Silverwood Properites

Single Family Residence – Echo Park – $280,000

admin — Mon, 14 May 2012 19:47:26 +0000

Here is an interesting opportunity for the right buyer. This is a single family residence which has just been remodeled and is in a pretty decent location in Echo Park. It is just north of Sunset and very near Elysian Park. At $280,000 there is a touch of downside: the remodle job was, in my opinion, only modestly successful, and it has no formal parking. However, it appears to be quite clean and should not need much, if any money put into it. It has central air, it has a big useable back yard (7200 sq ft) and has views across the city. It is a decent sized house (1400 sq ft,) with 2 bed 1 bath. Probably for a few thousand dollars you could make it a lot prettier than it currently is, and you would be a homeowner, in a good Echo Park location at a very attractive price in a house you could enjoy.

If you are interested or know someone who might be, get in touch with me.

Echo Park Income Property – $425,000

admin — Thu, 10 May 2012 18:01:16 +0000

This is an income property where the agent is in Orange County and apparently has very little control over the situation and thus no one is able to see the property, hence, no offers. I went directly and met the tenants and did see the property and wish to report the following:

This is a very good income property which actually pencils out nicely. Finding a property where there is also NO BIDDING WAR is actually not very easy, so you should pay close attention. Here are the positives on this property:

a) The tenants are currently paying $1750 each ( $3500 total.)

b) The property was built in 2006. That is a positive in two ways: first, THERE IS NO RENT CONTROL.
Second, having been built so recently, it had to have been built to the city’s standards, so it is unlikely you will have to spend any money on the property.

c) Although it is right up against the freeway, it is actually in a good location from the standpoint that it is walking distance to Echo Lake and is also a short drive (without using a freeway) to the night life of Echo Park, the Art District and the heart of Downtown.

d) It has plenty of gated secure parking.

I estimate it can be had for $400K. Assuming that’s the case, with 25% down, you would be paying approximately $2400/mo including mortgage, prop tax, insurance, utilities, gardner and maintenence. Gross income would be $3500/mo (not including rent hikes which you can easily do since it is not rent control), which leaves you $1100/mo net income, or $13,200 net annual income. This means, if you are out of pocket $100,000 for down payment and, let’s say, $10,000 for closing costs, you will be getting a cash on cash return of 12% (plus depreciation, which shields some of that income from taxes! Frankly, it’s pretty ‘fool proof.’

Unique Echo Park Duplex

admin — Fri, 11 May 2012 23:08:36 +0000

Unique Echo Park Duplex – This Could Be A Cool Income Proeperty – $495,000 – For The Right Buyer

Up front…this one is not for the faint of heart. It is in a somewhat edgy part of Echo Park. However, it is such a cool property that it is a bit like an ‘oasis’ in the middle of the ‘urban desert.’ Plus, it is very secure and somewhat secluded. Add to that, the neighborhood has some cool character, and, like everything in between the heart of Echo Park and downtown, is turning rapidly in a positive direction.

The current owner says you can get $2500 rent in each of these 1 bed 1 bath 1000 sq ft units. Truthfully, no one really knows right now, but given the eclectic and fascinating feel of this property I would definitely not rule out that possibility. If one could get that amount, then it ‘pencils out’ handsomely. Or, it could be an amazing owner/user property where one would enjoy a tremendously defrayed monthly payment due to the rental income.

Great Deal Alert In Echo Park

admin — Thu, 10 May 2012 17:12:25 +0000

Question: What is the chance you can find a 2 bedroom home in a decent part of Echo Park that is bigger than 1000 sq ft, bigger yard than 5000 sq ft, true vintage charm and character, very nicely rehabbed with all updated systems and ample parking for $450K or less ?

Answer: Virtually nil …. except I have if it for you right here right now, and it isn’t yet on the market!!

It will be on the market shortly, but you still have time to get it and very likely avoid a bidding war. Plus it also has a huge bonus area below the house that can be used as music studio, office,etc.

Let me know if you are interested and I can get you in to see it anytime

Amazing Silver Lake Vintage Turn-of-Century Home, Plus 3 Rental Units – $950,000

admin — Fri, 04 May 2012 22:27:18 +0000

This one makes my mouth water. Check it out!

If you could have a wonderful old huge Craftsman style home in a great Silver Lake location, plus have 3 rental properties to hugely defray the monthly mortgage down to almost nothing, would this be of interest to you ??? Well, that’s what we’ve got here! On the MLS the asking price is almost $1.2 million, but I have it on very reliable authority that it can likely be had for around $950K.

I estimate it would take a total of $100K worth of updating to get it in top shape. So, if you could come up with the 20% down and also the money to upgrade, you have a very sweet deal!

Added bonus: the property can be delivered vacant so one can get current market rents. I am estimating the rents at around $4000 (not including the main house.) The main house might even rent for $4000 on it’s own, or possibly more. Also, the systems (plumbing, electrical, etc.) have recently been updated so it’s quite habitable right this minute. One could upgrade as they go.

