Acquiring property in LA area
Hello fellow investors in California,
I need your advise about purchasing real estate property in LA area ( like Westwood, Culver city, Brentwood, Santa Monica).
I am interested in 2 beds 2 baths condo/townhouse/house buy and hold. I have a budget of $350K, ready to do some cosmetic
work. My question is more about specific conditions to do business in California for out of state investors. I am from Virginia.
Also how expensive for you to run rental business considering all California fees, taxes, etc.
Is it realistic to find something with my budget as well? Thank you!
Most Popular Reply
Can you find something in your budget in those cities that is worth buying, the short answer is no. If you were willing to buy a very cheap condo with high HOA fees maybe if you looked for a while. California doesn't really have many fees except some cities make you get a business license which is like $70. As far as taxes are concerned depreciation exists here too so you probably won't have much to worry about. With your budget you might be able to find something in the Inland Empire or Central Valley but probably not the cities you mentioned.