El Sereno are both nice little pockets more towards the Pasadena as well but are a bit more suburbs as opposed to metropolitan ares.
If you want to venture into more of “LA” I would also consider Mid-city and West Adams as well, they have a ton of development right now and I see those areas as hot points since they are closer to west side and Hollywood (again everyone wants to avoid traffic as much as possible, so these are also good areas to rent out as well if you are house-hacking). I was in the same boat with my last client looking for a duplex in West Adams / Mid-City as well.
Let me know if you need anymore info or help!
Quote from @Jeff Eames:
Hi all! Looking for our first duplex to house hack in Los Angeles, and would love to hear your thoughts on the Highland Park / Glendale / Echo Park area. Open to expanding a little further south as well, but would love to stay north of the 10/101. How do you go about researching new development going in? Where are the cool new spots going in? Where are the best up-and-coming spots?
I'm planning to spend some time in the coming weeks driving the neighborhoods, talking to people, checking out the shopping areas, etc. Anything else I can do online to maximize my time when I hit the pavement? Thanks for any advice you can offer!
Jeff,
This really depends on your budget. NELA (northeast LA) is full of little pockets, both residential and commercial, and the first question is that of budget.
That said, Echo Park south of the 101 is probably the best investment area right now (of the neighborhoods you mentioned). Lots of luxury apartment buildings are being built amongst ramshackled old duplexes -- and that presents a fantastic opportunity for a house hacker!
Best!
Jon
Hi @Jeff Eames,
There is a lot of good advice here already. Some of what you're asking about is subjective, but having lived in the area for 15 years, I'd say to look further North and East depending on your strategy, capital, and goals. If I were to add anything to your list of places to check out, I'd say El Sereno, Lincoln Heights, and around Cal State LA. There are more insights, but lets talk if you're interested.
Best of luck!
-
Real Estate Agent California (#02130216)
- The David Greene Team
- 323-362-6665
- [email protected]
Hi @Jeff Eames
All great areas to invest in. It all comes down to what kind of community you are looking for and what your budget is. Highland Park has been changing a great deal over the last 10 years and I would say is the most exciting area for change and growth in the immediate future. In Highland Park, I would check out York Blvd around Ave 50 and Figueroa around Ave 57.
The biggest challenge I face with owner users and duplexes is most properties come with tenants. You have to consider that most properties in LA that are two or more units are under rent control so you will have to pay for relocation fees if you plan to live in one of the units. Beacause of rent controlled laws, I always recommend considering purchasing a house and converting the garage into an ADU. You could live in the garage and rent out the house.
I'm happy to talk more directly. I have a Highland Park listing coming to market next week that has an ADU. They used it as an Air BnB and have practically covered their mortgage. Short term rentals in these areas are your best bet for highest returns.
Best,
Jeremiah
What's your goal in the next 5 to 10 years?
Do you want to keep what ever you buy long term or sell it later to buy something different?
How much do you have right now for the venture?
Do you want to buy something finished and house hack or do you want to buy under market and add value to it?
What's the dream?
Answers to these questions will help you guide your search and execution!
Capital/ money and pre-approval will also shape it all. You can do more and take on more when you have more funds to spend.
Let me know once you have the answers and if you want to chat about this?
Quote from @Jeff Eames:
Hi all! Looking for our first duplex to house hack in Los Angeles, and would love to hear your thoughts on the Highland Park / Glendale / Echo Park area. Open to expanding a little further south as well, but would love to stay north of the 10/101. How do you go about researching new development going in? Where are the cool new spots going in? Where are the best up-and-coming spots?
I'm planning to spend some time in the coming weeks driving the neighborhoods, talking to people, checking out the shopping areas, etc. Anything else I can do online to maximize my time when I hit the pavement? Thanks for any advice you can offer!
Check out the Hermon neighborhood in Highland Park. Craft beer, hipsters with disposable incomes, and conveniently located.
I bought my first investment property in Highland Park in 2021. I'm originally from Westminster/HB and now live in SGV. Highland Park is a cool area. The mixture of my friendly neighbors and restaurants give me a homely feel to it.