I'm very active in the LA and specifically South LA market. Without more info, I couldn't really tell you more. But at first glance, I will tell you it's highly competitive and the area typically doesn't warrant 35k in repairs as most properties in the area were built before 1950, most before 1940. We've seen rehab numbers run upwards of $80 or even $100/SF in South LA. Of course, every deal is different but I'm the broker of a high volume based transactional company that's extremely active. In regards to the price, I'd double check at what type of listing this is. It may be an auction listing which would then mean it's what I'd call a "fake price." It also might be an opportunity that's overlooked in today's market. I'd be interested in connecting on the deal and taking a deeper dive.
As far as contracting it with 1k, that would be tough. I'd call the listing agent, have them represent you as the buyer with full disclosure that you're going to assign it (wholesale the deal) and try to make a fee that way. Get a 3+ day "investigation period" and get the buyer to put in the 3% deposit.
It's tough to wholesale MLS deals to the current 2022 investor network because generally investors look down on MLS deals just because they are on the MLS. (We typically sell off market deals at a higher LTV than we do MLS deals which doesn't seem to make much sense but it's often true). Plus there's a lot of investors running for the hills right now due to market conditions
That was a lot, but please feel free to reach out to me on this platform or any other method of communication! Until then, good luck Guillermo!
