This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Bargain Home Buyers: Get On the Bus!
The City might not want to help you buy a home, but the Repo Bus Tour will help you find one.
A driving tour of SGV neighborhoods has been assembled by Pasadena-based LTV Real Estate, reports the Pasadena Star-News. The tour takes prospective home owners through parts of Duarte, Covina, West Covina, Monrovia, and Pasadena, and shows them homes that are in foreclosure and on the market for less than $350,000.
The tour's founder, Cesar Dias, has been called opportunistic, while others herald him as being clever. While it is perhaps a bit unsavory to make a living off the misfortune of those current home owners who have fallen prey to the housing market and financing woes of the nation, if the homes ultimately need to be sold, it remains for a realtor to bring buyers to the properties.
Dias is also getting in on the cash-potential by marketing the bus tour to other real estate companies, and selling them the concept as a bundle, including the logo, marketing materials, and so on. Tours have been happening for the past several weeks in Vegas, Orlando, Jacksonville, and San Diego, among other cities. Cringeworthy? Perhaps. Clever? Definitely. So if you want to buy a house under market value from under someone who had to give theirs up, you might want to get on the bus.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
