Home Buying in Los Angeles>Question Details

Andrew Kang, Home Buyer in 90720

What are some recommended neighborhoods for multi-family units (rental income property) in the city of Los Angeles or vicinity?

Asked by Andrew Kang, 90720 Wed Mar 3, 2010

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9
Hi Andrew,

That answer depends on a variety of factors - price range, return on investment, your investment goals, etc. I would be happy to speak with you further about this. Please contact me at your convenience to discuss.

Sincerely,

Peter Stewart
Keller Williams Realty Westside
http://www.bestonthewest.com
1 vote Thank Flag Link Wed Mar 3, 2010
Hi Andrew,

I think you're best bet for your price range and down payment is anything east of Western, some parts of Hancock Park, Harvard Heights, Atwater Village and Koreatown. There's a reason why agents are mentioning South Central. All of my best units are there. Section 8 is the absolute best and is steady and stable income.

Why not get set up with a private client website through the MLS? I, or any of the agents below can set you up with one and send you listings so you'll be able to see what's available in any and all the areas you're interested in. I'd be happy to answer any questions you have about investment properties.

SKY MINOR
Broker, Preferred Realty and Loan
DRE #01380933
Cell 310-709-8283
Efax 888-866-8798 http://www.skyminorrealestate.com
Web Reference: http://www.skyminor.com
0 votes Thank Flag Link Tue Mar 9, 2010
Hello Andrew,
You will find great buys on 3-4 units at $800,000 or less with 25% down. when buying for income properties, consider the actual rents, condition of the units. visit http://www.themls.com and review the listing details for 1941 S Bedford, 90034. asking price $699,000, actual rents $59293. Has a loan officer provided the mortgage interest rate to you based on your down payment and credit info? Your mortgage payment for a $600,000 loan at 6% is estimated at $3600/month (excluding property taxes and insurance)
recommended areas: South Pasadena, Glendale, Burbank, Culver City, Silver Lake, Los Feliz, nicer areas of Echo Park, Highland Park.
Good Luck with the search. Please feel free to contact me for your real estate needs.
Myrna Averia
REALTOR
Lic 01269474
Keller Williams Realty
323 377 6053
http://www.JustListedMyHome.com
JustListedMyHome@gmail.com
0 votes Thank Flag Link Wed Mar 3, 2010
Hi Andrew,

Investing around the USC area is not for everyone. I would recommend Silver Lake and Echo Park (I've sold some amazing multi-family units here), Mid-Wilshire, Hancock Park adjacent, Hollywood, Korea Town. In these areas you will get a nice mix of tenants and upside in great areas in my opinion. Please let me know what your requirements and comfortability and I'm happy to help you.

Best Regards,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
0 votes Thank Flag Link Wed Mar 3, 2010
This would not be owner occupied.

I was curious as to why several of the responses included the USC area? I graduated from there but it does not strike me as a great value area. Is the value strictly in terms of the cash flow generated from temporary student tenants compounded by their demand and lack of affordable options? In terms of geography, are we talking the area from Figueroa St heading west 'til Vermont Blvd and then Exposition north 'til Adams Blvd or Washington?
0 votes Thank Flag Link Wed Mar 3, 2010
Hollywood defines the city for the millions of tourists. West Hollywood features the Sunset Strip. Popular beaches and the Pacific Ocean. When you're looking for Los Angeles-area apartments to buy, you can find great deals in Silver Lake, Miracle Mile, Echo Park, Los Feliz, and Eagle Rock. Personally I would stay away form the rent control areas. Good luck!
0 votes Thank Flag Link Wed Mar 3, 2010
Hello Andrew,

If you are looking for multi-unit property it will depend if you are owner occupying or not. There are areas with strict rent control like Santa Monica and West Hollywood and less rent control like Glendale,Inglewood and Culver City. It's key to consider how much you can spend, vacancy rates in the area and cost per door. Areas with low prices and good rental return are USC (a great value) area. Silverlake, Miracle Mile and Mid City/Mid Wilshire are some of my personal favorites. Please let me know if this is for owner occupy or not and it will give me a clearer picture of what might be best for you. At 800k for 4 units I do think Miracle Mile is your best bet! There is a property in Mid-City that came on yesterday with low rents but at 5 units and under 600k I think it's a great deal but you would have to be creative to get the rents up.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Wed Mar 3, 2010
Thanks Peter for the response. In the 800k range, looking for 3-4 units, will pay more than 25% down. Ideally, we would like the cash flow from the residents to cover the mortgage itself + an additional $1000/month to be applied to the loan. Property will then likely be sold w/in 5-7 years.
0 votes Thank Flag Link Wed Mar 3, 2010
You have many options depending upon you price range. Some of the more affordable neighborhoods with strong rental markets are Silver Lake and Echo Park, Eagle Rock, Usc area. For a higher price range though, the best areas to own income properties in my mind are Hancock Park and West Hollywood. Also, again in a higher price range, beach bungalows near Venice or Santa Monica are like gold.
0 votes Thank Flag Link Wed Mar 3, 2010
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