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humbleEngr
2012 Nov 10, 12:09am
@E-man , how'd you find such a thing? Curious, I'm thinking about moving from Texas up towards San Jose.
bubblesitter
2012 Nov 13, 5:51am
What a prized property. I can see,flocks of investors swooping on this one to get $200 a month return after all the crazy math.
humbleEngr
2015 Aug 22, 6:08pm
revisited since patrick somehow 'liked' my comment. surprised I was quazi curious about this trap years ago. Also, apparently it's been sold again since then -- https://www.redfin.com/CA/Los-Angeles/1802-W-12th-Pl-90006/home/6932445#public-records
Strategist
2015 Aug 22, 9:30pm
anyone at this site?
"* * * STANDARD SALE * * * Great Potential in historic area of Pico-Union! CASH or Conventional ONLY. AS-IS ONLY. * * * WILL NOT BE DELIVERED VACANT * * * PLEASE DO NOT ASK. Roughly 9 separate sets of tenancies.
Looks like a high crime neighborhood. Perfect for a drug dealer who can pay cash and kick out the 9 tenants occupying the dump.
Hey AF, if you can get rid of the tenants with you flamethrower I would be willing to pay $50K cash. We can share the profits after it's sold to a sucker.
FuckTheMainstreamMedia
2015 Aug 23, 9:38am
It is a high crime area. Still mostly salvadorian immigrants, but slowly changing and 18th at gang is mostly defunct while Mara Salvatrucha(MS-13) no longer holds sway in the area. Koreatiwn has already pushed that Far East along Olympic and Downtown has pushed west.
You have to get rid of the tennants and remodel to a SFR. Property remodeled would sell for $600-700k right now to high income hipster or gay couple. 10 years from now that neighborhood will look very different and you are looking at a $1.5-2million property. But this project needs deep pockets just to get the current tenants to leave. Definitely not for someone looking for a place to park $300k...the repairs and chance of city prosecution for being a slumlord are very real.
anyone at this site?
"* * * STANDARD SALE * * * Great Potential in historic area of Pico-Union! CASH or Conventional ONLY. AS-IS ONLY. * * * WILL NOT BE DELIVERED VACANT * * * PLEASE DO NOT ASK. Roughly 9 separate sets of tenancies. According to one tenant with whom I've spoke, there are 3 bedrooms on right, 3 bedrooms on left, 2 livings areas in attic, and 1 living area in back. Also, there are some substandard notices from housing and/or building and safety. This deal has lots of upside, but is not for the faint of heart. Falls within Rent Control Ordinance. Seasoned investors recommended. No rents are being paid. Actual rental amounts are unknown even if the tenants were to pay. Tenants have attorney representation with Basta."
http://www.redfin.com/CA/Los-Angeles/1802-W-12th-Pl-90006/home/6932445
PS. note the number of bathroom
#housing