Bank Owned Homes- a couple of good ones

I see bank owned houses every day. Scores of them in a month. I don't show them to you unless the have some redeeming quality. So, check these out:

In this case, this home caught my eye because I think of this neighborhood as Northridge. This is due to the fact that the Northridge border is at Devonshire, and this home is north of that. It's in that area south of the 118 but west of Balboa, but this island of land is Granada Hills. So call it "Northridge adjacent". The other thing that caught my eye was that this is a single family home for under $500k in Granada Hills. It's priced at $399,900! As with all bank owned homes, this one has problems. There's issues inside and out; the yard the paint, the roof, and the pool are all in a state of disrepair. I like to estimate high because it turns out closer to reality for a first pass. I figure 15k to make the pool right. It needs the whole filter pump and heater thing. Plus a minimum of an acid wash but probably replaster and spruce up the deck surround and coping, maybe with some brick ribbons. Another 5-6k for paint, 10k for the roof, 8 k for infrastructure (electrical, HVAC, Hot water heater) 20 k for bathrooms and floors, 6 k for the kitchen appliances, another 6k for materials like granite. what's that come to? $71,000. Add 20% for contingencies. Because your crew always finds some issue you hadn't budgeted on. So, that's a budget of 85,000 +/-. With the cost of the property ( say no competition, because this place is SO bad)of 350,000. Add Landscaping. 6 k. That brings your all-in to $441,000. Will it flip at this price? Sure, but factor in holding costs and commissions and you are getting your profit margin dangerously thin. So it goes. If you're an end user, this makes sense. Borrow hard money to get it all done, then refi. THAT works!

This one caught my eye because I know the neighborhood; it's way out in the tulies of Moorpark, off the 118 west of the 23.It's the last outpost of civilization. After this neighborhood is the serious farmland of Ventura County that stretches all the way to West Ventura and inland off the 126 to Santa Paula, Fillmore, and Piru. But they are new-ish homes that run 4-5 BR and 3-4 Baths and are over 3,000 square feet.

What do you get in exchange for living 40 minutes past Calabasas? A Huge house at a great price! This one is 5 bedrooms, 4 baths, with almost 3200 square feet. And like the home in Northridge -adjacent, this one needs some huge work undertakings. It DOES NEED MOLD MITIGATION which scares the bejeesus out of many people, but it's simple to do for the pros. 20k. And a new Roof 15k. New Floors and Paint. 15k. Landscape/tree trimming. 10k. The price here is what really caught my eye. $553,400, which works out to $173.37 a foot!!! You can't build it for cheaper than that. If you're a flipper, there's not enough upside there for the trouble; comps run high 500s low 600s. For an owner, you could come out ahead. So, feeling brave?



I have lots of experience negotiating with banks, let me put that to work for YOU.

(805) 907-5211