- Updated On:
- November 27, 2023
- 4 Bedrooms
- 2 Bathrooms
- 2,057.00 ft2
Opportunity to purchase 50% of the property, tenancy in common, quitclaim deed.
– In 2022, the second 50% owner has passed away, and estate representatives are making claims that if successful will reduce the interest sold lot less than 50%. No lawsuit filed by anyone as of today.
– Three tenants on the property, but two of them are not paying rent (need UD). Hostile, prevent access and make multiple reports to the city. Two tenants may have to be bought out.
– The City of Los Angeles has filed a lien re illegally converted garage and a notice to correct with penalties. The garage may potentially be converted into an ADU (Accessory Dwelling Unit) or converted back into a proper garage. Estimate of repairs – $20-35k including permits. ADU docs estimated at $10k.
Buyer to independently verify all claims and disclosures. The interest is sold “As-Is” and no warranty is provided of any kind. Limited or no access for inspections. Do not disturb the tenants.
The Investor Potential:
– Live on the property.
– Rent out the property.
– Sell the interest.
– Purchase the remaining interest from the estate/heirs and own 100% of the property.
*Tenancy in Common holds title to a property in California, where two or more individuals own the property together but with separate and distinct shares. Each owner has the right to sell, transfer, or mortgage their share of the property without the consent of the other owners.
- Principal and Interest
- Property Tax
- HOA fee