Los Angeles - Beach Cities Income Units

Demand is high and competition is keen, but it is possible to purchase multi-family income property in the beach cities of the South Bay area of Los Angeles County: Manhattan, Hermosa and Redondo Beach.

Earlier this year Norma Toering & Team represented the buyer on a fourplex purchase in Redondo Beach. There were seven offers on the property. I knew any offer would need to be clean and at asking price if we hoped to secure a place in the final counter. The seller countered only cash offers with short escrow periods. Fortunately, our buyer's offer was selected and 14 days later the property was his! 

Can you win them all? No, but if you're in the market to purchase residential income property in the South Bay's Beach Cities bring your best offer to the table. As I tell prospective buyers, you may only have one shot at being the new owner, so let you offer tell the seller what you're willing to do to be the next owner. Here's a market update on income property markets in the South Bay Beach Cities of Los Angeles:

• Manhattan Beach: Four income properties are for sale and YTD nine multi-family properties closed escrow.
• Hermosa Beach: 10 Income properties are for sale and YTD 12 have closed escrow in 2013.
• Redondo Beach: Eight income properties are currently for sale and YTD 19 have closed escrow. Redondo Beach has a large share of the income property in the beach cities as reflected by these numbers.

If you're in the market to purchase apartments in Los Angeles County contact Norma Toering and Team for more information. - Norma (310) 493-8333

Manhattan Beach income units for sale:

Hermosa Beach income units for sale:

Redondo Beach income units for sale:

Buying Residential Income Property in LA County

Redondo income units sold by Toering and Team.

It is no secret the residential income property market is red hot due to lower prices (a result of the housing bust of 2008-2012) and the historically low interest rates.  My January 2012 letter to clients recommended income property as a "Buy" niche in an otherwise flat real estate market.  What a difference a year makes--prices are on the rise as are interest rates and it is becoming more difficult to find residential income properties that pencil out, but it is still possible.

Buyers must often set aside their quest for perfection (great location, great condition and positive cash flow) and adjust their expectations. A long term approach is often best; leave the fix and flip to the in-and-out investors.

We, Norma Toering & Team, are currently working with investors shopping for residential income properties in Los Angeles County, and surrounding areas, priced from $200,000 to $20,000,000 plus.  I know, that's quite a range, but there is something for every budget.  Fortunately, we've enlisted a real estate financial expert (MBA Columbia University) to assist with the financial analysis of income properties.  Once a property qualifies on location, price and size he determines the financial feasibility of the purchase based on the client's goals.  It is another value-added layer to our customer service program for residential income property clients.

If you plan to buy or sell residential income in the Los Angeles area contact Norma Toering & Team for more information on how we can help you.

- Norma (310) 493-8333

More Redondo Beach units for sale:

Los Angeles City – Rent Control Info

Several clients are purchasing or interested in purchasing multifamily investment properties in the Los Angeles area.  The City of Los Angeles is under rent control and it has specific rules and regs a prospective buyer needs to know about prior to purchasing a property.

 

Here’s some “starter” information with links to appropriate sites where you can delve deeper into the subject of rent control in Los Angeles.

 

LA City Rent Control – Managed by LA Housing Dept

• “Rent Stabilization Ordinance” - Summary
• Applies only to properties inside the LA City borders which in the South Bay includes most of San Pedro, Wilmington, Harbor City and strip of land running near the 110 freeway.  (See map.)
• Applies to multi-family, not to single family homes.
• Does not apply to properties built after Oct. 1 1978.
• Rent increases are determined every year by LA City. It was 3% the last few years, but is capped at 8% max. Chart
• Reasons for eviction are limited.   If evicting for other reasons, landlord may have to pay the tenant (Current rules and  rates are $7,050 to $18,650.)
• Properties are required to register with LA City.  LA City may do inspections and require repairs.  Failure to do repairs could place the property in REAP, where rent payments are made to the city and impounded in an escrow account until repair items are resolved.  City may reduce rent of tenant if property goes in to REAP.
• Forms and Publications

For more information about investment properties in the South Bay and Greater Los Angeles contact Norma Toering & Team. (310) 493-8333.