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Pico : Real Estate Advice

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  • Local Info2
  • Home Buying4
  • Home Selling0
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Activity 5
Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Avivawolman, you did not refer to an address or link to know which property you are inquiring about.

The purchase in Pico, Santa Monica start from 449k for 1bd 1ba 650sf condo, 639k for 2bd 1ba 844sf condo and the single family homes start from 1.3m for 3bd 2ba home.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Fri Aug 7, 2015
Alexander Greer answered:
I would be more than happy to send you my list of preferred real estate agents in that area.

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079
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Fri Oct 12, 2012
Diana Cooper answered:
Hello Ravi,

I have a new listing, a 2bd/1ba condo conversion in the exact area I believe you are referring to N . of Pico, E of Lincoln, S. of Olympic & the 10 Frwy, W. of Cloverfield on 20th St a couple of blocks N of Santa Monica College.

My mom retired from the city of Santa Monica & I'm told there is some gang activity in the general area but mainly going east towards Cloverfield. As far as crime is concerned, it is always present in any metropolitan city. With that being said, I've talked to the neighbors who rent in the area & they've lived there for years with no issues. Overall, there are hardworking, middle & lower middle class families, college students, etc that live in the area. Santa Monica is just one of those cities where unless you have a million dollars to spend, you have to live amongst the commoners which is the category most of us would fall into. I say go for it.

Diana Cooper
Keller Williams Realty Marina/LA
(310) 075-9341
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Sun Aug 26, 2012
James answered:
when a crime is noted as "hang up" it means whoever dialled 911 did not complete their call. They hung up. Nothing more.
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Fri Aug 13, 2010
John Arendsen answered:
You've certainly received a broad array of answers albeit I didn't notice any Manufactured Home specialists in the midst so I thought I should offer my two bits worth. I've been in the Manufactured Home Industry since the 60's in one capacity or another. I started in this industry on the assembly line with Golden West Mobile homes while in college.

In 1986 I became a general contractor, 1987 a Manufactured Home Contractor and in 1998 I became a Licensed Dealer. For the past 25 years I have been a Manufactured Home Developer and have purchased property and installed many many new state-of-the-art HUD Manufactured Homes. I have yet to see any of my projects lose money. On the contrary. Everyone of my projects has been a very viable let alone affordable venture for all of my clients over the years.

However, having said that if you are purchasing an older home built before 1976 or older and it's in a rental/lease mobilehome park then it would not be a very good investment. Additionally, you must be very wary of parks with high rents. The rule of thumb is the higher the rent the lower the value of your home. I have a home in a rental park in Leucadia, California which is a tiny beach town in North San Diego County. The values in that park have gone down during the past decade as the rents went from $500 to $1000 during that time. The values for a doublewide went from $100,000 to as low as $40,000 because of the greed of the park owners. So be careful

However, if you want an affordable opportunity to own a home in a resident owned community or on a parcel of private property that you own or wish to purchase it is definitely the way to go and you can rest assured that if you purchase a new home you will not lose money providing your dealing with an experienced contractor and dealer. You stand to gain just as much as you would in any other RE investment. I will challenge anyone of the other commenters on that subject.
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