FROM HEADACHES TO RELAXATION
Sold: 5 Units – Silver Lake
Purchased: Church’s Chicken
Client Need: Our client owned an older Los Angeles apartment building and was tired of dealing with toilets and tenants and being held hostage by the City of Los Angeles’ rent control ordinance which kept his rents far below market.
Clint’s Solution: CLR procured over 15 offers and closed escrow over the listing price. During escrow on the “down-leg” property, Clint Lukens Realty found a single tenant retail property with a true NNN lease and corporate guarantee, which provided our client with an 88% increase in gross income.
DRIVE LESS, MAKE MORE
Sold: 23 Units – San Diego
Purchased: 26 Units – San Fernando Valley
Client Need: Our client owned an apartment building located several hours from her home which caused severe management and cash flow problems.
Clint’s Solution: CLR sold the property to a local investor who paid a premium for the San Diego property and we found a property at closer proximity to the owner’s home with a much better cash flow. A win-win for everyone.
CAN I MAKE MORE WHEN MY RENTS ARE MAXED?
Sold: 8 Units – Koreatown
Purchased: Bed & Breakfast
Client Need: Our client owned a rent controlled apartment building with rents over the current market rates and wanted to improve his investment.
Clint’s Solution: CLR produced 18 offers and were able to get the escrow to a non-contingent status within 2 weeks of listing the property. This smooth and quick process allowed our client ample time to close escrow on his down-leg and purchase his up-leg, which resulted in a 50% increase in his investment return.
20 Units – Los Feliz
Client Need: Our clients, whom consisted of three different generations, owned a 20 unit rent controlled investment property. They needed to cash out in a ‘down market’ before and were concerned they would net less than an appraised amount completed at the “top” of the market.
Clint’s Solution: CLR produced over 30 offers. This resulted in an over asking purchase price, which netted the family members more proceeds than they would have received had they sold the property at the top of the market.
6 Units – Mid-Wilshire
Client Need: Out of state lender foreclosed on a 6 unit rent controlled apartment building in Los Angeles and needed to relinquish the property as soon as possible.
Clint’s Solution: CLR produced over 12 competitive offers. The end result was an all cash buyer and a quick close.
SAVING AN OWNER FROM FORECLOSURE
6 Units – East Hollywood
Client Need: Client was facing foreclosure on a an property and needed to come up with a quick solution to avoid the repossession of her property.
Clint’s Solution: We were able to analyze her investment property portfolio, list one of her properties with equity, procure over 10 offers for the listing, and sell the building in a timely manner, providing the seller with quick cash needed to save her other asset.
20 Units – Echo Park
Client Need: Due to an unforeseen divorce, client was forced to sell the marriage’s investment property to divide the proceeds among the couple.
Clint’s Solution: CLR found our client an investment property not only for her to exchange her proceeds into, but one that provides a generous return.