Interested in flipping a property or maybe you just want to get your hands dirty to build some sweat equity. Well I come from a family of builders and we’ve helped many of our clients fix up their homes. We’ve curated a list of the best contractors in various trades and can walk you through the entire construction process. Here’s a taste of a few that caught our eye as great investment.
The 17 offer home, $305k over list price
SOLD - Glassell Park - $1,300,000 - 17 offers - Buyer's Agent. This one went quick and we closed quick! We ended up $305k over the list price for this beauty that sits above the trees!
We had offers above us but our terms are what did it. Also, agent communication is super important. I can't stress this enough. If your agent just emails an offer over to the list side, don't expect good results. I can't tell you how important it is to be talking with the list side about your offer and terms. Being able to communicate the confidence we had in closing goes a long way!
So how did we come up with $305k over list price? Well running comps has a lot to do with this but it's not all about price per foot. I put together a comprehensive interactive analysis that paints a vivid picture. It gives my clients the data and confidence to bid this high. I always hear of people saying we lost but we were way above list price. Well I always ask where did you come up with that number. Did you pull it from thin air? The answer is you have to go over the data and know what aspects of a home really push up the value. There are so many factors that determine value and having a good agent can help you navigate all of this.
4317 Zaca Pl | 2 bed | 1.5 bath | 1105 sqft
List Price: $995,000
Sold Price: $1,300,000
The 27 offer home, $405k over list price
SOLD - Glassell Park - $1,330,000 - 27 offers - Buyer's Agent - I am beyond pleased to have landed this gem of a home for my client. We ended up $405k above list price.
My client reached out to me on a home that was already in escrow in Mount Washington. He needed to find something quick. I took in his creative vision and suggested we go see this property immediately. I knew the competition was going to be fierce. Let's face it, this house has it all, character, views and a flat lot in the hills. As soon as we saw this one you could see the untapped potential. First off, who needs a driveway this large? The plan is to bust up all that concrete and replace with a jungle of lush landscapes and meandering paths. Two a detached garage with a view like that is unheard of. The ADU potential on that is through the roof! You could potentially pay off your entire mortgage with that alone. Listed at $925k we ended up $405k over list price. That number was highly calculated and matched with very clean terms.
2453 Sundown - 2 beds / 1 bath - 1164 sq feet - 6424 sq foot lot
4 Reasons to Buy a Home during the Holidays!
When is the best time to buy a house? The holidays offer a great opportunity for buyers to buy a home. In this short video I review 4 reasons why it's a good time to buy a home during the holidays.
1-Less Competition - Less Buyers, Less bidding wars which ultimately means you can get properties for lower prices.
2-Old Inventory - Stale listings that have been sitting on the market. Look at homes that have been sitting on the market for at least 60 days.
3-Tax Reasons- Sellers may need to sell by the end of the year to post a gain or loss for this year.
4-Holidays - This time of year can motivate a seller to take a low offer, as a buyer you can leverage this in your favor.
The CARES ACT and Where to Apply
As we're all dealing with the effects of COVID-19 on our lives, I want to review the main aspects of the Cares Act and where to apply. As I'm sure you have heard, the government has approved the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19. The CARES Act is over 800 pages long, but here are some of the main economic provisions most relevant for you.
Stimulus
Individuals who had up to $75,000 in adjusted gross income (AGI) will recieve $1,200
Couples who had AGI up to $150,000 will recieve $2,400
Parents w/ children under the age of 17 receive $500 per qualified child
Individuals above thresholds will have payments reduced by $50 for every $1000 in income
Unemployment Insurance
States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.
Pandemic Unemployment Assistance (PUA)
Typically, self-employed people, freelancers and contractors can't apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program that provides unemployment coverage through the end of the year to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.
Please check to make sure PUA funds have been linked to EDD site before applying or your application may be delayed.
Check to see if PUA funds are available: HERE
Can self employed individuals apply: Yes
SBA Loans
Paycheck Protection Program (PPP)
The Small Business Administration has rolled out the Paycheck Protection Program applications and guidelines. This program is a $350 billion program to provide loans of up to $10 million per business. Certain portions of that loan will be forgiven used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
Meant for small businesses up to 500 employees, independent contractors and self employed individuals. Applications for small businesses started on April 3rd and April 10th for self employed/independent contractors.
Where you can Apply: You can apply through an SBA Lender or find one HERE.
What can you use the Loan For: Payroll costs, rent, mortgage interest, utilities over an eight week period. For sole self employed/independent contractors that means wages, commissions, income or earnings from self employment.
