Anything in LA has potential. Ktown is great area to invest, but there's a lot of competition. And Echo park is an also a good area with some older homes like Angelino Heights. Also, many properties are on hillside.
Are you a 1st time buyer or investor?
Have been pre-qualifed for financing?
Depending on your price range-
Culver City is an excellent choice-
No Rent control for more than 2 units-
Great City schools and services-lots of walk-to dining, culture, etc-
Low inventory, will take a little time to find something-
Well worth it in my opinion-
Realtor/Associate Mgr .
Prudential Santa Monica
Yes, both Koreatown and Echo Park are in demand for renters currently...these are the latest hipster areas, with hot new restaurants, bars and shops. BUT...your search needs to be driven first by your budget, and then by your agenda. Are you looking for a solid building with strong rents that you will buy and hold? Are you looking for a building with average rents, but upside for the future? Are you looking for a fixer or a distressed situation (REO, short sale)? What kind of return do you want on your money? What is your down payment amount? Do you want to live in one of the units? Or is this only for investment purposes?
The answers to these questions will help you and your agent to focus on the areas that will fulfill your needs.
If you need a hand, feel free to contact me directly.
Keller Williams Realty
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 10% down with a score of 660, AND there is NO mortgage insurance.
Kinecta Federal Credit Union is one of few HOMEPATH lenders in the country.
Rene Joseph De Blanco
IF YOU DON'T BUY IN YOUR AREA, CONSIDER THE NET INCOME LESS MANAGEMENT COMPANY OR A REALTOR'S COMMISSION TO RENT IT AND MANAGE IT AS IT WOULD BE ALMOST THE SAME AS GETTING TO IT FOR THE REPAIRS.
It's the BEST tome to invest everywhere now!
Look for communities were employment opportunities are strong and potential commercial growth. In general the Los Angeles area is doing well, but if I were going to buy units myself, I would look in those areas where I knew I could get strong tenants. Easy drive to downtown Los Angeles is always good which puts the Northeast area (Eagle Rock, Highland Park) and Pasadena is also a good choice. Glendale is popular because of the Disney animation headquarters. Also, important, you want to work with an agent whose specialty is under 4 units. By the way, financing right now for 2-4 units is fabulous!!!
We have a new listing: it's a 4 unit apartment building in a great and sought after area in LA. A small multi family property is easy to manage and a great source of income. Please feel free to email me for more info and to schedule a viewing.
You are certainly not alone in looking at the Multi-Family market right now. It's the most sought after purchase for investors! I would recommend you plan a visit to Los Angeles to see Korea Town and Echo Park areas before you invest your money in multi family property. I would also highly recommend you contact a Los Angeles Agent to assist you.
It is a high renter's market and is a great time to invest in a multi-family unit.
My opinion would be to follow where the city chooses to invest: Phase 1 of the Expo Line will connect downtown LA to Culver City. Properties within close vicinity would be great investment opportunities.
One of the bests returns on the Westside would be to purchase multi-units around Culver City: An already growing community, affordable housing, great school district and close to FOX and Sony Studios. Prices in Culver City are affordable.
Culver City and Mar Vista has a great selection of both Single Family and Multi-Family Residences. New properties become available every day. Send me an email and I will bring you up-to-date on the average sold prices verses what is available so you can make a wise investment decision.
All you need to know about Los Angeles' Expo Line:
3rd Generation Los Angeles Realtor
2nd Generation Beverly Hills Native
The World Famous Coldwell Banker Sunset Strip
I will be more than happy to assist you on your search. Please feel free to call/email me and I will send you a list of units that have the great potential.
Keller Williams Realty
What is your price range and year built? Do you want the place to be vacant or already have tenants living there? Do you need financing? Some of the older buildings in koreatown and echo park also have rent control. You need to factor that in also. I can help you out more if you can provide more of what you are looking for.
Eileen Lanza Keller Williams Larchmont. 323.810-7935