Hi, First posting here.
I purchased a 2/1 in West Los Angeles 7 years ago.( for 210k ). I refied last year for a better rate, and to pay off the ex-wife. I now owe 330k. A similar house 2 doors down just went on the market for 829k, and with what things have been selling for in my neighborhood…They should get it.
I have been trying to get into rei, and have been reading/ researching for a year.
I have been concidering selling,moving, and buying several rental properties in NC.
Would it be smarter to keep the La place and take money out ( even though it would be a jumbo ) for investing, or cut and run with the profit to a market that is not so inflated?
Your opinions are appriciated.
No offense to you, helltoon but,
WHAT A FREAK SHOW!!!
How can ANYONE afford a a 2/1 property for $829K??? The P&I alone would be OVER $4,700 a month, if they could come up with over $40K for a 5% DOWN!
My answer: sell high while you can. The problem is: if you sell now and stay, can you get back into something to live in?
That’s the thing. I would have to move into the Valley, or out of state. Which is fine. I have thought about getting out of the entertainment industry and start working toward my retirement ( only 38 though ). But, thats kinda what I am here for. I could never afford another place on the west side of La, unless the Koreans use that nuke they are working on.
Thanks a ton!
2 (bedroom)/ 1 (bath)
As for who can afford it? Plenty apparently. However, there has been a increase in the number of escrows falling out due to lack of appraisal, fiancing, or other issues.
Personally, I would sell high while you can. Then get into a cheaper place, they are out there but you will have to drive, and then wait for the prices to come down and move back when they do.