Utilities are typically paid by the tenant, the amount really depends on how much the person uses (whether they run the AC all day, how much water they use, etc).
Taxes in California are approximately 1.25% to 1.5% of the purchase amount. Closing costs for the purchase will typically be 1-2% of the purchase amount.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com. I would be happy to answer any additional questions you might have about the home buying process or the condo/rental market here in Los Angeles. I can also email you some listings before you come to LA and we can narrow down some properties that you might be interested in to view in person.
For under $130,000, you can possibly find a 1 bedroom or studio condo in San Fernando Valley, or in Long Beach. In most parts of Los Angeles, 1 bedroom condos will be at least $200,000 or so.
I would be happy to email you a list of properties with photos in your price range, as well as answer any additional questions you have about the home buying process, or the process to rent out your property.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com.
The housing market took a hit in 2007-2008, but the market has been very strong in Los Angeles in the past few years and most areas have recovered and the prices are at or reaching the levels before the crash. The market is holding steady and it looks like prices will continue to grow in the next few years. It is actually a great time to invest in a property in Los Angeles!
Feel free to contact me directly with any other questions/concerns regarding the home buying process here in Los Angeles and I am looking forward to helping you find a great property!
It is possible to find a 1 bedroom condo in the San Fernando valley, within 15 miles to downtown LA, for about $130,000.
Rentals in the area are between $1,000 to $1,200, for a 1 bedroom condo, depending on location and condition of the condo.
I've personally invested and have had rentals for over 12 years, and am very qualified in advising Buyers and Sellers in this field.
Feel free to contact me with additional questions.
Tel. (310) 463-8088
Coldwell Banker Residential
CA BRE #01921046
If you need help with financing, please check out my condo loan blog below.
Mario Pinedo, CCIM
BRE Broker 01118365
The first step is to iron out how you will be financing this purchase and if it is all cas, be prepared to show verifiable proof of funds.
The second step is to find a Realtor who has experience with investment purchases and one who knows the Los Angeles area very well.
Also just remember even if you're not living there for the first three years, the parking in LA is important as is having the laundry either inside the unit or on the premises.
And thank you very much for all your answers!
I planning to visit LA 15th Jan. I will stay there for 2- 3 weeks. I'll be happy to ask you listings of actual offers and see them.