3 People Who Should NOT Buy a House in Los Angeles
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- Опубликовано: 8 сен 2022
- Buying a house in Los Angeles is not for everyone. Los Angeles real estate is works differently. In this video by Los Angeles real estate agent, we explore who should not buy a house in Los Angeles. We'll talk down payment requirements, holding periods, and more.
CONTACT ME REGARDING BUYING OR SELLING REAL ESTATE:
Daniel Rangel
➡️ EMAIL: daniel@theartistofrealestate.com
➡️ WEBSITE: www.theartistofrealestate.com
➡️ PHONE & WHATSAPP: 310-749-7092
➡️ INSTAGRAM: / theartistofrealestate.com
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Daniel Rangel began his career as a Los Angeles Realtor at the young age of eighteen, over a decade ago, during the great recession. When others were calling it quits, he was charging forward, finding opportunities for his clients where others saw problems. To some around the world, Daniel is better known as the founder of Creativum, a project with a social cause that he founded during a three-year sabbatical, in which he traveled the world alone with a small backpack and a camera. As a result of his eccentric entrepreneurial accomplishments during this adventure, he has been published in newspapers across the American continent, made television appearances, been a guest speaker at several universities, and given two TEDx talks on the topic of sales and creativity. He likes the outdoors, travel, photography, and writing. From Daniel Rangel you can expect a real estate experience that’s fun, up-front, honest, and pressure-free.
This may be the most accurate advice and knowledge throw down I've seen an agent provide. It speaks exactly to the LA market. Great job Daniel.
"Throw down," love it! Thanks, Ramin, much appreciated!
Great video. You are such an honest breath of fresh air in the real estate arena!
Thank you, Millennial Money! Happy to hear that, appreciate it! 😊
If my house (built in 1938 2bd 1 bath, 6000 sq ft lot / 2 car garage) in Northern San Bernardino were located in West LA, it would be worth at least 1 million dollars. West LA has a quality of life found nowhere else, it's very unique, so you're paying for that and it's a sound investment, the I.E was crushed in the housing down turn, but not West LA. Daniel is right ,even after 16 years in this first house, I'm the cleaner, the Gardner, the manager.. but a nice little house has evolved over time so it's all good. Daniel is younger than I am, but far wiser.. enjoy his videos. I learn something each time.
Really enjoy your content and humor!
Aw, thank you, oceanangel, much appreciated, glad to hear that! 😊
Really enjoy your videos! They are detailed and very accurate about the LA housing market. Keep it up!
Aw, thanks Jason! Really appreciate the love, man! Glad to hear you're enjoying them! 😁
Great job, Daniel ! Great Advice!
Thanks Armando, much appreciated!
First of all thank for all of ur video they are very helpful.Can u do a video regarding buying a house cash (one payment) vs mortgage system please.
Thank you! Happy to hear that 😊 Thanks for the suggestion. Like, the financial benefits of one over the other? Or like buying now with financing, or waiting till you save to buy cash? Curios, let me know!
I don't know if you give out advice to your commenters, but I'm dying to know what you think: My husband and I bought a home in cash in Santa Clarita 4 years ago. Lovely home, got a great deal on the house. We had a baby 6 months prior, and realized that staying in our pricey West Hollywood condo just didn't make sense. We wanted to focus on parenting rather than having to work to pay our mortgage. So we cashed out, bought the SCV home. Within a month of moving in, we realized we pretty much loathe SCV and started talking about getting out of here. Yes, the tragic part of the story is that we were not familiar enough with the area before we bought. We liked that we could afford a single family home out here, relatively close to LA. Then the pandemic hit and of course we hunkered down here. Now we're at a crossroads. Home has appreciated by 150k in 4 years. We know we don't want to stay here permanently, but the market is so crazy right now and we're scared to buy. At the same time, we're scared to rent, and not be real estate owners any more. Do you have any advice?
Oh and I should add that I own a business. It's in its second year and growing but I don't have enough of my own capital to invest in it, unless we cash out of the current home. Tough situation. Your wisdom is appreciated! Love your videos, have watched them all :)
Hey Stacy! I am sure many people will appreciate your honesty and will surely help many who are where you were at four years ago. The grand old debate: house vs. area. On your current situation, my two cents, which is not a science and many other factors should be considered: 1. As far as relocating, this market, for better or worse, mainly affects first-time buyers, or people not exchanging. In your case (selling to buy), well, if the value of your house goes up or down, likely the replacement property will do the same. So market timing is not so much of a thing for you on this front. Interest rates affect you, but you can always refinance, so long as you plan on living there a sufficient amount of time to justify the refinance cost. So I wouldn't worry too much about the market. The big question is can you find a replacement property in the area you want, within your budget? I think only you can answer this. And I would just keep in mind the 5 to 10 holding period, especially in this market where we don't know what's going to happen. Seems you would be giving a large down payment, so your worst-case scenario is covered; rental income would cover the mortgage if any. But if you think moving is best for your sanity and family, and you can't find a replacement property that you can hold on to for 5 to 10 years, just rent. And you can choose to keep your existing house and rent it out. Nothing wrong with renting where you live and renting out what you buy. Of course, you just want to consider what it takes to be a landlord. And finally, subject to a bunch of factors, when it comes to your primary residence (where you live), I don't think everything has to make penny sense. Vacation costs, therapy costs, organic milk---we don't measure them by profit and loss. But a house, which also affects our overall well-being, we hold to a higher financial standard. I hope this kinda' helps; just my two cents. My info is in the description; feel free to reach out, we can schedule a call. But either way, thanks for sharing!
@@theartistofrealestate Thank you so much for your detailed, thoughtful reply. You gave me a lot to ponder.
@@stacyg585 of course! 😊
Great video...from Europe 👍
Thanks, Eni, much appreciated, cheers from the U.S.!
Do you recommend buying a condo around 450k and rent it out for investment? I know the rent will not cover the mortgage with this interest rates,
I can’t afford a condo for living in the area that I rented and don’t want to relocate
Hello! Depends on many factors, but I would say it works if you go long term, have reserves, account for vacancies, and repairs or HOA special assessments.
I want to buy im Getting 80k do you think the interest will go down or even the cost of a house i only make 53k a year i think i should just rent in l.a.
Hello Lomeli, thanks for watching. That's about a $375K home purchase, assuming you have no debt. Not sure if you can find something you like at that price. On interest rates, hard to say. In the past 50 years, the average has been around 7%. It wasn't until the 2008 recession hit that we started seeing things in the 3 and 4s. But yeah, tough to say, anything can happen.
I have 650k and I get paid $20 an hour. what should I do?
Are there condos without that annoying HOA fee?
lol generally speaking, no. There are few exceptions like planned unit single-family house developments with very low HOA's, and like 2-unit condos in places like Marina del Rey, where the maintenance is done informally by the two owners.
!!