Great Deal Alert
At a time when it is virtually impossible to find a multi-family in L.A. that cash flows that isn’t in an awful part of town or is likely to be a ‘money pit,’ here is one that is somehow ‘flying under the radar,’ that is neither of those things, that cash flows, and can be had.
I always get the question, “if it’s so great then why is it still available?” My response to that is always, “my clients are either frustrated beyond belief that they can’t get a good income property that cash flows, or they’re suspicious because they can!” Yes, this one is out there, hiding in plain sight. The truth is, I don’t know why it is still available. I have a few theories but I won’t bore you with them. Let’s just say that if anyone is going to find such properties, it’s going to be yours truly, for the simple reason that I am looking for them 24/7, and I know what I am looking for.
Anyway, at $1,025,000 with 25% down, this one will get you excellent cash flow and it will not be a ‘money pit,’ and it is in a very good Boyle Hts location, on a cul-de-sac street. It will cash flow $2800/mo or $33,600 annually, with only $275,000 cash out of pocket, including closing costs. That adds up to 12% cash on cash return. And, as if that isn’t great enough, three of the 5 units are renting well under market so there is a lot of potential upside.
I have been to the property. I have met the tenants. They are great people who take care of the property. The property is in good condition. And, the stand-alone 1800 sq ft house in the front has excellent charm and character. All of which is to say….. you should buy it! I am happy to help you do so. If you want it, or want to know more, give me a call and I wll be happy to help you. – Ken Shapiro, Silverwood Properties – 818-237-6963
