shardray, Home Buyer in Santa Monica, CA

are there many 5 unit and above buildings in not so scary parts of town, for less than 650,000?

Asked by shardray, Santa Monica, CA Wed Jun 27, 2012

everything for sale seems to be 4 units or less...

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Answers

6
Daniele Seldomridge’s answer
Have you yet to work with an agent in your area? I have family in the area you are looking for and would be haapy to help. I work in the NYC metro area and Lancaster, PA and have the opportunity to assist investors nationwide. Please contact me directly for additional resources. Generally 5 units and above are considered Commercial properties so you may be looking in the wrong place. Keep in mind that financing may also be different with a Commerical mortgage. I'd be happy to find the most experienced agent in your area as well as provide my professional opinion.
0 votes Thank Flag Link Wed Jun 27, 2012
Hello Shardray!
There's some 5+ units available in Long Beach less than $650K.
My first question since you target Long Beach, are you familiar
with Long Beach? Who will manage the property?
What's your goal?
Investment for long term, positive cash flow, etc.
There's other sites where agents post listings not in the MLS.

As the guy from NYC stated its commercial so the down
payment is @35%, financing is not a problem because banks
like Citibank do commercial lending just depends on your
credit score, income, etc.

Hope this helps.
0 votes Thank Flag Link Thu Jun 28, 2012
Hi Shardray,
I am a Certified Real Estate investment Planner (CREIP) and can help you find a property that makes sense for your investment goals.
The "scary" part of investing in real estate comes in finding out, after your purchase, that your beautiful 4-unit in the prestigious neighborhood isn't returning any better than your stock portfolio!
That's not to say that investing in an established area is a bad idea - but you usually get better returns on an up-and-coming area where rents may be below market and you have potential for an "upside".
Buying a building with verified rental income, and income that you know you can increase, is a great investment - regardless of the area!
If you'd like to see what's available and work the numbers on a few properties for potential investment, give me a call at (562)706-2235 and I'd be happy to meet with you and bring a list!
Thanks for the question,
Debbie Lovrich
0 votes Thank Flag Link Wed Jun 27, 2012
Check out my web site, http://www.InvestingInLongBeach.com for a list of available income properties. You can sort by price, # units, etc.

Let me know if you need any additional information!

Thanks.

Peter Werrenrath
Peter@TheREALPete.com
(562) 208-9818
0 votes Thank Flag Link Wed Jun 27, 2012
Crrently there are only 3 properties onb the market that are 5 units and under $650,000. As for the areas, what denotes "Scary" ? There are several websites that allow you to review the area; ie crime, schools, etc. The question is, are you planning on living in one of the units and renting the others or are you renting all the units? If you are not living in the complex, as long as the "numbers crunch" it could be a good investment.

Stephenie Raso
Raso4re@aol.com
0 votes Thank Flag Link Wed Jun 27, 2012
Yeah there's one in the Wrigley neighborhood and a few in North Long Beach I wouldn't call scary but that is sort of subjective. The unit mix on these in this price range though is often a lot of 1 bedroom units which can be a little tougher to rent with more frequent turnover.
0 votes Thank Flag Link Wed Jun 27, 2012
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