Investor · Inglewood, CA · Member since 2014 · 10 posts · 1 vote
I was planning to sell my property which is 1.8 miles from the new NFL stadium in Inglewood, CA. Based on Zillow the value of my house is around 360K now. Knowing that the new stadium would be ready by 2018, would it be a good idea to:
1. Add another bathroom since it only has one?
2. Add another room?
3. Buy a second property with my current equity between 90 - 100K?
House specs: Single Family - 3 beds / 1 bath - 1,393 sqft, - Built in 1941, I owe 250K.
Real Estate Agent · Inglewood, CA · Member since 2015 · 295 posts · 150 votes
10y
1. Never trust Zillow. Give me your zip code and I can provide accurate comps.
2. I agree with Brandons advice in regards to looking at lock comps and consulting with the city for what they will allow. I have dealt with Inglewood on a few projects, and they have not always been so reasonable.
3. I'm a Realtor that owns (1 mile from development) and works in Inglewood and my honest opinion is to hold the property and try to use the equity to purchase a multifamily property in the area of the Stadium development.
4. Jaden, some areas of Inglewood appreciated 15-20% last year; the media attributes the price jump to the Rams moving, but the development surrounding the stadium, the metro project, and the Forum redevelopment have all contributed to record growth before the team inked in the deal. In short, yes buy and hold here. Look at multifamily West of Prairie, theres a lot of room for growth in that area.
5. Call or message me for any insight, I would love to assist with your investment strategy.
Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
10y
Well Felipe,bigger is better in many cases but not always.Get some recent comps on sales of 3 bed/2 bath homes and 4/2 as well. Then get a general contractor to come in and estimate construction costs and whether you can get a permit to expand the house or not.Not every neighborhood allows it automatically for certain reasons. A second bathroom may not be too hard to add if you can reconfigure the inside of the home within the existing foot print but adding a bedroom to the back or on top of the house can be challenging.
Real Estate Agent · Inglewood, CA · Member since 2015 · 295 posts · 150 votes
10y
1. Never trust Zillow. Give me your zip code and I can provide accurate comps.
2. I agree with Brandons advice in regards to looking at lock comps and consulting with the city for what they will allow. I have dealt with Inglewood on a few projects, and they have not always been so reasonable.
3. I'm a Realtor that owns (1 mile from development) and works in Inglewood and my honest opinion is to hold the property and try to use the equity to purchase a multifamily property in the area of the Stadium development.
4. Jaden, some areas of Inglewood appreciated 15-20% last year; the media attributes the price jump to the Rams moving, but the development surrounding the stadium, the metro project, and the Forum redevelopment have all contributed to record growth before the team inked in the deal. In short, yes buy and hold here. Look at multifamily West of Prairie, theres a lot of room for growth in that area.
5. Call or message me for any insight, I would love to assist with your investment strategy.
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
10y
@Felipe Diaz. Context for ya - Mr @Clarence Johnson here is a local agent, in your town, and telling you NOT to sell and NOT to list it with him. That happens what, once every 500 years? :P
I don't know squat about Inglewood, but that's an unusual occurrence that should be highlighted. If an agent were to tell me "Nah Chris, don't sell, and don't give me a commission check, I think what is in your best interests is to do something else that either doesn't pay me at all, or doesn't pay me as much per hour of work I put into it," (finding good investment properties is 5x as much work for an agent as listing a property) I'd keep that man's business card.