Showing posts with label Los Angeles. Show all posts
Showing posts with label Los Angeles. Show all posts
Tuesday, November 18, 2008
High End Mixed Use Developments Are The Future Of Los Angeles Real Estate
I am beginning a series of blogs about some of the new up and coming high end mixed use developments that are beginning to pepper the Los Angeles Real Estate market. The first of which is The Glen At Valley Glen, along Victory Blvd in between Coldwater Canyon and Woodman Ave. I am separating each blog so that the specifics are a self contained unit. Feel free to contact me with your own requests for profiling a future and/or current development. Or send me what info you have, and I will fill in the blanks! The Glen At Valley Glen Much of the info is specific to this development, but this is also a place to discuss general trends of mixed use developments.
Friday, August 29, 2008
What Buyers Need To Know About Buying Los Angeles Real Estate Today
From San Diego to Los Angeles, Real Estate is moving fast. All of the negative press has mislead buyers. They are very surprised to find out that purchasing a home in Los Angeles at what is now a fair price is harder than they expected.
Buyers need to be prepared to:
1) Write multiple offers
2) Be realistic about the price they can pay
3) Not hold out for the "perfect" home at the "perfect" price
4) Monitor the market with automatic email updates
5) Do not hesitate to write an offer
6) Make themselves available to sign and return paperwork promptly
7) Possibly write offers above the asking price
8) Meet the banks terms, "take it or leave it, no repairs, buyer beware"
The people who can get loans now-a-days expect to find the home they want, make an offer, and get it accepted. This is just not how it is happening! Because the buyers have heard so much negative things, they think that no one is buying. What is really happening is that some homes that are priced poorly sit on the market for months or even over a year. But the homes that are priced right get multiple offers, 10, 20, or 50 depending on the condition of the property and the asking price.
Much of the Los Angeles Real Estate market is priced to sell now. That means that within the first week, the home will be sold at or above asking price. Many, many people firmly believe that the market will start turning back up very soon. I am a believer! Are you?
Wednesday, April 2, 2008
If You Live in the UK, You Should Be Buying Real Estate In Los Angeles and California
For the past six months, investors from the UK have been contacting me about buying in Los Angeles. It makes sense: People from the UK can come to the states and double their money because of the extremely favorable exchange rates.
There are also cultural factors that contribute to the people in the UK understanding the benefits of owning Real Estate. If I lived on an island and was part of a culture with a long history, it would be very clear to me who the economic winners of the world are (hint: they all own real estate as their primary long term investment vehicle).
I have noticed that many of the people from the UK and other foreign countries have a lack of knowledge about the regulations and restrictions about who can own Real Estate in the USA. The answer: ANYONE can own Real Estate in the USA without restriction or applications or any other hindrance to the ownership and legal use of the property.
People who do not have a credit history in the USA will have to put a 30% down payment up to get a mortgage. But hey, when you are doubling your money that may as well be 15%! So for you investors with long term aspirations of owning many properties in the USA, start your credit history today! Talk to Katy Lin about credit, loans, and all the specifics at: (949) 981-2256
Take a look at my six month history for my web site, http://RealVana.com . The number of visits from the top ten countries are listed below. Traffic from the UK outnumbers the traffic from both the USA and Canada combined!
Also, we are always looking for more Realtors to join my site at RealVana.com . We are currently in the development stages, but would be happy to add your MLS listings to the site. If your territory is a different state than California, call me @ (818) 726-5982. The first to reserve a territory gets it locked in.
There are also cultural factors that contribute to the people in the UK understanding the benefits of owning Real Estate. If I lived on an island and was part of a culture with a long history, it would be very clear to me who the economic winners of the world are (hint: they all own real estate as their primary long term investment vehicle).
I have noticed that many of the people from the UK and other foreign countries have a lack of knowledge about the regulations and restrictions about who can own Real Estate in the USA. The answer: ANYONE can own Real Estate in the USA without restriction or applications or any other hindrance to the ownership and legal use of the property.
