I honestly can't even count the number of conversations I have had with friends, colleagues, neighbors and strangers at bars about buying an income property in what I like to loosely describe as "Mid City" (come on - it is in the middle!!!). This area is also known as South Central, The Hood and El Lay All Day.
Some people listened and actually purchased a property in these areas - and I know those are the same people who will be calling to ask me to be the god mother of their children once they find out how much money my good advice has made them in the past 5 years.
I'm tired of hearing people say that they cannot afford to buy property in Los Angeles - they are just keeping their minds closed and not looking outside of the box. Los Angeles has plenty of investment opportunities and with an FHA loan you need no more than a 3.5% deposit to get started. If you are eligible for a Veterans loan you may even be able to go in with 0% down. Yes investing money into an income property is nerve wracking at first but in a bustling city that is bursting at the seams and continuously growing and changing the chances of you making good on that investment are very high.
Here are some facts and figures I just put together for your entertainment.
In 2010 the average income property with 4 units or less in the mapped area above sold for $310,067.
The average square footage was 2,258 and the average price per square foot was $152.66
Flash forward to 2014 -
The average income property with 4 units or less in that same area sold for $506,640. With an average square footage of 2,541 giving us an average price per square foot of $219.81.
Your crappy little duplex that I sold you in the hood went up in value 38.8% - you just made yourself $196,573 in equity and it looks like you are not such a snob about buying an income property in the hood now are you!!?? In fact you have probably bought a couple more since.....
OH BUT WAIT!!! Against my good advice you did NOT buy that little investment in "Mid City" did you!? *teardrop*
If you had of saved, begged, borrowed and scraped together $30,000 5 years ago right now you would be about $150,000 richer.
Ok - well don't freak out - there are still plenty of great investment opportunities out there and I would be glad to help you get started with your first income property purchase in our wonderful city of Angels. Feel free to call, text or email me with questions and I can guide you in the right direction - from getting that loan to picking the right property. Exciting stuff right!!! Let's do it!
Some people listened and actually purchased a property in these areas - and I know those are the same people who will be calling to ask me to be the god mother of their children once they find out how much money my good advice has made them in the past 5 years.
I'm tired of hearing people say that they cannot afford to buy property in Los Angeles - they are just keeping their minds closed and not looking outside of the box. Los Angeles has plenty of investment opportunities and with an FHA loan you need no more than a 3.5% deposit to get started. If you are eligible for a Veterans loan you may even be able to go in with 0% down. Yes investing money into an income property is nerve wracking at first but in a bustling city that is bursting at the seams and continuously growing and changing the chances of you making good on that investment are very high.
Here are some facts and figures I just put together for your entertainment.
In 2010 the average income property with 4 units or less in the mapped area above sold for $310,067.
The average square footage was 2,258 and the average price per square foot was $152.66
Flash forward to 2014 -
The average income property with 4 units or less in that same area sold for $506,640. With an average square footage of 2,541 giving us an average price per square foot of $219.81.
Your crappy little duplex that I sold you in the hood went up in value 38.8% - you just made yourself $196,573 in equity and it looks like you are not such a snob about buying an income property in the hood now are you!!?? In fact you have probably bought a couple more since.....
OH BUT WAIT!!! Against my good advice you did NOT buy that little investment in "Mid City" did you!? *teardrop*
If you had of saved, begged, borrowed and scraped together $30,000 5 years ago right now you would be about $150,000 richer.
Ok - well don't freak out - there are still plenty of great investment opportunities out there and I would be glad to help you get started with your first income property purchase in our wonderful city of Angels. Feel free to call, text or email me with questions and I can guide you in the right direction - from getting that loan to picking the right property. Exciting stuff right!!! Let's do it!
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