Hi all
My SO and I are ready to take the plunge and move in together. He's younger & not FI, but I am. He's mid-career, I'm established. We are in LA so there's a fair amount to consider, but here are our options:
#1 My (mortgaged) condo in Hollywood: $2700/mo all in, 2br, 1.75ba, 1150 sq ft, completely updated/modern, neighborhood is gentrifying slowly (lots of homeless, a bit land-locked traffic wise). Has stainless steel appliances, nicer finishes, no carpet, central AC, only 1 dedicated parking space but we can rent another parking space with no issue for $60 more. Biggest downside is the neighborhood. Hollywood is a bit of a run down area - more gritty than west hollywood - and while we keep thinking it's going to gentrify with Netflix and Viacom being in the area, we haven't seen anything happen over the last 3 years. It's possible to sell this place this summer and break even, or maybe make 10-15k. Or it could rent for appx $2800, i.e. break even-ish.
#2 His rent controlled 2 bed/2 bath, 1000 sq ft apartment in (nicer) West Hollywood for around $2K/mo, which is about 40% lower than market. Downside is only one parking space (with no option for a 2nd so I'll be hunting for parking on the street), carpet floors, window unit AC only in bedroom, no dishwasher, dated 50s kitchen tiles/floors and poor insulation so it gets pretty warm / stuffy in the summer and chilly in the winter. Upside is the location - walkable distance to several high end stores/restaurants/grocery stores and overall a nice area to live in. And it's cheap.
#3 We sell or rent the condo and move into a 2br/2ba in a new neighborhood, gain an in-unit washer/dryer (and maybe building gym), parking solved. Likely $3800-4200/mo (average going rate not rent controlled). The most expensive option, but a fresh start and get all we'd want ideally in an apartment.
So given all that, first of all who wants to move to LA!? ;) It's expensive I know but we both work in media and it's here or NYC (no thanks!). I think emotionally we could deal with any of these options. Long term we'd like to leave LA, but it's not clear yet when/where/how that would happen.
What do you all think?