Are there deals to be found in the Greater Los Angeles area?
What are people's experience's there in SOCAL? I talk with a lot of people that are starting to look outside of CA. But people are finding deals for sure!
This property in Sherman Oaks, CA was flagged by Privy and someone snatched it up for $890K. After a 232 day project they listed it and then sold it 12 days later for $2MM. That's a spread of $1.1 Million Dollars!
5120 Nagle AV, Sherman Oaks, CA 91423: http://bit.ly/2mlh0pz
Where are you finding deals? On market? Off-Market? Wholesale?
It depends on what you are looking for. Was that a land deal turned new construction? Or was it a full flip that required a full investment? Meaning to the studs, moving walls, replacing everything with HIGH END equipment. There are pros in the area that are operating, but their ability to move product has been slowed some. Even at the lower end flips in Inglewood, we are seeing a slowdown in buyers purchasing. It's all about product and price. If you over priced, the buyers will turn their noses up. Feel free to reach out if you want to chat. I'm in the area you are quoting.
I Agree @Dennis Maynard it really depends on the deal. I see a lot of investors moving inland. Riverside and San Bernardino is pretty hot right now. Here's a snapshot of all the fix and flips in the last 12 months where they increased the value of the home 25% or more. Still let's of activity.
The deal I started with in the post was a true fix and flip. What a transformation!
@Benson Juarez. Those deals are quite common in my area. Studio City/North Hollywood near Sherman Oaks. There are a lot of old 1930s ranch style houses in the valley that sit on large (For LA) lots. Flippers and developers pick them up and turn them into McMansions with double and triple the square footage. Some are remodels, others are just land grabs.
The 1300 sq ft house across the street from me was purchased for 915K just to be razed. 15 months later they sold a 5000 sq ft house with a pool on the same site for 2.365 Million. It would be interesting to find out how much the construction cost.
@John Koster It sounds like you're in a Hot area! I know the area. I used to live near Hollywood. There were a lot of fix n flips in the Hancock Park area. High dollar deals. You're correct. I wish we knew what they spent. But, unfortunately they're not sharing that with the public ;)
Supply is thin in LA, and yet there are tons of opportunities out there if you know what you are looking for. I believe there are new restrictions on the McMansions in certain neighborhoods.
These deals are typical in the Sherman Oaks area north of Ventura Blvd. Single story ranch homes under 2,000 sq ft. sell in the 900K range and are typically developed into 2,800-3,700 sq ft. luxury homes in the $1.8M and up range.
-
Real Estate Agent California (#02059354)
- http://www.buckinghaminvestments.com
- [email protected]
@Benson Juarez
What software is that? Thats an awesome mapping tool!! Would be curious to see the Klamath Falls Oregon Area.
@Benson Juarez, I too would like to know more about the mapping software you showcased above. I live in this market and would love to have a more birds eye view of my area like that. Also, @Dennis Maynard, do you list only in the southern valley areas or do you get listings outside as well? Preferably Palmdale/Lancaster area? If not, do you have contact with someone who does?
@Joshua Duvall I don't focus on Palmdale, but I have sold there representing buyers. Is there something you want to discuss or seek out?
I apologize for the delay, I was traveling and then came home and got sick. All better now.
@Benson Juarez. Now is the time to hunt. Real Sellers out there. How can I help?
Originally posted by @Dennis Maynard:@Joshua Duvall I don't focus on Palmdale, but I have sold there representing buyers. Is there something you want to discuss or seek out?
I apologize for the delay, I was traveling and then came home and got sick. All better now.
@Dennis, glad you're feeling better.
I am mainly looking for pocket listings in Palmdale (or anywhere in sfv really) that are distressed and would make good flips.