First Time Home Buyer - Los Angeles

[Skyler Heimer]

Hi BP,

I'm looking to purchase my first property in Los Angeles and wanted to see if anyone has or knows of anything that might be a good fit. My budget is $550,000 and I would prefer the HOA to be less than $400. I already have an agent but if anyone is able to help with the search it would be greatly appreciated.

In regards to location, I would like to stay in Santa Monica, or somewhere close and the unit needs to have at least one bedroom.

Thank you in advance,

Skyler

[Rick Albert]

That's a tough one. Even in the San Fernando Valley.

A couple of questions I would ask your agent (as these are things I go over with my clients):

1. Does what you want exist?

2. Are you aware of the rent control laws in Santa Monica given your goals? Are you aware of the rent control laws in Los Angeles (and yes, some apply to condos).

3. Even if you can find it, is it a good investment?

4. I understand you want the HOA dues to be less than $400/month, but keep in mind they can go up and it is important to understand what that includes.