With every client, we try to identify unique strengths that we can leverage to create the best deal possible. OJ had several strengths: significant savings, an appetite for a project, and patience. He was living for free with family, so he didn’t need to move anytime soon.
So almost immediately, we knew we were looking for a fixer. We needed a relatively inexpensive property as OJ’s borrowing power was below the LA County price median, but OJ had the capital and time to execute a renovation. With family in Cerritos, OJ wanted to stay in the South Bay.
After investigating a few properties — and even putting one under contract — we found the ideal opportunity, a side-by-side duplex of one-bedroom, one-bathroom units in Long Beach. And as a bonus, there’s an ADU-ready garage to convert at a later date as a second step of the investment.
Watch the video above for a complete breakdown of the renovation, including how much it cost and how much equity OJ created. He’s already $40,000 ahead, and after the ADU conversion, he will have created over $150,000 in equity gains.