LA Basin (Los Angeles, San Diego, Riverside: apartment, foreclosures, to rent)

[maximoose]

Good morning everyone...I am looking for some help....We are being transferred from the East coast to the LA Basin. We have been told we can live anywhere from Far North LA all the way down to Northern San Diego and as far East as Big Bear. We have two children and we are looking for a quiet community where our children can ride their bikes. We are looking to purchase a house but our budget is very limited...$200K or less. Safety is quite important to us. If we can't buy a house, maybe a condo would be ok. Any suggestions?

[dereistic01]

you're not going to find a house for under $200k in a good area.

and where is the job located?

[maximoose]

He will be officing from home but traveling through all of Southern California.

[Charles]

Originally Posted by maximoose

He will be officing from home but traveling through all of Southern California.

$200K budget for house (versus a condo or townhome)
Two kids, safe neighborhood and presumably good schools required
Traveling all over Los Angeles for the job.

Can you double your housing budget?
Would you consider a condo or townhome?
Would you consider another place besides Southern California?

[Lovehound]

Originally Posted by maximoose

We are looking to purchase a house but our budget is very limited...$200K or less.

You don't understand L.A. housing prices. $200K is only enough for half a house. You'll never find anything at that price unless it requires major renovation before move-in or unless it's in some slum area or unless it's many miles out in the desert where it's technically still in L.A. County.

You should research L.A. housing prices before deciding to relocate here. Or increase your housing budget. Or resign yourself to renting.

[EscapeCalifornia]

The monthly payment on $200k won't even rent you a townhouse in most of SoCal. More like a 1 bedroom apartment. You could probably get a 2 bedroom apartment for that monthly budget, but it'll mean going way inland and getting to LA/OC will be a major chore in traffic.

[maximoose]

I would consider almost any area in SoCA because travel time is a non issue. But If I were to double my budget, what would an average house payment be on a $400K house?

[Charles]

Originally Posted by maximoose

what would an average house payment be on a $400K house?

If you can't figure that out, then you shouldn't be purchasing a house.

[maximoose]

Originally Posted by Charles

If you can't figure that out, then you shouldn't be purchasing a house.

Do you have to be degrading? Does it make you feel better???

[Christine Joan]

You can go to bankrate.com to calculate a monthly payment on a mortgage. Of course, the amount will depend on how much you put down and the interest rate.

This might be a good time for some people to buy a house here. Two hundred thousand sounds incredibly low to purchase anything here, but right now, some people are getting great deals on foreclosures. There are a lot of foreclosed properties in Riverside County, which is in Southern California. You can probably pick up a real bargain there for less than $400,000. My neighor just bought a brand new 2007, 3 bedroom, 2 bath, foreclosed property there for about $350,000. The deals are out there if you look for them, but be careful. I would stick with buying the brand new homes, not the older ones.