🔴 Our Buyers Success Story: "Securing the Perfect Investment Property with Exceptional Returns"
At the Scherb Homes Group, we pride ourselves on helping clients find the best properties that meet their needs and exceed their expectations. Recently, we had the pleasure of assisting a wonderful family in purchasing their dream investment property at 1207 Beryl Street, Redondo Beach. This stunning property, located in the desirable South Redondo area, not only offers a prime location close to the ocean but also promises an exceptional return of 5.15%, making it a standout investment.
Discovering the Perfect Fit
Our clients came to us with a clear vision: to find a cash-flowing property that they could use for a 1031 exchange from a previous income property that was not performing well. They were particularly interested in a duplex to fourplex in the LA area, with a preference for properties near the beach. We guided them through the Redondo Beach market, highlighting the benefits of the area’s great schools, public resources, proximity to freeways, the Pacific Coast Highway, and LAX.
As we toured multiple properties, it became clear that many options required significant maintenance and had less desirable locations. However, 1207 Beryl Street stood out with its prime location, recent renovations, and attractive unit mix. The property includes a 4-bed 3-bath townhouse unit, perfect for an owner/user, alongside a 2-bed 2-bath and two 2-bed 1.5-bath units, making it an excellent choice for both owner-users and cash-flow-seeking investors. The building had undergone substantial upgrades, including roofing, designer paint, new windows, modern interiors, and more, making it turnkey and ready for tenants.
Navigating Negotiations and Securing the Deal
Negotiations were a critical part of the process. The sellers were firm on their price, and despite our best efforts, we had to move on to another property at one point. However, persistence paid off. A week later, the sellers returned to the table, and we successfully went under contract. During the inspection phase, we recommended thorough evaluations, including a total home inspection, mold inspection, sewer inspection, and roof inspection. Although the property was mostly new, we negotiated credits for termite treatment and repairs for an old water leak, ensuring our clients got the best deal possible.
Smooth Escrow and Coordination
The escrow process was smooth and well-coordinated. We worked closely with the lender and escrow officers, ensuring that all aspects of the transaction were handled efficiently. Additionally, we coordinated with a Qualified Intermediary (QI) to facilitate the 1031 exchange, allowing our clients to maximize their investment benefits. Throughout the process, we made careful arrangements to respect the tenants’ schedules, ensuring minimal disruption while accessing the property for inspections.
The Outcome: A Successful Investment
Our clients secured an incredible investment property at 1207 Beryl Street for $2.6 million, with an estimated appraisal value of over $2.8 million! This turnkey property, generating solid cash flow, is a testament to the value of working with a dedicated and knowledgeable real estate team.
Ready to Find Your Dream Home?
At the Scherb Homes Group, we are committed to helping our clients achieve their real estate goals. Whether you’re looking to buy, sell, or invest, our team has the expertise and dedication to make it happen. Contact Cliff at 310-696-6648 or email Cliff@ScherbHomes.com to start your journey to finding the perfect home or investment property today.
CLIFF SCHERB
CLIFF SCHERB | Global Real Estate Advisor
Email Cliff@ScherbHomes.com
Vista Sotheby’s International Realty
DRE# 02207710
COMMITTED TO YOUR HOME JOURNEY
As seasoned real estate professionals in the South Bay, Cliff and Kimberly Scherb leverage their unique backgrounds to provide exceptional service. Cliff, with expertise in health and wellness, ensures a holistic approach to real estate, while Kim, a former ballet dancer and acupuncturist, offers refined design insights. Together, they deliver a comprehensive and client-focused experience.