Real Estate Investor and previous successful MVI borrower was seeking a cash-out 2nd TD to complete repairs and updates to this 5-unit LA property.
The subject property consists of 4-detached structures of 3,334 s.f., 5-unit apartment complex building constructed in 1924 & a non-permitted unit made of a garage conversion. Subject is in the Eagle Rock area of L.A. County which is one of the 92 distinct and defined neighborhoods by the City of L.A. & is based east of Glendale, west of Pasadena and 7 miles northwest of downtown L.A. All units are fully occupied by tenants; current gross rents include $10,204/mo. ($122,458/yr.) excluding the 6th non-permitted unit renting at $1,740/mo.