Do you have to pay the loan back: Maybe, maybe not.. If you use the money on payroll costs you should be okay. More info here.
How much can you borrow and what are the rates: Eligible companies can borrow up to $10 million which is calculated based on payroll records at a fixed interest rate of 1% for a two-year term.
Can self employed individuals apply: Yes
What if I don’t have a business checking account: Try applying through Kabbage HERE
Economic Injury Disaster Loan (EIDL)
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses and self employed individuals who qualify for the Economic Injury Disaster Loan to cover immediate operating costs.
Where you can Apply: You can apply through the SBA site HERE
Do you have to pay the loan back: Yes, but up to $10,000 may be forgivable.
How much can you borrow and what are the rates: Eligible applicants can borrow up to $2 million with rates up to 3.75%
Can self employed individuals apply: Yes
Is Van Nuys a good investment?
I always have first time home buyers ask me what neighborhood to buy in LA. Where the next hot neighborhood will be. I’d like to highlight Van Nuys as a good option in the Valley. It’s not what everyone is talking about right now but I see this area appreciating over the next 5 to 10 years. Did you know that the city is putting in a light rail through Van Nuys? The Metropolitan Transportation Authority voted unanimously to bring a light-rail line to this part of the Valley. The $1.3-billion rail line will run along Van Nuys Boulevard. Read more on that HERE !
What do I look for in an up and coming area?
When looking for an up and coming area there are so many factors in determining this. I first look for median sales prices that are currently at or below the median priced home for LA County and look for upward trends in sales prices. I look for neighborhoods that are surrounded or close to more expensive neighborhoods and analyze geographic sales trends. This gives me an idea of which area is appreciating. I also have to analyze the number of run down homes in the area to make sure there is room for improvement. Van Nuys has all of these factors in place and given the fact that affordability is truly being tested in LA, I see Van Nuys as a great investment!
Current stats show Median single family homes in Van Nuys to be $609k which is down 1.8% from last year.
More About Van Nuys
Approaching the century mark, Van Nuys is rich in history and home to a vibrant international scene filled with ethnic eateries, shops. First developed in 1911, it traces the evolution of early residential architecture in the growing San Fernando Valley, from early Craftsman homes to post-WWII ranch houses. Van Nuys is home to the vast Woodley Avenue Park, which contains the Sepulveda Wildlife Area, one of the Valley’s best-kept secrets.
Mid-Century Homes in Los Angeles
Check out this collection of Mid-Century homes
What to offer on a home?
So you found a house and you want to make an offer on. Now what? In this short video I review the first step in determining what to offer. It all comes down to analyzing comps. When looking at sales comps a real estate agent can educate a buyer on true market value. Don’t try running comps online as a consumer. Real estate agents have their hands on so much more data and a good agent knows how to dissect and analyze it properly.
8356 W 4th Street - House Tour
Not all investor/developers build the same way. Some use super cheap materials as they want to profit the most from their sale. This wasn’t the case with this home. You can tell they used expensive materials and really put a lot of thought and consideration into the design of this home. Did I mention there is a massive basement?! More Info HERE
House Stats:
8356 W 4th St. LA, CA 90048
4,950,000
4 bed / 6 bath
6300 sq feet
What is a Buyer's Agent
What is a buyer's agent and what makes a good buyer's agent? Not all agents are created equal and many agents have completely different work ethics. There's a lot that goes into the negotiation of a deal and you can waste a lot of time writing tons of offers if you're not getting an agent that truly guides you through the process. I help you pick the right lender, streamline the search, educate you on market trends, analyze sold comps to determine offer price, draft and negotiate the offer, refer the you home inspectors, review all disclosures, negotiate repair requests and get you the keys at closing!
PROPERTY SEARCH
I won't let you buy something I don't truly believe in. I pride myself in knowing all the different neighborhoods of LA. I streamline the process and only send you the best options on and off the market.
STATISTICS AND ANALYTICS
I break it down with the numbers. I have access to the best technology and mathematical minds in the business. I provide you with the analytics, statistics and comps that will provide a transparent transaction.
NEGOTIATION
In a highly competitive market there are ways to negotiate against multiple offers and beat all cash offers. I know all the tricks to get you the property and I'll make sure you're not overpaying.
INSPECTIONS
I look at every aspect of the property. Coming from a legacy of builders in my family, I know good construction and craftsmanship. I can recommend the best inspectors and contractors in town.
ESCROW
The Escrow process can be tricky to navigate and stressful. I will walk you through the entire process and communicate each and every step. From inspecting the property to closing the deal I have your back.