People who do not have a credit history in the USA will have to put a 30% down payment up to get a mortgage. But hey, when you are doubling your money that may as well be 15%! So for you investors with long term aspirations of owning many properties in the USA, start your credit history today! Talk to Katy Lin about credit, loans, and all the specifics at: (949) 981-2256
Take a look at my six month history for my web site, http://RealVana.com . The number of visits from the top ten countries are listed below. Traffic from the UK outnumbers the traffic from both the USA and Canada combined!
| Country | Visits |
| UnitedKingdom | 3437 |
| United States | 1332 |
| Canada | 1039 |
| Australia | 758 |
| Germany | 379 |
| India | 271 |
| Mexico | 251 |
| Ireland | 238 |
| Spain | 138 |
| New Zealand | 137 |
Thursday, March 20, 2008
Entry Level Fixer
Image by simonov via Flickr6224 Denny Ave, Los Angeles (North Hollywood), CA 
What is your investment strategy? Fix and rent.
$398,000
The Numbers: 10% down ($39,800) with a monthly payment of approximately $2,200 per month with insurance, taxes, and cost of interest on the $40,000 down payment from a home equity line of credit included. Will rent for a minimum of $3,000 per month after recommended work is performed (I can find you tenants that will pay more than $3,000).
The Terms: The offer should be full priced, as the home is priced very well. A 3% credit back to the buyer will help cover closing costs and renovations ($12,000).
Your Profit: $800 per month minimum
The Location: North Hollywood is going through a revitalization. The NoHo arts district is close by, with hip restaurants and entertainment. Nearby 3+3 homes that are like new are listed for $750,000. North Hollywood is one of the few Los Angeles areas with entry level homes selling for under $400,000. This property is located just north of Oxnard, and is on the edge of a very desirable area. The price is right.
The home statistics:
| Beds 3 | Baths 2 | |||||||||||||||||||||||||||||||||
| Style Contemporary | Stories One Level | |||||||||||||||||||||||||||||||||
| ASqFt 1,310 | YrBlt 1943 | |||||||||||||||||||||||||||||||||
| ALotSize 7,379 | ||||||||||||||||||||||||||||||||||
About Privacy:
Property already has plenty of privacy, which is one key to creating value and getting premium rents.
Recommended work:
Cut back overgrown plants all over property: $200
Clean up pond, add gold fish and lily pads: $100
Plant new landscaping in a few, select places: $100
Remove old furniture, plant waste, construction debris: $300
Plant new grass seed in front yard: $150
THE Feature:
The pool is THE feature for this property. Creating a feature such as a fish pond, pool, jacuzzi, or other centerpiece for the yard is a key element to creating value and obtaining higher than average rents.
The pond is already present, but in unimpressive, small, and poorly situated. The pond cannot count as the necessary feature because of its shortcomings.
Tip for ponds: Use gold fish, not expensive Koi. Renters may not feed the fish, may let the pond dry up, or simply not take proper care of fish. Gold fish turn wild and adopt entertaining behavior when put in an outdoor environment.
Tile floors throughout 65% of home with neutral, durable tile: $3,500
Repaint entire interior with neutral, sand colored paint: $750
Other property features: Enclosed patio that adds value to the property, not included in square footage. 1 carport. Detached garage. TONS of storage.
Kitchen is clean, no needed work. New counter tops would add value for resale, but not needed for the first two years of renting.
Total Fixing costs of $5,100
To open escrow, you need to write a check for $12,000 from your savings or home equity line of credit as your earnest money deposit.
$40,000 down payment
+ $5,000 renovation cost
- $6,000 credit (closing costs already removed)
= $39,000 required for this opportunity
Foreign investors without a credit history will need 30% down, or $133,333 to get a mortgage.
View more homes in North Hollywood: http://realvana.com/california/los-angeles/north-hollywood.html
To take this opportunity or to look for similar investment opportunities, call me at (818) 726-5982
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