Hi All!
Just registered on BP and found this thread, I would like to know what y'all think about buying in Boyle Heights (East Los Angeles), is this an up and coming in area since everyone is getting pushed out of downtown LA, Echo Park, etc.? Potential opportunity to purchase 2 houses and a studio apartment on one lot, these properties were built in the 1910's and remodeled in 1980's, they will need a lot of work (take it down to studs, electrical, plumbing...all of it). I was thinking I could tear them down and rebuild but the current owner stated if I tore them down I could only build two properties on the lot, LA changed zoning or some ordinance years ago, so I am thinking of just rehabbing them and keeping the 3 units. This area is rent controlled, these units have average to low rents (part of the reason the owner wants to sell, they have family living in one and the others have not had rent increase in years) and asking price is at top of the market. This property is not listed, it's a for sale by owner. I will likely have to pay to move renters out (ugh) or should I have the current owner move them out before I purchase?
Should I do it? Should I buy and hold or buy and flip? Or pass? Thank you in advance for all your feedback.
