If I were a property investor, I'd consider buying these Burbank and Toluca Woods properties

I was pleasantly surprised this evening to show some nice properties in Burbank around the $400k range.  Seriously.  Decent properties in this price range don't come along every day, and my client may want to buy one of these, but here goes:

• 2410 Chandler - 2+2 plus cute rooftop patio, really well decorated;
• 1316 N. Lincoln - 2+1 and clean as a whistle;
• 1726 N. Pass - 2+1, could be considered "move-in condition" and
• 700 N. Clybourn in Toluca Woods - 2+2, needs updating but floorplan is good.

Yes, these are all small.  None have been remodeled.  But they all have lots of potential and, IMO, make great first homes or rental property.  None are distressed property sales either -- what a pleasant surprise!

Difficult Loans for 2nd Properties

Mortgage loans are still hard to get. I won't name names or give addresses here, but an escrow of mine just bombed. The buyer already owns a home and wants to downsize. He was in escrow on a smaller house and planned on renting out the house he currently owns and occupies. The underwriter didn't like that somebody who wasn't retired wanted to downsize without selling, and would only approve the purchase as investment property.

So what's the problem? Investment property requires a down payment of more than 20%. My buyer had 20%, but not more. And the interest rate was higher. Bye bye escrow. While my buyer is pretty philosophical, the people who are really hurt here are the sellers. They are not in good health and were counting on the sale proceeds for help.