The house itself has 5 beds and 3 baths with beautiful original everything, and is about 4500 sq ft with panoramic, 180 degree views across the west side of the city, including the Hollywood sign and Observatory. Two of the rental units are really charming. The third one would need some work.

This would be a property you would be very proud to have in your portfolio and it would be profitable. Or, it would be just a great place to call home with lots of additional income coming in at the same time.

Great Investment or Owner/User Opportunity Duplex in Echo Park For All Cash Buyer – $360,000

admin — Mon, 23 Apr 2012 20:17:21 +0000

In the Real Estate investment business different properties will be excellent opportunities for different investors, depending on things like taste, available capital, ability to invest ‘sweat equity’ and other factors. Here is one which, if one has the ability to do their own renovations and has (or has access to) liquidity, this could be an amazing opportunity. Here are the specifics:

1. Asking price is $360K

2. Property is in REAP, which means it has ‘notices of substandard’ that need to be taken care of before one can collect rents.

3. It has one vacant unit and one with a tenant who is protected by Rent Control and doesn’t want to leave.

#s 2 and 3 above are things that will deter most buyers, which could be excellent negotiation fodder. On the other hand, #s 2 and 3 above can also be worked with, and if you need it and are interested in this property I will be happy to share my knowledge and experience with you on these points, and help you resolve them.

I have the rents on these two units (vacated and all fixed up) at possibly as much as $2000 each. They are big 2 bed 1 bath units, top one has a great downtown view, lots of parking, pretty good yard, and walking distance to everything. You could live in one and rent the other or just have it as pure investment. Either way could work great.

Contact me immediately if you are interested or want to know more.

Amazing Fixer Income Property – Approx $280,000

admin — Fri, 30 Mar 2012 17:10:01 +0000

(All In) – Has to be All Cash (or Hard Money) Purchase

For those of you who have been looking for a great income property that ‘pencils out’, here it is!

You also need to have the skills or the wherewithal to fix it up at your own cost. But given these parameters, this has stellar potential.

Here’s the deal:

a) It will be delivered vacant.

b) I don’t think most prospective buyers are going to see it as getting the rent it actually will. The property is on the cusp of H’land Pk and Cypress Park and this location is turning rapidly. It is a 2/1 and a 4/1 that should be made into a 4/2. I have the rents at approximately $1800 in front and $1200 in back, all fixed up, and those figures are conservative.

c) Speaking of ‘all fixed up’ I have it about $50-60K to get it to tenant ready.

d) plenty of parking.

The asking price is $209K and there is alredy a bidding war, but I have a tip for you that might make you win the bid. If you go as high as $250K and spend $50-60K in fix-up, you will be at around $300K all in. At $3000/mo income between the two units, you will be having a very nice return on your $300K investment, say about 8.4 % minimally. Plus, with that location turning as fast as it is, you’ll have nothing but upside all the way !

Wonderful 2 bed 2 bath 900 sq ft House with Amazing Yard in Glassell Park – $349,000

admin — Fri, 13 Apr 2012 17:59:08 +0000

As I tell you over and over again, and will continue to preach till I am blue in the face, anytime I can bring you a quality, well priced property that is not currently on the market you should treat it as gold!

And why is that ???

Exactly, go to the head of the class! It’s because almost anytime one of those comes on the market, especially in this price range, there is a huge bidding war. As you may or may not know, bidding wars are very often highly annoying and frustrating to experience.

This is why I am very excited to present this one to you right now.

Here are the attributes: a) its in a really cool location b) has a back yard to die for c) has been very nicely and tastefully rehabbed and you won’t spend a penny on it. It also has ample parking, central heat and air and a nice bonus room that would be great for an office or a studio.

Get in touch with me right away if you are interested.

Stunning Home In Echo Park – 3000 sq ft House

admin — Wed, 21 Mar 2012 19:10:13 +0000

This is a great house nestled high on a hill.

It is nicely secluded and sits on a spacious lot of more than half acre where you can take nature hikes every day !

The house itself has an elaborate 3,000 sq ft of California living and so many wonderful features they are too numerous to list.

The view is the most exquisite in Echo Park.

The actual list price is $699,000. The reason I am saying “approx $900,000″ is because there are some renovations to be done. Allowing for some structural issues and other miscellaneous expenses, I am estimating as much as $200,000 to bring it to its rightful glory. Hence the “approx $900,000″ figure. Of course, someone who had the knowhow and resources could probably do the work much less expensively then that. But it will be a gem with a magnificent view when done. A great deal for the right buyer. Call me if you are interested, or know someone who is.

3 bed 2 Bath in Echo Park in the $300,000s

admin — Mon, 20 Feb 2012 18:13:19 +0000

I mentioned the other day that good properties that are below $400,000 in Echo Park are hard to come by. But I have one here. This one has already been remodeled. Good location, good ‘bones’, and such a very good price ($365,000).

If you have been trying to buy in Echo Park and have been frustrated because the prices were too high, or you couldn’t find something that worked for you, or you got out-bid, I suggest you get in touch with me about this one and I will try to help you get it.