Are there deals to be found in the Greater Los Angeles area?

[Benson Juarez]

What are people's experience's there in SOCAL? I talk with a lot of people that are starting to look outside of CA. But people are finding deals for sure!

This property in Sherman Oaks, CA was flagged by Privy and someone snatched it up for $890K. After a 232 day project they listed it and then sold it 12 days later for $2MM. That's a spread of $1.1 Million Dollars! 

5120 Nagle AV, Sherman Oaks, CA 91423: http://bit.ly/2mlh0pz

Where are you finding deals? On market? Off-Market? Wholesale?

[John Koster]

@Benson Juarez.   Those deals are quite common in my area.  Studio City/North Hollywood near Sherman Oaks.  There are a lot of old 1930s ranch style houses in the valley that sit on large (For LA) lots.  Flippers and developers  pick them up and turn them into McMansions with double and triple the square footage.   Some are remodels, others are just land grabs.  

The 1300 sq ft house across the street from me was purchased for 915K just to be razed.  15 months later they sold a 5000 sq ft house with a pool on the same site for 2.365 Million.   It would be interesting to find out how much the construction cost.