Great Deal Alert $995,000 - Triplex
Here is a truly great deal, and it’s not on the market! Not sure exactly what is causing it to “fly under the radar,” but I sure wouldn’t worry about it; it happens occasionally, and that’s what we count on. Here are the specifics:
It is currently only getting $5400/mo, but the tenants (whom I have met) are the type who should be fairly easy to negotiate out, as the rents they are currently paying are not too low. You may be able to pay them as little as $10-15K for each unit, but the deal is so good that even if you had to pay as much as $25K per unit, it’s still worth it. The units themselves appear to need little to no work, and once they are vacated, you should have no trouble getting at least $3K/mo for each one. True, it is not necessarily the best Atwater location, but it’s certainly not bad, and the units themselves are so great that $3K/mo is quite realistic. The units are 2-bed, 1-bath, but two of them are about 1250 sq ft, which is huge, with really cool “period” features and high ceilings. The third unit is smaller at about 1000 sq ft but is detached and has its own fairly large yard. Plus, there is plenty of parking on the lot.
Bottom line … even if you had to pay as much as $25K to get the tenants out, if you factor in the low cost for fix-up – not more than $25 – 50K total – you still end up at about 14% cash-on-cash return! If you can do better than that in L.A. right now, in a good neighborhood, I would like to know about it! If you want it or want help getting it, call me