LOCALLA

In a market where it is so difficult to find a property that cash flows, we are presenting one to you here that does. Honestly, where are you going to find a property in L.A. right now that is a true 7.6 cap and a 9.15 GRM??? Each unit is a 3 bed 1 bath. The property has been well taken care of by the current owners and should stand up well to a licensed home inspection. The units were renovated about 6 years ago. The tenants that are currently in there are paying $2300 and $2400. With the third unit being vacated, if a new owner wants to get a Section 8 tenant in there, they will get right around $3300/mo, which brings the total income to $8000/mo. The tenants being vacated have not paid rent for several months and the sellers have already hired an Attorney and already have a court date set for mid-April. If the new owner will take possession of the property with those tenants still in place the sellers will continue to take care of all costs and all actions necessary to complete the eviction. Or, if a buyer wants to wait for the eviction to be complete before close of escrow that too can probably be done. With a 25% down loan at 7% interest, the new owner will cash flow $2,000/mo or $24,000 annually, with only $220,000 out of pocket. And there is good upside as the rents in the other units are approximately $2,000 ($1000 for each unit) below what section 8 will give. Another big plus is that there are three parking spots (one parking spot per unit) and possibly an additional one in between the two structures. Also, the rear unit, being totally detached and far away from the other two, as well as having it's own yard space, lends itself nicely to an owner possibly living there. This is definitely a really good property to start your real estate investment career with, or to add to your portfolio if you are already experienced.