Katie, Home Buyer in Tiburon, CA

We would like to buy a 2 or 4 unit apartment building in Los Angeles. Which of the neighborhoods have the most future potential right now?

Asked by Katie, Tiburon, CA Fri Jan 27, 2012

For example, we have heard that Korea Town and Echo Park have good prices and units are in demand

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Answers

18
Douglas Perez-(323) 285-8864’s answer
Hello Katie,
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?

Doug Perez
(323) 285-8864
1 vote Thank Flag Link Fri Jan 27, 2012
Hello-
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-
Best-
Joyce Gottlieb
Realtor/Associate Mgr .
Prudential Santa Monica
C 310.283.8931
Web Reference: http://GottJoyRealty.com
1 vote Thank Flag Link Fri Jan 27, 2012
Hi Katie,
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.

Jayne Clement
Keller Williams Realty
Cell) 213/309-5005
1 vote Thank Flag Link Fri Jan 27, 2012
Both Echo Park and Koreatown are excellent areas for income property. I've rented properties in both neighborhoods for clients in the past 12 months and the rental market is hot.
0 votes Thank Flag Link Wed Jun 6, 2012
Choose a non rent control area.
(i keep my answers short and to the point)
Let me know how I can help further assist you.
0 votes Thank Flag Link Mon Apr 30, 2012
I have been a resident in the HOLLYWOOD area for 22 years so I'm a little biased, but I recommend anything east of Highland up to Vermont. There is alot of investment taking place in the area, and more importantly, you are close to the red line. The Silverlake area has quite a few 3-4 units.

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
http://www.kinecta.org/jdeblanco
jdeblanco@kinecta.org
310-643-2495
Web Reference: http://www.homepath.com
0 votes Thank Flag Link Tue Mar 13, 2012
I ALWAYS RECOMMEND MY CLIENTS TO BUY THE CLOSEST TO THEIR LEAVING AREA TO BE IN CONTROL, ESPECIALLY IF YOU ARE NOT EXPERIENCED. RENT IS OVERWHELMING AND IN DEMAND: I PUT 2 BEDROOMS IN TARZANA, RENTED IN 24 HOURS WITH LINE OF BACKUPS ; SAME WITH 1 BEDROOM AND 1 STUDIO. SAN FERNANDO IS NOT EXPENSIVE AND GREAT INVESTMENT.
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!
GOOD LUCK!!!
0 votes Thank Flag Link Mon Mar 12, 2012
Katie,
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!!!
0 votes Thank Flag Link Tue Feb 7, 2012
Hi Katie,

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.

Best regards,
Mimi
0 votes Thank Flag Link Mon Feb 6, 2012
Dear Katie,
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.
0 votes Thank Flag Link Tue Jan 31, 2012
To piggy back on what Brandon was saying, It is a great time to BUY and an even better time to RENT out your property because everyone is RENTING! I work in the San Fernando Valley area and there are many nice properties to purchase with a lot of upside. I have many REO listings as well which can be great investments, especially if your willing to put some money into upgrading the property. Many of the listings I have on the market are also eligible for Fannie-Mae Homepath Financing which is a great way to finance your home because of the many benefits.
Web Reference: http://www.rlproperties.net
0 votes Thank Flag Link Sat Jan 28, 2012
To piggy back on what Brandon was saying, It is a great time to BUY and an even better time to RENT out your property because everyone is RENTING! I work in the San Fernando Valley area and there are many nice properties to purchase with a lot of upside. I have many REO listings as well which can be great investments, especially if your willing to put some money into upgrading the property. Many of the listings I have on the market are also eligible for Fannie-Mae Homepath Financing which is a great way to finance your home because of the many benefits.
Web Reference: http://www.rlproperties,net
0 votes Thank Flag Link Sat Jan 28, 2012
Dear Katie,

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:
http://www.buildexpo.org



Brandon Douglas
3rd Generation Los Angeles Realtor
2nd Generation Beverly Hills Native
The World Famous Coldwell Banker Sunset Strip
310.801.1333
0 votes Thank Flag Link Fri Jan 27, 2012
Many areas of LA are great but I would avoid them because of rent control and those hassles. Look into areas such as Glendale. If you have me represent you in your purchase, I can give you up to 1% cashback through escrow on the purchase as a bonus. Also, as a property manager, I can give you free tips on how to run your property or can help manage it at a discount. I have a lot of experience in rental properties and know the ins and outs. Call me anytime!

Thanks!
0 votes Thank Flag Link Fri Jan 27, 2012
Hello Katie,
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.

Regards,


DJ Bonner
Keller Williams Realty
562-572-4203
djbonner@kw.com
0 votes Thank Flag Link Fri Jan 27, 2012
Katie,

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.
0 votes Thank Flag Link Fri Jan 27, 2012
Tricky question. Have you driven these areas? Larchmont, Miracle Mile, Grove, some parts of Hollywood, Silver Lake could all be good options. Tenants seem to love to walk to coffee shops and restaurants, be near public transportation, feel safe and have parking available. There are several options. I would drive through Echo Park and Korea town and see how you feel about the areas. Rents vary greatly, too. Good luck!
Eileen Lanza Keller Williams Larchmont. 323.810-7935
0 votes Thank Flag Link Fri Jan 27, 2012
You would probably not go wrong in either of the above areas, but there are so many to choose from that you should decide on one or two and concentrate on those.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Fri Jan 27, 2012
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