I'm A First Time Home Buyer: What Can I Afford?

"Dear Tyler, I'm a first time home buyer in Los Angeles, and I don't think I can afford anything. I want to buy, but I don't know what to do."

ANSWER:

Buying a home in Los Angeles is expensive, and it always has been. Way back, when homes cost $50,000, that was a LOT of money back then! Just imagine what we're going to say in the future when talking about real esate prices in Los Angeles.

Anyway... believe it or not, there IS something out there for every budget.

In 2017, you can still find good prices on houses in places like Echo Park, Cypress Park, El Sereno, Boyle Heights, Altadena, even Sunland and Tujunga. These areas are great investments because the neighborhoods are only getting better, more desireable, and more valuable.

If you want a condo, there's Pasadena, Glendale, Hollywood, West Hollywood, North Hollywood, Studio City, Koreatown, Downtown L.A., and on and on.

Monthly payments too high? Have you thought about a duplex or triplex? Northeast L.A. is chock-full of multi-unit properties to buy. And... if you do it right, you can move into one of the units and have your renters in the Other units help you with the mortgage.

What about the down payment? There are FHA loans out there that have a small down payments like 3.5%. If you're a military veteran, you don't need a down payment at all.

Or... depending on the size of the loan, you can get a GRANT from the great State of California, and they will pay the down payment for you. How cool is that?

If you really want to buy, we can make it happen.

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