Before You Buy at Leisure World, Watch This

if you're planning on making a move to Leisure World in Sil Beach California this is the video for you today we're going to talk about where Leisure World is located what type of homes are in Leisure World what you need to qualify to move into Leisure World how long the escro period is and some of the fees and costs associated with living in or moving into Leisure World so stick around to the end it's going to be a good [Music] one [Music] all right so Leisure World is located in Seal Beach California it's about 5 minutes from the beach very close to the freeway uh a lot of shopping around the area within a 2-mile radius like three or four different grocery stores that you can choose from Plenty of things to do and it is a very active Community Oldtown still Beach is a 5 minute drive from Leisure World and there there's a lot of clubs in Oldtown there's the Lions Club which is the largest Lions Club in the United States a lot of seniors are in the Lions Club and they volunteer for activities to help out the community it is a very active Lions Club there's also a lot of events local events that happen in Oldtown s Beach they

have the annual Christmas parade they have band on the sand where they where they actually uh go out on the beach and and they have bands come and play which is really cool they have concerts in the park down at Eisenhower Park which is right by the pier so every summer for 5 weeks every Wednesday night yes I think it's Wednesday night pretty sure every Wednesday night they have a band so everybody gets out there with their lawn chairs and they set up and they watch the Vans they have all different genres it's you know it's not crazy like there's not a bunch of you know young crazy out ofc control people going on down there real quick if this is your first time to the channel subscribe and tap tap the notification Bell so that you'll be the first to know about the real estate market in Southern California my name is Steve bz and I'm the broker owner of nextone West realy and we get calls emails and texts every single day from people just like you looking to make their move into Southern California so if that's you don't be shy give me a call send me a text or shoot me an email I'd love to help you make a smooth

transition into the area Sil beach has a lot of seniors in the community it's very quiet as a matter of fact the entire city of SE Beach is right about 20,000 people Leisure World has about 9,000 a good part of SE Beach is comprised of the residents of Leisure World so they also have two seats on the city council and they have a really good representation with the city council Leisure World is a gated community with controlled access at at all three of the gates uh they also have Patrol that goes around Leisure World so it's very safe quiet community there's about 6,600 units in Leisure World so it's it's quite large and it sits right across from the Naval Weapon Station um so very secure some of the a part of Leisure World backs up to the 405 freeway some of those units back there could get a little loud but a lot of those units have newer windows on them so it's not really that big of a problem Leisure World has their own churches they have a clinic U they have a bunch of different clubs they have a wood Workshop they have a lot of activity going on they also have a a small Golf Course uh putting greens uh you

name it the pools so it's a very very active Community there's a lot of things to do if that's what you want to do Leisure World also has bus services that takes the residents into town to the grocery store there used to be one that took them out to Pachanga Casino out in tomacula area I've heard that they stopped that not sure if they're going to bring it back but this will kind of give you an idea that of what they provide for the for the residents in the community so Le world is a co-op and it's part of the Golden Rain Foundation basically what a co-op is is you own stock ownership in the organization you don't own the actual unit although you can sell the unit and it and it's usually a good investment because your money stays pretty level you're not going to get a huge increase on the sale of the property unless you stay there for a while um I've had residents Buy in there and a year later sell and make ,000 but that's that's not common the whole reason people move into Leisure World is because they want to buy in and they're they know what their payment is for the rest of their lives Leisure Ro is

an allash Community there are a few buildings in there that are Condominiums so the Condominiums you can get a mortgage on the rest of leisure roid you have to pay cash and there is a qualification process that's a little extensive and we'll get into that in a minute so so like I said earlier Leisure World is a 55 plus community so you have to be 55 to buy so if you're 55 and your wife's 45 or your husband's 45 you can buy in there and they also have ownership in that unit that's pretty much the only exception you can have caregivers that that come like stay with you in Leisure World if you need a caregiver but if you have any other questions about like ownership or how to you know how you're basically you're not really taking title but how you have the certificates issued in your name and someone else's name you know let me know and and I can handle that on a case-by Case basis there are a bunch of mutuals in Leisure World so each one has like slightly different rules on certain things um so you know if you have questions just reach out to me now to qualify in Leisure World what you're going to need is you're

going to need need your two years of tax returns you're going to need 6 months of your bank statements so that you can show that you a have the money to buy and B there's another requirement and each Mutual is different it basically ranges from ,000 over the purchase price so let's say your purchase price is 0,000 you have to show at least 5,000 minimum some of the mutuals want ,000 then there's an income requirement for some of the mutuals as well so some of the some of the mutuals will allow for you like let's say for instance if you're moving into mutual 15 and you have million in the bank but you have zero income they won't qualify you I know it sounds weird some of the mutuals if you have zero income but million in the bank you can get qualified so what I'm going to do is I have a sheet that explains everything I'm going to put this in the uh in the comments below a link to it just go ahead and download it I'm not going to ask you for your information or anything like that if you want a copy of it download it just keep in mind that these numbers do change so we're doing

this video in 2024 at the beginning of 2024 they just came out with the new requirements or the new fees this year so they by the time you download them they could have changed if you have questions if you're you know two years down the road three years down the road just reach out to me and I'll get you the most current numbers so that you can you know be more educated when you buy in the Leisure World one of the other things that you have to pay when you move into Leisure World you have to buy into the Golden Rain foundation so the initial membership fee is currently 5,332 per person so if you have two people going there just double that number if you have a unit in there and you want to rent the unit the renter has to buy into the foundation and the the difference is that if they buy into the foundation they pay 3 what the Golden Rain Foundation does is they prate that membership over a threeyear period so let's say they move out in a year they'll give them the 2-year of the pration back check on that before you do it there's not a lot of renters there and that's probably the reason why but

