Buying a Downtown Long Beach Condo

1 Reply

Hello, 

Newbie here. I have been very interested in Long beach real estate after going to multiple REIA meetings in my area of Torrance. Ideally I'd like to get a multifamily unit, live in one and rent out the other units. The problem is that I can't afford any that me and my fiancee would actually live in.

We've looked into condos in downtown Long Beach and are excited about all of the construction going on 

https://la.curbed.com/maps/long-beach-development-...

So we've turned our search into condos in downtown Long beach.  

I've talked to a couple of lenders and my purchase price budget would be max $700k and I'm able to put 10% down.  There's two types of condos in our price range.  Older units in the 300-400k range located west of Pacific and newer units in the 500-700k range.  

My question:  From a purely real estate investment standpoint, is it better to buy something in the lower range that may have a bigger return on investment?

2 bed 2 bath 2 parking spaces with in unit washer dryer located a bock west of pacific $320,000 HOA $220/month https://www.zillow.com/homes/for_sale/2090937594_z...

2 bed 2 bath 2 parking space in unit washer and dryer with a gym in the complex located a block or two away from where they are going to build a brand new trader joe's $595,000 HOA $486

https://www.zillow.com/homes/for_sale/111919528_zp...

Feel free to ask questions, blast me, make fun of me all criticism is welcomed so I can learn.

Cheers!

Sorry, I should have put the square footage the $320k hoa 220 is 867sq ft

the $595k HOA $486 is 1420sq ft

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