Property Analysis BRRR Los Angeles
Here's the breakdown...
Purchased my 2nd property for $645K in an area of Northridge here in Los Angeles.
Comps in the area are anywhere between $850k-2M.
Beat out 15 other offers.
Place needs a LOT of work but I can handle it.
Put down 20% on the property.
Really love the neighborhood as a house I can fix up amazingly and live in it myself with my future family, I'm 28.
Considering putting in around $150K-200K in upgrades.
Considering all I'm going to do to it, I'm a Contractor myself, I feel I could get it reappraised for anywhere around $1.2-1.5M.
I'd love to then take that money out and re-invest in some more property, possibly a bigger multi-family..
Anyone in Los Angeles able to give me some advice and maybe answer some questions I might have as I continue to go forward with this? I'd appreciate any feedback!
Best,
Jamie