Updated almost 7 years ago on .
Los Angeles SFR Investor
Investment Info:
Single-family residence buy & hold investment in Glendora.
Purchase price: $405,000
Cash invested: $60,000
A multi unit property purchased while the market was still recovering has yielded the greatest appreciation and return in a city that that both is hard to come by.
What made you interested in investing in this type of deal?
There are few markets in Los Angeles that rent will cover the mortgage when you put little down payment, but Glendora is one of them.
How did you find this deal and how did you negotiate it?
I created a search for foreclosures in a defined area and after much searching this property became available. Allowing the listing agent to represent both sides usually yields some benefits.
How did you finance this deal?
Conventional.
How did you add value to the deal?
$20k originally spent on a light remodel, then another $20k on several plumbing issues.
What was the outcome?
A long term rental in a great neighborhood.
Lessons learned? Challenges?
Buying in a great time can make up for many first time mistakes, such as overpaying for remodeling.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.