Hopefully I didn’t miss too many chances to connect and network with you guys over the past month, but through the holidays I’ve been preparing for a move and now I’ve relocated permanently to Los Angeles this year which had been a goal of mine for many years. Entering my 14th year in Real Estate, I’m very excited to be here & positioned to make it the best year ever. The County has tremendous opportunities in Fix and Flipping luxury properties for large profits in the $1MM+ range, plenty of deep-pocket investors with massive capital stacks reserved for the best Flippers, Developers, Operators & Entrepreneurs who desire to use O.P.M (Other Peoples Money).
This year I’ve identified multiple sources of capital for luxury acquisitions for tear-downs, sub-dividing, multi-family developments, subdivision building, shovel-ready approved projects in the $10M+ range.
Since moving to Hollywood Hills, California area, I’ve come to see a totally amazing side of Los Angeles. The scent of prosperity and the energy is very inviting, and it’s been spawning the interest of investors who desire to fund flippers who are active in the area, I work with these lenders directly.
According to the Los Angeles Times in the Business section this morning, they detailed the hot spots here in LA.
1.) Santa Monica
Area code 90402, with homes averaging $3.3M, has been attracting international buyers who want safe investments outside of their countries of Asia, Russia and South America, these homes are known to be larger and more spacious near the beach. Also buyers from the tech world are gravitating to the area increasing demand with no end in site for rising values.
2.) Hermosa Beach
Area code 90254, with homes averaging $1.7M+, has many great advantages in that it is the beach town next to ritzy Manhattan Beach that has been continually out-pricing families from the neighborhood that has values of $2.1M+, Hermosa Beach has a reputation for good schools, and strong demand is attracting tech workers from Venice & Playa Vista neighborhoods and Silicon Beach.
3.) Lincoln Heights/Montecito Heights/Elysian Valley
Area code 90031, with homes averaging $458K+ is an area north of downtown L.A. seems to be catching the attention of investors and retail buyers alike, now that Silver Lake, Echo Park and Highland Park have now been gentrified and improved, these areas are becoming increasingly more expensive with low inventory, the buyers and investors are looking next door to expensive Montecito Heights & Lincoln Heights located between the 10 and 110 freeways and Elysian Valley which is located between the L.A. river and the 5 freeway and is up-and-coming.
Elysian Valley (Frog Town)
3.) City Terrace/East L.A.
Area code 90063, with homes averaging $320K+ seems to be affected similarly to Lincoln Heights in that they’ve been seeing lots of activity from investors because buyers are looking in these surrounding areas due to affordability. You can find a nice Spanish Colonial close to downtown with views of downtown L.A. and from City Terrace, you can see the Hollywood Sign. This would be a great time for long-time owners to cash-in and sell, investors I work with are looking for these opportunities currently.
4.) Marina Del Rey
Area code 90292, with homes averaging $2.1M+, is one of my favorite West-side beachfront neighborhoods, I love the community & Venice Beach and with plans for new restaurants, stores and renovation of its maritime, hospitality, and entertainment attractions coming, housing is starting to become demand in the Marina..mostly due to the tech industry in Santa Monica, Venice and Playa Vista areas creating wealthy buyers looking to next door communities.
5.) Manhattan Beach
Area code 90266, with homes averaging $2.1M+, no longer considered a lazy beach town, is now home to Hollywood types, professional athletes, and other high-earners looking for beach-life that offers great schools and quality restaurants. Developers are buying the remaining small cottages and building mini-mansions to keep with the high demand and low inventory.
Area code 90220 with homes averaging $274K+, has been a favorite among flippers that I know..they tell me that they have no problems selling homes in this area, very fast with multiple offers. Crime rates have plummeted and lenders beginning to lend in the area once again, and with purchase prices this low, many can qualify for financing. Families from South Bay and Long Beach are considering Compton when searching for a cheaper home. Also an interesting phenomenon – parents and a grown child and their spouse buying homes…to split the expenses. Coupled with low interest rates and low down-payment programs, has also helped nearby north Carson and Willowbrook see increased growth, Flippers are very busy re-developing homes in Compton. Investors I work with will have no problem funding these sorts of flip deals.
7.) Playa Del Rey
Area code 90293, with homes averaging $1.5M+, considered a low-key beach-side neighborhood at the end of Culver Boulevard is a new hot-bed for workers in the tech industry and advertising hubs in Playa Vista. They are saying that the prices are rising above those in the bubble of 2006, for example – an agent states that a home she recently listed for $2.8M, back in 2006 it sold for $2.6M, the high rate of corporate expansion is driving increased values.
8.) Toluca Lake/Studio City
Area code 91602, with homes averaging $1.022M+, located in the San Fernando Valley with elite private schools has been a destination for Hollywood executives and wealthy families for along time, now due to new bars and restaurants urban young professionals are seeking to move to the area, also developers are buying older homes to renovate or tear down and build larger, grander homes.
Financing: Private Funding Sources
Fix and Flippers has established proven relationships with Top Tier Lenders in the Southern California area that will provide:
- Acquisition for Fix and Flips, Buy/Hold rentals, Mixed-Use Development, Spec Homes, Multi-Family, Commercial in Southern California. (anything else..just ask)
- Refinances – Cash-out, Rate and Term, pay off balloon payments from private lenders. Consolidate multiple high-interest loans into one loan.
- Home-Owners with equity can JV (Joint Venture) with our team to inject rehab capital into your project, we’ll bring our construction team, hire our real estate agents to resale the property and we’ll split the net profits!
- Attention Developers with 20+ recent deals – Please inquire about 100% Financing – 70/30 split..you get 70%! (This is a VIP Program that lenders provide acquisition+rehab+closing costs+carry costs)
This Program is designed to create exclusive relationships with my top contacts.
- No DTI, Fico, Credit Requirements. Stated, Verified is OK.
- Fast Decisions..3 days then Funding 7-30 days depending on if we need to order an appraisal..
- Construction to Permanent Financing & Creative Structures.
- ARV Lending, up to 75%-80% of ARV (Southern California Residential Fix/Flip only)
- Prior Experience Required.
- When submitting a project, please have an executive summary with exit strategy, comps or appraisal, rehab bid from experienced contractor, and Bio/Professional Resume with All completed Projects of all principals completed in last 24 months. Background checks may be ran upon application.
- Loan Amounts of $100K – $200M will be considered. Residential/Commercial/Multi-Use/Development/Bridge
If you are a Principal Investor looking for Investment Properties or Private Funding..respond below for Immediate attention. Or Greg@FixandFlippers.com