All Forum Posts by: Clarence Johnson

@Monique H. I have an aunt who lives there and I have been researching the area.  Curious about the purchase price and neighborhood class.  Any other insight on this area would be greatly appreciated.

@Peter Stewart  $1400 is 1 bedroom rent in Inglewood right now, you could probably pull off $2000-2200 for a 2/2 depending on the area and int/ext condition.  The $60-70k rehab estimate seems high as I'm shopping for an Inglewood condo and some of the worst 2bed 2baths in the city wouldn't require over $20k in repairs/upgrades.  Hell, for the right price and in the right part of Inglewood I may make you an offer you can refuse.  If your considering raising rents by a large amount, maybe you should wait until the end of the year as an eviction could possibly push you into winter, where your pool of potential  good tenants will be low.  If your only raising rents 3-5% then a small lifestyle change on your tenants part (cable, pets, vices) could likely account for the increase.  Let me know if you consider selling, even if its not for me condos are moving fast here.

Makes sense, wheres my time machine lol.

Congrats on your purchase!

Was that 4% rate with a buydown? What lender are you using? That's pretty competitive for FHA right now.

Has your search revealed any new commercial lender prospects that may be good for an out of state investor?

Your the mvp, wish I could like this twice!

If your goal is multifamily in LA FHA loans would be my suggestion. I have personally closed 4 unit buildings at over 1 million dollar price points with less than $50k out of my buyers pockets (including closing cost). The up front mortgage inuance and monthly mortgage insurance are a slight pain but in no way compare to you putting over 50% down on a property and the market potentially shifts. Low downpayment would allow you to make a Ca investment and possibly get another or even diversify on other areas. I strongly advise against 50% down in the Ca market. At the rate of appreciation most of my FHA client srefi in 2-3 years dropping their mortgage insurance. In short, FHA is worth it, I use it for individuals with limited capital as well as buyers with high net worth.

For South Central follow the train down Crenshaw, particularly in the Slays on area.  There's been lots of investor activity and growth in this area for at least the last 2 years.