First Property Purchase in South Los Angeles, CA

[Farah Vasquez]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Los Angeles.

Purchase price: $585,000

Multi-family property in South LA as it is redeveloping and new metro lines are being built which makes for easier transportation.

What made you interested in investing in this type of deal?

The developing area has metro lines being built going to LAX and the proximity of the location to the Banc of California Stadium and the new stadium being built in Inglewood.

How did you find this deal and how did you negotiate it?

Found the deal on Zillow and bought it from an older investor who didn’t want to deal with a non-paying tenant.

How did you finance this deal?

Program called NACA which aids new home buyers in communities needing redevelopment.

How did you add value to the deal?

Removed 2 non-paying tenants and redid the landscaping and remodeled the units.

What was the outcome?

Great cash flowing property.

Lessons learned? Challenges?

Never close on a deal before the “lock-out” has taken place by the authorities.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Unfortunately, no. The real estate agent was a nightmare.