Buying first home - advice on West LA/Silicon beach
Hi Everyone,
Real estate newbie here! The wife and I moved to LA from OC last year for work and have been renting an apartment in Playa Vista. As our lease comes to an end in a few months, I’ve started to get serious about looking for our first house to purchase (the thought of paying another year of $3k/month rent for a 1 bedroom keeps me up at night). We love the weather and the community on the west side and being convenient for both our jobs it’s the ideal location for us to buy.
My brother referred me to BP a few weeks ago and I’ve been an addict ever since (averaging 3 podcasts/day) trying to learn everything I can as we step into the intimidating world of real estate. I would love some advice for first time buyers, especially from those familiar with Los Angeles.
My plan is to buy and hold, keeping the property as a rental after we leave LA likely in a few years (thinking primarily cash flow, appreciation is a bonus). I am looking at SFR, but also interested in multi-family (love the idea of a tenant subsidizing our mortgage payment through house hacking). Most interested in the coastal cities: Playa Vista, PDR, MDR, Venice, El Segundo, Manhattan beach. Looking to buy at the 500k-650k range with a 10% down payment. I realize that’s a tall order and we are willing to broaden our range a bit if we have to, as long as it’s a relatively upscale area where we feel comfortable and safe.
Alternatively, if we can’t find the right match for our budget I’m thinking of potentially continuing to rent where we are and buying an investment property to rent out somewhere we know we can afford nearby that is up and coming (Inglewood?).
Again, would love any advice I can get, especially from locals. Thanks for reading!