6 Unit (2-2br and 4-1br) $399,900.00 - NEED INVESTMENT PARTNERS

6 Unit (2-2br and 4-1br) $399,900.00 - NEED INVESTMENT PARTNERS

NEED HARD MONEY INVESTORS or INVESTMENT PARTNERS ASAP!!!

Listing Price: $399,900
County: Los Angeles
Prop Type Income Property Prop Subtype(s) Income Property

Beds 8 Approx Square Feet 3856 Assessor
Baths 6 Price/Sq Ft $103.71

Year Built 1958 Lot Sq Ft (approx) 8398 ((Assessor))
APN 3141017008 Lot Acres (approx) 0.193
See Additional Pictures
Directions Units are right on Division St. in between Ave J & K.
Marketing Remark This is an investor's dream! There are 6 units with 4 one bedrooms & 2 two bedrooms. Has separate laundry room with 2 washers and 2 dryers. Units are surrounded by wrought iron fencing with key only entry access. Great benefit for safety!
REO Yes
General Information
Zoning LRR3* Number of Units #6.0
Number of 1 Bedroom 4 Number of 2 Bedroom 2
Number of 3 Bedroom 0 Number of 4 Bedroom 0
Number of Studio 0 Other/ See comments 1 (Laundry room/Storage/Key Room)
Approx. Age of Roof #12.0 Terms Conventional, Cash
Price Per Unit $88333.00 Price Per SQFT $137.45
Gross Rnt Mult.(GRM) $8.03
Seller Projected Op Data
Schd Gross Inc(SGI) $66000.00
Utilities
Electric- Master No Master Electric-Individual Has Individual, Paid by Tenant
Water- Master Has Master, Paid by Landlord Water-Individual No Individual
Gas-Master No Master Gas-Individual Has Individual, Paid by Tenant
Water Heater-Master No Master Water Heater-Indiv. Has Individual, Paid by Tenant
Additional Information
Rent Control No ADA Compliance Buyer to Verify
Alley Yes Elevator No
Limited Access Yes Heating Types Wall Furnace
Cooling Type Central Air/Evap. Fire Sprinklers No
Roof Type Compostion Shingle Construction Type Stucco

__________________

Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Expenses?

Do you have any more info on expenses? At 40%, you would be looking at a cap rate of 10% which is good for SoCal.

How is the neighborhood?


Questions Answered

Taxes are approximately 4000yr

Insurance approx 800-1000 for year

Comps - none in recent months 8 months ago it was 625,900.00

Neighborhood is average. There are other units on same street. Very busy part of town and rents would be 1050 for 1br and 1200 for 2br approx.

__________________

Anita
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"FAILURE IS NOT AN OPTION"


How much would you offer?

How much would you offer? (just sneaking a little learning in here)
Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


offer for what?

did I miss the question?

lol

I am looking for someone to snatch this deal up quick and if you want to see more pics let me know. By the way I just looked at ben's deal on the Arkansas property and it may be a good investment.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Forgive my naivety.

Forgive my naivety.Smiling I guess my question, in general, was, if we're told to offer 50%-70% on a property, does one go by the Fair Market Value/Appraised Value or by what the seller is asking. I know what I've been doing really works for me, but I just go by my gut. I'd like to know the standard investors' formula.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


The Standard

Rina I think standard might be 10% off list but I too use gut and it seems to be working for me too.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


In the course, we're told to

In the course, we're told to lowball, lowball, lowball. I did that on the last 2, and of course my offers weren't even considered. I felt guilty after that, because I knew better. Properties here are already at a 30-50% discount in the asking price. Nothing's selling. I think I'll just keep doing what I do. Next year, when I've got 1/2 mil to work with I'll call you about California! Smiling

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Valuing properties

Rina wrote:
Forgive my naivety.Smiling I guess my question, in general, was, if we're told to offer 50%-70% on a property, does one go by the Fair Market Value/Appraised Value or by what the seller is asking. I know what I've been doing really works for me, but I just go by my gut. I'd like to know the standard investors' formula.

Rina

Single families go by comparable sales ie what other similar, close by houses sold recently.

Duplexes and even triplexes go by the same method eventhough they are "multi- units".

Larger multi-families go by the gross rent multiplier (which I do not use) or the cap rate method (which I do use as a starting point). For the cap rate, take all the expenses (maintenance, vacancy reserve, repairs, utilities, taxes, insurance, property management etc.) but NOT debt service and subtract them from gross income to get net operating income (NOI). (Better if you have actual numbers rather than pro forma.) Then divide NOI by the price to get the cap rate.

Higher is better. (To a point.. if you get up in the high teens, it may mean something is wrong with the property so it is also hish risk.) SoCal typically has cap rates in the 3-5 range which is horrible.

The cap rate is basically a measure of your first year's cash return if you bought the property all cash.


re: Valuing Properties

You are so right on that one. On the 6-unit tha I am working on purchasing now I had same issue trying to figure NOI - but I like your method, thanks.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


IS ANYONE INTERESTED?

I posted this deal yesterday and I have heard back from one person but the is a GREAT offer and I just want to get it out there. So if interested please contact me asap.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


2nd set of 6-units availabe

I now have the inside on a second set of apartments exactly like these and I am still looking for serious investors. The numbers will work!

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


2nd set of 6-units available

I now have the inside on a second set of apartments exactly like these and I am still looking for serious investors. The numbers will work!

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


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