In a dilemma purchasing my first residential property

[Rohan J.]

Hi BP,

I rent in Los Angeles right now, and I'm trying to purchase my first residential property (for all natives, i'm looking anywhere west of the 405 near Santa Monica). Obviously prices are really high, and my dilemma is this: I can continue to piss away 1500 in rent every month until there is a correction (hopefully), or I can try to find a modest 2b/2b in a more affordable area (Mar vista, Westchester, parts of culver city).

I'm leaning towards the latter because I know that all of my work will be near Santa Monica/Playa Vista for at least the next 5-10 years. I'm looking for a 2b/2b, and because I'm planning on living in it for a while, Id like the location to be near a bit of night life, restaurants, bars, safe, etc, but when it comes to the actual home, I'm fine with getting my guys to do some remodeling work on the inside after purchase (aka "finding the worst house on the best neighborhood"). I'm also avoiding areas that are rent controlled, and I want to use an FHA loan (first timer!) for purchasing this as well.

Now that you're a bit more familiar with my situation, does anyone know how I should go about looking for a modest 2b/2b on the westside? Do those even exist? I'm trying to buy something below my means because of the sky high prices right now, and any general thoughts on what I should be thinking about would be great.