Hey, i'm looking to get into real estate and since you're the experts, would you recommend this property as a good place to start? Many thanks Josh

Asked by joshstacey898, Los Angeles, CA Sat Nov 24, 2012

This question was asked from this property: http://www.trulia.com/property/3101292440-4610-3rd-Ave-Los-A…

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Caroline Har…, Agent, Northridge, CA
Sat Nov 24, 2012
I think you have to consider a few things when purchasing a Foreclosure or "REO" (Real Estate Owned) from Auction. First of all, you have to be prepared that the end sale price will most likely be closer to market value of the home. Second, when buying an REO, you don't usually get the option to perform your regular sale inspections, appraisals or termite reports, so you might be buying something that needs a lot of work under the surface. Third, other than certain auctions which you will most likely need a cash deposit along with a Hard Money loan, you will be able to purchase it using cash only. There are not that many REOs on the market that are considered "habitable" by a bank that will consider giving you conventional financing as most REOs require extensive work to be safe to live in.

If you're buying cash, and have the cash to spend on a property, then something like this is ideal. Otherwise, I would go for a standard sale house or perhaps a short sale if you don't mind waiting for the good deals.

If you want me to do get you some good deals in LA, call or email me to set you up with something that fits your needs. I have a big background working with first time buyers and it's something I love doing- sharing my knowledge of Real Estate. caroline.wcli@gmail.com or call/text 818-967-9626

Good Luck,
Caroline Harabedian
1 vote
Danny Tran, , Los Angeles County, CA
Mon Nov 26, 2012
Hi Josh.

I good to have an ideal, for really to make thing happen, We need to get together and work , that is when thing is happen,

Please feel free to contact any 24/24

Thank you

1298 w. 7th St
upland, Ca 91786
909-581-317-4698 Ph
909-581- 6983 Fax
818-317-4698 Cell
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Sat Nov 24, 2012
Keep in mind that LA is rent controlled and there is an ordinance for foreclosed homes that protects tenants of sigle family residences and puts them under the rent controlled laws... you should add about $20K to your numbers for tenant relocation... then consider any rehab as well... if you have that much cash you may be better off using it as a down payment for some multi-family building (3 units or more)

0 votes
Douglas Perez, Agent, Los Angeles, CA
Sat Nov 24, 2012
Hey Josh,
This could be a great investment! And it depends about price and repair cost. Some similar properties are on the market for around $250K and some sold for around $230K recently. There is a lot of activity in that area, many short sales too.

Are you planning to occupy it or flip it?

Douglas Perez
(213) 375-8741
0 votes
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