before you decide to rent in there make sure that they're still doing that and I'm I'm being very careful what to say in the video because you know just like any HOA I don't like putting out the numbers on HOAs because the HOAs are always changing the rules here and there to qualify to move in the Leisure World here's what you're going to need to do you're going to take the the purchase price let's say it's 0,000 times 1.1% which is roughly what the property taxes are that's going to get you to ,400 then you take ,400 and you divide it by 12 that's going to be 6 let's just round it up 7 a month then you're going to add the HOA fee for the mutual that you're planning on buying in so let's say the HOA fee is 0 a month so 400 plus 7 is going to be 7 a month that is your carrying cost some mutuals want four times the carrying cost some of them want five times the carrying cost so let's say it's four times the carrying cost so that's going to come to about 7 a month mon then they take that 7 a month and and and let's go 7 a month times four you're going

to have to have an income of ,066 a month and you're going to have to show that and what happens when you submit all your paperwork it's going to go over to finance over over at Leisure World and they're going to basically give you the yay or nay on whether or not you can move in right now in Leisure World the lowest HOA in any of the mutuals is going to be about 3 a month and the most expensive is going to be about 5 a month so just keep that in mind when you're when you're C doing these calculations you're going to want to again let's go back over that you it's confusing it took me a while to to to get the concept too 1.1% times the purchase price divide that by 12 then you're going to take that number and you're going to add it to the HOA for the for whichever Mutual you're planning to buy in then you're going to multiply that by either four four and a half or five times depending on which Mutual you move in it's pretty simple you got to have a certain amount of money in the bank and you're going to have to qualify with income and you're going to have to show

that you're also going to have to prove that you're over 55 obviously you're also going to have to prove that you are who you are so they're either going to want you know something and again it depends and I have it on the sheet they're going to want the B your birth certificate they're going to want your driver's license some of them are going to want your passport and your driver's license it really just depends so take a look at the sheet if you have any questions let me know now right now in Leisure World there are units and and the difference in the prices in Leisure World basically are based on where they're located how big the units are you know the smallest units going to run going to be about 660 some odd square fet and they have units up to, 1300 Square ft some of those units are the most of the larger units are going to be in a two-story building most of the units in the two-story buildings are about 12200 Square ft but some of them are a little bit bigger there are one bedroom one bath there's two bedroom two bath and there's also two bedroom one bath some of the units are completely built out they've redone

the entire kitchen put all all new appliances all new flooring central air conditioning some of the units have none of that they'll they'll have Leisure worlds standard appliances in them which you know they work they're not top end appliances but they work you know if you're if you don't cook a lot maybe that'll work for you if you're looking at a unit and it's an end unit those units are usually going to be more expensive because you're on the end right so think about that too do you need an in unit do you want people on both sides of you or you know do are you okay or or do you want to live on the end unit which you know a lot of people want to do that so all the buildings have laundry facilities in the buildings but some units actually have the washer and dryer built in now the reason they don't all have it is cuz you know it basically takes up part of the on the units that do have it on the single story units that do have it it takes up part of the closet space and part of the pantry space in the kitchen uh those you know to add a washer and dryer there's pretty pry

much a standard fee and it's about right now it's about 2,000 and I say right now because if you're watching this 10 years from now pretty much guarantee that it's going to be more than ,000 and those washer and dryers are put in by contractors that have been approved through the Golden Rain Foundation which brings me to another subject if you want to modify the unit you're going to have to get approval through the Golden Rain foundation and you're going to have to have a contractor approved through the Golden Rain Foundation there is a list of contra contractors you might want to bring your own contractor in but they're going to have to basically qualify it to work in there will they do it will they charge you more if it's the first time probably just keep that in mind if you're looking to have work done some of the HOAs on the single story units will allow you to build out from the unit you'll see like patios on some of these units that are you know like really nice some of the units are like the higher end units they're around 600,000 I've seen them in there 700 750,000 units you walk into them and you're it's amazing right if you don't want

to hassle with having to do all the work you might want to go a little higher on your budget if you're okay with doing work I always suggest buy the cheapest unit with the amount of square footage that you want and then put your own work in just keep in mind that you're going to have to you know get access through the Golden Rain Foundation to do that and that could take time and it could be a headache so something to consider now let's talk about the escrow period in Leisure World so to to for for the escrow period usually takes about 45 days or less so it's a longer escrow than most people are used to most escrow that we deal with um outside of Leisure World or 30 days or less I mean we've even had them as as short as 10 days but inside a Leisure World there's a process so what they're going to do is once you get approved so first have to get approved then you have have to get an interview so there's a process to actually in just like any Co-op to move into a co-op you're going to have to get an interview with the board those interviews could take longer because maybe the board members

aren't available at the time so just keep that in mind if you're looking to move in there it's going to be a little bit longer of a process and you know just get started as soon as you're ready to move so just a summit up leisure's a great active Community there's you know a lot of people you have to be 55 to get in and it is all cash just keep that in mind but once you get in there people love living in there there's plenty of things to do lots of activities very very safe and it's close to downtown s Beach if you have any questions about the area any questions about the process just give me a call shoot me a text send me an email all my information is in the comments below do not be afraid to call me love helping people out talk to you later and we'll see you around town [Music]