Diamond Mortgage Blog

Investors are out and looking for new deals. I was surfing the net on www.themls.com when I came across this 4-Plex in South Los Angeles. It was on the market for $179k. When I looked at the numbers, I was like this is a great deal! 111 E. 97th ST

When I got to the property the first thing I noticed was that the property was off an alley. You had to enter and park from the alley. Then I walked in all the units and and figured each unit would have to take about $10k each to get all the units up to code. So I was thinking that I would put an offer in at $150k or something, thinking it would be a competitive offer. I looked at the comps and seen the value would be about $300k after all the repairs were done. 

I know the listing agent and gave her a call. She was like this has been the most popular property in years, since the real estate boom. This property had over 40 offers on the property way over the asking price. She also had 2 cash offers of $250k. She told me most likely she was going to go with the cash offer.

Well I have to look at it like this, There are over a millions investors in Los Angeles. You have to look under rocks and wherever you can to find deals.

Diamond Mortgage Lending (818) 837-0073

Nevin McGee (323) 309-4918