I just came back from the Realtor Expo in San Diego and had an epiphany of sorts. The housing market is tough, no doubt about it but I often forget to remind people why real estate is such a great investment. Don't get stuck on "high prices in LA" - that is totally missing the point. If you are still renting and afraid to buy, you are missing the learning opportunity of owning not to mention appreciation. When you are ready to buy, you should buy - you cannot time the market. You should buy with the expectation of holding for 10 years. Real estate is a long game.
Additionally, you are ALWAYS going to be paying a mortgage -even when you rent. Do you want to pay your own mortgage or do you want to pay your landlord's mortgage? You will get tax savings by decreasing your income taxes and you could potentially write off other expenses if you own units. Your tax accountant can help you.
Finally, you need to understand your options. You can buy a duplex and get extra income from the second unit, you can add another unit or back house to your property (obviously you have to check your zoning) and increase th value, you can add more square footage and increase the value again, you can buy a condo and rent it out, you can buy property in an emerging part of Los Angeles and then sell it in 10 years and buy another property in the next emerging neighborhood, OR if you are more of risk taker you can buy a rental for Air BNB or convert a fourplex into condos.
You can go in with friends or family and buy units together and each have a place of your own, you can go in with friends and family and buy units and share the income, you can invest money in someone else's project (that you trust!) and get a return, its just endless!
Please reach out to me and let's discuss your options...the time is NOW!
Crissi Avila will teach you how to buy smart. We’ll look at location, development, and turnover so you can spot opportunities long before most even start considering them.