South Pasadena, Monrovia, Pasadena Areas

[Allen Wu]

Hi Friends,

I'm looking to buy a SFH in the Los Angeles, CA area specifically in South Pasadena, Pasadena, or Monrovia area. This home will be used as a primary, but potentially converting into a rental investment in future years. Purchase price will range between 800-1M, but people are submitting 10-30% above listing. Couple of questions:

1) Market is competitive. Is it worth to “over pay” by 10-20% and waive appraisal?

2) How do fellow investors buy a primary? I find it tough to buy a primary without my investor lens. My wife is focused on the “emotional buy”.

3) Would you overpay and waive certain contingencies if buying in a hot market like these cities for a primary?

4) Any general recommendations? Our thought is to continue to rent, but at an age now where we want a primary to start a family.