Offline3-9-2010....I secured a relationship with a Realtor and she submitted a property to me for inspection of an investor deal! OMG.....it is truly a junker but a goldmine at the same time. It is located in Montecito Heights with a canyon and view of downtown LA.
See attached file for details. I am so excited and nervous...it is a total fixer but the price can't be beat with the comparables after spending probably $25K-60k you can make at least over $100k on the flip.
I need help with this one! Can I partner up?
Peace and Blessings,
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
Wow! I just spoke with my agent and this property was just reduced this morning. I am so nervous about this.....How should I proceed? I really need someone's expert opinion on this deal. I'm about to lose my mind! LOL My agent says she has not done assignments in a long time, however she will need to talk to her broker. Maybe I could get my fee up front and then turn the property directly over to my agent? What are your thoughts?
Please help!
Listing Price $35K
A 2bd/1ba, a junker, complete tear-down, however located in Montecito canyon with a beautiful view of downtown LA
Seller asking for cash, hard money, or 203k financing (construction loan)
Listed for 170 days
I see the potential of this property and my women's intuition says I'd better grab this.
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
I'm new at this but in reading deans books and reading other peoples messages on here you have several options. If you or someone you know has the money to get it and fix it thats one possibility, or you could assign it to contract and then turn around and sell it for profit, or you could try and find a company that pays birddogger fee or finders fee. Thats what i would suggest certainly sounds like something u shoud'nt let go of. Good luck maam!
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Theres an investor on site called SoCal something I couldn't find a recent post of his. But he is interested in LA deals says he's got money and no deals. You might try finding one of his posts and contacting hum or maybe he'll see this coment and contact you. Keith Success be with you!
25 to 65 is a big difference get your rehab priced locked so their want be any stumble blocks.
www.adeptpropertiesllc.com
According to the pics. your looking at least 60-120k to get this property back to pristine condition. Get a contractor to give you an estimate. If you lock this property up & try to assign it with no bites & your having a hard time getting rid of it, you can always have another Investor market the property, who has a big CASH buyers list & give him a cut of your profit.
Jason S.
San Diego, CA.
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Just looking at your comps this one is lower by several hundred sf. It is calling for a complete retaining wall because it is on a down slope lot with a basement and my guess is mold and moisture has made an absolute mess of this house. I certainly dont know a thing about the area or Cali at all for that matter, but looking at your pics, comps, and sf prices, this looks like a job for big time professional contractor and thats gonna cost a fortune. Especially in LA. Just saying, that Goldmine looks like a drymine. Unless the property itself is worth 25-30% of overall values.
Just my two cents.
Best of luck to you.
Stan
When one sets out to take Rome, TAKE ROME!
Greatness courts failure.
Be careful this could be alot of work especially in a hillside.
Anyway PM me i have an investor that does total rehab thats his specialty.
Im not sure if he will buy in that area.
PM me if interested
Im located in LA county