Where is a good area for a first time buyer to invest in? Looking for 2 BD under $400,000

Asked by Jesse Josefsson, Culver City, CA Tue Jul 10, 2007

My apt. lease ends this November and I would like to become a home owner. Prices are rediculously high in Culver City (I live just above it). Can anyone recommend some areas near Beverly Hills/West Hollywood where 2 bedroom condos and/or homes can be found for under $400,000? thanks!

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Rebecca Cham…, , Palos Verdes Estates, CA
Tue Jul 10, 2007
It's a little further away, but you can get a brand new condo in San Pedro in your price range.
0 votes
Karen Joy, Agent, Palm Springs, CA
Tue Mar 18, 2008
Move to Palm Springs, less traffic, great weather, 2/2 condos for $200,000. keep for retirement if you still need to work in Westside or if you can do your work on-line, live and work from here in paradise.
Web Reference:  http://www.pacunionsocal.com
1 vote
Monique and…, Agent, Beverly Hills, CA
Mon Mar 17, 2008
Hello Jesse,

There are some good deals in Condos now. Not sure if you have found anything yet but here are my thoughts:

Culver City: Fixer condo 2 bedrooms is possible under 400k
Los Angeles: South of Washington and West of La Brea there are some lovely home in the 400k range.
I think those are your best options unless you will consider something a little further out.

Good luck!


1 vote
David Akram , Agent, Granada Hills, CA
Wed Feb 16, 2011
Hi Jesse,
There are some great condos in the Santa Clarita Valley in the low to high $200K with about 3 bedrooms and up.
Let me know if you want me to send you some listings.

David Akram
Realtor, DRE# 01891274
Cell: 661-505-8550
Century 21 All Moves
Contact: http://contactme.davidnewhome.com
Web: http://www.DavidNewHome.com
Facebook: http://facebook.com/davidnewhome

FREE Monthly Newsletter: http://newsletter.davidnewhome.com
Search for homes: http://searchforhomes.davidnewhome.com
Web Reference:  http://www.DavidNewHome.com
0 votes
Maryam Majno…, , 90034
Wed Feb 16, 2011
You should first find out what are you looking for. Are you looking to invest or a place to call home? .
When you mentioned K400,000 are you going to finance or you are a cash buyer?
If you are going to finance you should find out what type of financing are you getting . Are you getting a conventional loan or you are an FHA buyer. Because all these factors can change your buying process and the type of property you can get into .
For 400k to be brutally honest with you, you won't get a single family home in west side . So you need to look into condominiums.
The good news is that you can find some nice condos in Culver City or Palms -Mar Vista area , however the question goes back again to your financing ; since not all condominiums are FHA approved and if you are looking to buy a bank owned property you need to know that if the property is not in habitable condition the banks are not gonna lend you money unless you have a big down payment.
I hope this information will help you decided what you wanna do.
But I would strongly suggest to get your financing straight before you do anything unless you are a cash buyer.
Then find yourself a good agent you don't pay them they get paid by the seller. The benefit of using an agent is that they can save you a lot of time and gas money .

Good Luck
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Sep 24, 2009
Hi Jesse,
I have a few,up and coming neighborhoods for you to consider in your price range. Send me an email and I will fill you in. Contact information is below.
Web Reference:  http://www.doreneslavitz.com
0 votes
Hassan Nicho…, Home Buyer, 90036
Tue Mar 18, 2008
We offer first-time homebuyer education workshop and counseling. First-time homebuyer programs and down payment assistance programs by far are the most popular topics that we cover. Visit our website. We list the government-backed programs as well as the guidelines, maximum purchase price, etc. We also list other cities who offer down payment assistance. Be advised that some of these programs won't be around forever and that they're subject to budgeting/funding each year. And don't worry about the site if you're not a teacher. You'll find that really one program is specifically for LAUSD, the others are open to the general public.

Good luck
Web Reference:  http://www.latmap.com
0 votes
Artur Urbans…, Agent, Burlingame, CA
Wed Jul 11, 2007
Jesse, go to a local Bank of America office and ask them about CalHFA loans. These are great, 30 year fixed loans, but you have to find out what is the maximum loan amount for Los Angeles County. The rates are lower than typical out there, not just because it will be a conforming loan, but BofA "is meeting some federal guidelines and scoring brownie points" - don' quote me on that, however. Additionally, you might get a good deal for the second loan. For example here in the Bay Area, several cities give you 20% loan which you don't have to pay for 30 years and they charge you a simple interest on this. Your Bank of America account exec for CalHFA loans should give you all necessary information. CalHFA loans are a good deal if you qualify. You might want to check with other major banks, but I worked only with BofA.
Web Reference:  http://www.cimpler.com
0 votes
Kenya Reeves…, Agent, Los Angeles, CA
Wed Jul 11, 2007
You may be talking about fannie mae's "my community" program, I send most of my 1st time buyers through that program if they are under the conforming loan limit of $417,000. Have you gone onto an MLS guest site yet? I'm curious to see if you've taken a look at whats out there.Although you think that you are in the correct income bracket and have the right fico- you still may want to speak with an LO , many of the rules have changed and it has been a lot tougher to get a loan recently. You're going to want to create your plan of attack early.
0 votes
Jesse Josefs…, , Culver City, CA
Wed Jul 11, 2007
I'm actually looking to live in the home I purchase. And honestly, I don't want to spend more than an hour in my car everyday, so if it's not in the immediate vicinity of West Hollywood, it just won't work for me. The kind of house I'm interested in may have a few minor repairs required, but nothing major. I have not been approved by a lender yet, but I do have a steady income and good credit. I was thinking of applying for one of those low income first time buyer loans that the city of Los Angeles offers. I'm just in the right income level to quality. Anyone know about these kinds of loans? You guys have been great with your answers! Thanks!
0 votes
Artur Urbans…, Agent, Burlingame, CA
Tue Jul 10, 2007
In California $400,000 is not much. You can buy 6 to 8 duplexes with 1% return per duplex per month and positive cash flow of several hundred dollars on each for this amount in Texas. Let me know if you are interested to find out more.
Web Reference:  http://www.cimpler.com
0 votes
Kenya Reeves…, Agent, Los Angeles, CA
Tue Jul 10, 2007
The area you are looking in for that price range can be tough. 2 bd properties usually start a bit higher than that. When I was looking for my first home, my husband and I decided to expand our criteria due to the fact that we couldn't get enough home for our price range. Would you be willing to look at different areas? We eventually settled on Eagle Rock and we are very happy here. My husband still works in West Hollywood and has a bit of a drive, but in the end it was worth it. I would go on the MLS as a guest and start looking at whats out there in areas that appeal to you.
Also, please elaborate. Are you looking to live in this home or buy it as an investment property? Are you looking for a fixer or something that you can move directly into? Have you already been pre-qualified by a lender? Maybe you can afford a bit more than you think...all of these things are factors in your purchase process. You can go on almost any agents site and get access to the MLS. Congrats on your decision and best of luck,
0 votes
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