Real Estate Agent · Encino, CA · Member since 2016 · 10 posts · 0 votes
Hello I'm interested in purchasing a condo I seen in Panorama City in 8800 Cedros Ave, in San Fernando Valley county of Los Angeles. If anyone familiar with the area..
The price is $125k for 700 square feet with a pool and one parking. 9 out of 30 apartments in the building are for sale becusse (I think) special assessment to the Hoa for extra $160 a month for 30 months. I guess the owners selling becusse can't afford it and don't want the place to go to a Hoa foreclosure?
Seller would pay the special Hoa assessment from the sale. So the Hoa would stay low ($180 a month) and I think should be easy to rent for $1100 a month?
It's impossible to find street parking but the condo comes with one parking.
We looking to buy and use it as a rental investment property. Make money from the rent and hopefully the property will appericiate in the future.
Does anyone familiar with the area? And suggestion or advice would appericiated!
Try finding condos without any special assessments. $125K is a good deal in the Valley. Panorama City is good for rentals, just not sure if I would personally live there.
The seller agrees to pay the special assessment. But how do I know HOA won't make a new special assessment in a year or two?
Is it possible to find out on what the special assessment was used for?
I would've live there myself either, but lots of people do. Downtown LA changed so much in the last 5 years. I'm sure Panorama City would appericiates. As long as it doesn't stay without a tenant for long periods of time
I'm not sure I would take that condo... Yes, pan is a good rental market but that HOA fee is going to eat into your cash flow and it is going to be hard to find favorable financing at that balance here in California.
Hi Bar Mandalevy
You should be able to contact the HOA and ask about the special assessment and their status. It is possible that there will be future assessments. If it is an older complex, it may start needing upgrading and if the HOA didn't plan well or isn't run well there may be more special assessments. I would definitely contact the HOA directly to get all the information you can! Good luck!