For awhile people had been calling and asking us "Hey, I so can I get a bank owned multi-unit in Long Beach?".
I would say no, because literally there wasn't anything available. The bank owned properties were condos and homes. Lending standards on the multi-units had been a bit tougher so we really had seen any bank owned Long Beach real estate in the form of duplexes, triplexes, or 4 units. Well...
Times HAVE changed!
Within the city of Long Beach there are 47 options for multi-units. Yes, that means, duplexes, triplexes, and even 4 units! These vary in neighborhood from Downtown Long Beach, Eastside/Circle Area, North Long Beach, Bixby Knolls, and even some in Belmont Heights.
Now, you will be saving on price, but here are some of the challenges you will face:
- Condition - Many need some work to be in top rental shape so be prepared to invest some money in repairs.
- Vacancy - Since the bank has taken over, they usually aren't fully occupied. Expect a high vacancy rate so you will need to be prepared to find some great new tenants.
So, keep a careful eye on what is out there and realize that there are some deals to be achieved in this market. With rates that are still competitive it can be a great time to build up your investment portfolio of muli-unit. Get our HOT List today of Bank Owned Multi-Units.
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