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Darwin, Home Buyer in Long Beach, CA

AS a mulitfamily area how would you rate a property at Orange and E. South street. Type A,B,C, or D in

Asked by Darwin, Long Beach, CA Sat Mar 29, 2008

multifamily lingo for the general demeanor of the area. I am looking at a discount property but would rather it not be in a disreputable area.

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6
Hi Darwin,

I would give that area a C. It's in North Long Beach, which has some decent areas but Orange & South isn't it. Forget Belmont Shores unless you're willing to pay a lot of money. Some areas that are similar in price to this area, but safer & more likely to increase in value include: Lakewood, Wrigley, Wrigley Heights, Cal Heights, & the West Side.

I would love to help you. Please email me or phone me with your criteria.

Karen Miller
562-756-4144
1 vote Thank Flag Link Tue Apr 1, 2008
This is NOT a desirable area of Long Beach. Unless you are getting an incredible deal from a foreclosure, it would be a questionable purchase as an investment property right now. Prices have been coming down and will likely decrease further. Take a look at rents and use them to calculate cash flow. Keep in mind, that in this area you might discount rents used for your calculation because you might have some rent collection issues.

If you want to purchase a rental property in a more desireable area, Belmont Shore would be ideal. But even with some duplexes coming down in prices by 20%, prices don't make sense. Bixby Knolls has some decent rental properties with lower prices than the Shore, and the area is much more desiable than North Long Beach.

Don't waste your time listening to Realtor's saying it's a good time to buy. It was Realtors who were spouting off two years ago that "it was a great time to buy" and "prices never go down." We all know how foolish that advice was. According to Realtors, every day during the past 100 years was a great time to buy OR sell real estate -- and remarkably the same will hold true for the next 100 years.

Realtors may be knowledgeable on current and past prices for their area, but they are NOT experts on future price trends. Realtors are not economists and very few have any business or economic training to speak of. They are salespeople. The reality is that they only get a commission if you buy, so they have an incentive to be less then accurate as to their assessments. The few compotent Realtors with integrity would admit that prices are going down in Long Beach and most buyers could save money by simply waiting for the bubble to further deflate.

Best of Luck,
NewportFiji
1 vote Thank Flag Link Mon Mar 31, 2008
Darwin,
I would have to say that anywhere in Southern CA is a great place to invest. What you may need to do is to figure out first if your investment at least pays for itself. How many units are you planning to buy, type of downpayment and what is the cash flow after the taxes and insurance. It may also be a good idea to check out places where there's a demand of rent so you don't have to worry about vacancy all the time. Bottom line is make sure the property will pay for itself.
0 votes Thank Flag Link Wed Jun 25, 2008
Hello Darwin:
If you are still looking to purchase multifamily - income property - then you are right in watching out for the area that you would be investing in. I don't know if you are just starting a new investment property portfolio, or expanding on a current one, but there are a number of income properties on the market now all over the greater Long Beach area,. Depending on your requirements, I am sure that there is something out there that will meet your needs, including parts of North Long Beach.

If you are still looking, I would love to assist you.

Debra Enos, Realtor
(562)852-4663
Web Reference: http://www.DebraEnos.com
0 votes Thank Flag Link Fri Jun 13, 2008
Hi Darwin,

This is a very good rental area, if that is what you are looking for. The prices are great right now and you can be sure than when the market peaks, you will reap your reward. And like Lou said, this is considered North Long Beach and there are some areas of North Long Beach that are family-oriented neighborhoods. But by the end of the day, it is still your decision.
All the best,
Laarni
0 votes Thank Flag Link Sat Mar 29, 2008
Darwin,

Hi, that area would be considered north Long Beach. There are some very nice neighborhoods in north Long Beach that offer great prices. If you like go to my website and you can search for that particular area or I can send you the active listings for the area you have mentioned.

Good luck!
Web Reference: http://www.loubandb.com
0 votes Thank Flag Link Sat Mar 29, 2008
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