Home Buying in Boyle Heights>Question Details

lmarmol22, Renter in Los Angeles, CA

Any advantages in purchasing investment property in Boyle Heights/Los Angeles. Can anyone advice the neighborhood conditions and rents?

Asked by lmarmol22, Los Angeles, CA Mon Feb 10, 2014

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Depends on what type of investment property you are pursuing and how much you want to spend on initial purchase price + rehab costs. If you are looking for a straight flip over a 3-5 month period with an initial purchase price of under $220k + rehab costs, then Boyle Heights, Lake Balboa, City Terrace seems to possibly have better opportunities than much of Greater LA because there's a lower initial investment price in these areas -- the flip slide is there's also a lower overall median home value in those areas too,so there is much less margin for error to make decent profits on flip.

If you are looking to invest, remodel, and lease out/hold/live for at least a 2-5 yr period. I personally think Highland Park/Lincoln Heights/Mt. Washington and Echo Park have much better bangs for your buck if you can raise your initial purchase price at or above $300k mark + some capital costs for remodel -- you will also get a much lower vacancy rate in these areas if you rent out property because the demand to rent in these areas will only get greater in the years to come as schools improve.....My favorite of these as a longer-term investment is Mt. Washington because the initial cost to purchase is still low/competitive and if you can get a property in Mt. Washington Elementary School District you will literally be able to rent it out forever as long as you keep property in good condition.
http://www.greatschools.org/california/los-angeles/2259-Moun…
Feel free to contact me back anytime.

Trey Hohman | RealtorĀ® | Berkshire Hathaway HomeServices CA Properties | Los Feliz Branch
CAL Bre # 01443279 (personal) / #01317331 (office)
Cell: 310.497.3654
Email: treycahomes@gmail.com
http://www.primelosangelesliving.com
1 vote Thank Flag Link Mon Feb 10, 2014
It is a great place to start an investment ,drive around the neighborhood to make sure you feel comfortable investing there.You can also drive around & look for the for rent signs & call to see what the going rent rates are ,good luck ! if you need any assistance please let me know !
0 votes Thank Flag Link Sat May 3, 2014
I work, live an own investment property in Boyle Heights. Homes and apartments close to Mariachi Plaza are desirable due to its public transportation desirability and freeway access. We say "All roads lead to Boyle Heights" since the 5, 110, 10, 60 and even the 710 are nearby, we even have a FB page with that title and you can get more info about the neighborhood. You can also check my FB page Alluring Urban Properties where I sometimes post more specific info about neighborhoods such as Boyle H.
Areas North of Cesar Chavez, Evergreen and cemetery are more affordable and I would advise to check crime statistics around there. North of Boyle Heights, City Terrace is also becoming a desirable option as those home rentals are gradually being replaced by owners. Pennsylvania Ave and Pleasant immediate to the 10 freeway offer amazing views of the Skyline.
0 votes Thank Flag Link Fri May 2, 2014
If you are looking for the best rent for an area, use rentometer.com Just spend some time going through the areas you are looking to buy and see what it says about the rent there. If you have any other questions just send me and email.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Tue Feb 11, 2014
Trey Hohman, is spot on. Only thing I can add is that rents in the area range around $1200-$1400 per month for 2 bedrooms, and $1300-1500 per month for 3 bedrooms; depending on area, size of the property and upgrades done to it.

You may be able to get properties below $200,000 and have no or minimal upgrade costs (paint, and other minor things).
1 vote Thank Flag Link Mon Feb 10, 2014
Depends on what type of investment property you are pursuing and how much you want to spend on initial purchase price + rehab costs. If you are looking for a straight flip over a 3-5 month period with an initial purchase price of under $220k + rehab costs, then Boyle Heights, Lake Balboa, City Terrace seems to possibly have better opportunities than much of Greater LA because there's a lower initial investment price in these areas -- the flip slide is there's also a lower overall median home value in those areas too,so there is much less margin for error to make decent profits on flip.

If you are looking to invest, remodel, and lease out/hold/live for at least a 2-5 yr period. I personally think Highland Park/Lincoln Heights/Mt. Washington and Echo Park have much better bangs for your buck if you can raise your initial purchase price at or above $300k mark + some capital costs for remodel -- you will also get a much lower vacancy rate in these areas if you rent out property because the demand to rent in these areas will only get greater in the years to come as schools improve.....My favorite of these as a longer-term investment is Mt. Washington because the initial cost to purchase is still low/competitive and if you can get a property in Mt. Washington Elementary School District you will literally be able to rent it out forever as long as you keep property in good condition.
http://www.greatschools.org/california/los-angeles/2259-Moun…
Feel free to contact me back anytime.

Trey Hohman | RealtorĀ® | Berkshire Hathaway HomeServices CA Properties | Los Feliz Branch
CAL Bre # 01443279 (personal) / #01317331 (office)
Cell: 310.497.3654
Email: treycahomes@gmail.com
http://www.primelosangelesliving.com
1 vote Thank Flag Link Mon Feb 10, 2014
Hi. Although I do not know about the neighborhood in Boyle Heights, what I do know is that you should look at how the numbers pencil out. As a former investor we would look at upside, vacancy factor, rental demand, your ROI and other factors. As a lender I can advise you how financing will impact your overall scenario. Let me know if I can help. nnathan@pinnacle-mortgage.com
Best, Nili
1 vote Thank Flag Link Mon Feb 10, 2014
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