First time home buyer - 4 unit in Inglewood CA
Hey guys, I was wondering if I could get some advice on a deal that I'm trying to close for 239 West Hillcrest Blvd Inglewood CA 90301. I got the offer accepted this past Monday for 750k, which was awesome. But the place needs a ton of work. I think it'll be worth it because having four units in this area, which is up and coming because of the new Rams stadium and Downtown train line, it seems like a home run.
My family on the other hand seem to think it's a good deal but they're saying that I'm getting in over my head with rehab work. The foundation on unit is also suspect. I want to chip away at it one unit at a time. Fix it up slowly and it'll eventually come together as a good investment for the long term.
So I wanted to get your thoughts on this deal. Whether it might be worth diving in, even with some foundation problems. We'll see tomorrow when the inspector takes a look. It's tough to find anything in LA these days. This opportunity seems like a chance to get myself out of renting. The three other units would almost cover the entire mortgage. I'm looking to either put 5% down and have more for rehab right away, or 15% down to lower the mortgage and slowly chip away at rehab over time. What do you guys think?
thanks!
mario