We have a lot of deals starting to POP in L.A. If you been to my real estate club meetings - you know this is where I was going to focus on and lay my mark. Well - I started to put my nose to the grindstone and things are hopping now! No more messing around people!
I hooked up with my good friend & real estate investor Dave Berens to do some LA deals because he had this "secret" connection in LA that he just had met. These guys are brokers and contractors in LA. Dave allowed me to meet them because I promised I would not make friends with them and I would only deal with them through him! I have the real estate investor connections and he had these guys. One kick ass team in the making I would say.
That was a month ago. To date: We just closed our first rehab together (and I just got paid my aquistion fee! Whee!), we wholesaled another property a week ago that is closing next week and we have another deal that we are wholesaling right now. Not bad ey?
THe moral of the story: Get off your ass and make it happen Rosie! Oh yeah - and have those secret treasured connections that can actually get you these REO deals. One thing I know for sure - is that if you don't have that broker in your pocket who is going to get you the deals - you will not get the deals. Hhhmmm that reminds me - we need to take them to a steak dinner this week at Flemings!
Check out our current wholesale deal:
1638 W. 51st. Place, Los Angeles, 90062 Single Family Home, 1054 sf. R2
Title says 2 beds/ 1 bath, but it's 3 beds/ 1.5 baths. Lot size 5200
Zoned R2, and there is PLENTY of room to add on and make this a nice duplex. We have the contractor and architect available if needed.
As a single-family home, you can spend from $40,000-$60,000 for repairs, depending on what you want to do.
To build a duplex you need to add around 400-500 sf, and that (with remodel costs for the existing house) will cost $100,000 max.
ARV as a SFR is $285,000
ARV as a duplex with 3/1 each unit is $375,000-385,000
We are selling this property for $155,000.
It is important to go see it as soon as possible if you are interested. We expect to sell this quickly.
Duplex on 43rd street - $170K -all in (includes $15K of remodel) ARV: $245K
Triplex on 56th - $165 purchase, $90K rehab - ARV $410K
Coming soon: Antelope Valley Properties! Coming soon: Antelope Valley Properties!
