Thanks again for all these comments. I can tell your demographic is similar to mine which I think is critical in helping to understand what areas might possibly work and which won’t. I think those zip codes you provided will be spot on target and based on my research the past year I would agree with you that we’d probably be happy in those areas.
You are correct that I’d NOT be happy with a 20,000 sq. foot lot in Tijuana. As mentioned, I really don’t care about having a huge yard and I really think based on my research I want to buy something in the areas you are mentioning due to lifestyle, school district and quality of life related issues for the family.
I think that many times it’s extremely helpful that the person giving advice match with the same demographics of the person buying so that they understand what is important. You sound very similar to my situation besides the cash thingy.
And to be honest, the all cash payment is simply to avoid the hassles of dealing with banks. I have no debt at all and a great credit score. But I sold my primary company I worked at for the past 8 years last Fall. So as crazy as it sounds, the banks and financial lenders consider me ‘unemployed’. I do own other companies but all of them are outside of the USA and I made the vast bulk of my income through the company that I sold. I do consulting via a new LLC that I set up but it’s new since I sold the company so banks don’t really count that.
It’s funny as I have tax transcripts for the past 7 years showing high income but the pendulum has swung almost too far the other way where even people that banks and lenders should be dying to lend to…really don’t want to lend out the money.
To add into the mix, we don’t own any property in the USA and haven’t as I liquidated and sold off all our properties back in 2004. We own several properties but all outside of the USA and lenders don’t add that into the equation as they don’t care about them.
So the lenders have gone from one extreme to giving anyone with a heartbeat a loan to not really wanting to give anyone a high amount loan if there is anything out of the ordinary. (i.e. not having a USA address for the past 6+ years, not being employed by a US company, etc.). Definitely if you’ve been employed for a long time at a job and have a good credit score it’s easy but add any complication or wrinkle into the mix, and surprisingly it’s more difficult. I’m sure I can get qualified for a Jumbo mortgage even with the situation but my attitude is why bother now with it and just pay the cash since it’s just sitting in a low interest account now.
So to bypass all of that hassle and also due to the fact that banks are paying almost nothing on savings/CD’s and we’re already invested in other investments…. it makes sense to just buy with cash. I’d rather do that then continue to hold it in the stock market which I think is overvalued right now.
Yes, I agree renting in the area makes the most sense. We are renting in Carmel Valley for 5 months which hopefully will be enough time. The thing however, I’m trying to avoid is moving from place to place with the kids. That’s why I’m wanting to buy now vs. waiting longer on the sidelines.
It will already be tough as we are moving to San Diego from overseas so it will be a big move. But we got rid of all our furniture now and will just buy everything new. We rented a furnished place for the 5 months but once we buy the house we will have to totally furnish it, buy 2 new cars, etc. So it will be a busy busy time. I’d prefer to find something and buy this year vs. potentially having to move to other furnished places since we don’t have our furniture.
I want this to be the least disruptive as possible for the family.[/quote]
early, You and your family will absolutely love this area as we have. There are tons of trails everywhere, it is very close to everything, 20-30 minutes to essentially everywhere you want or need to go. The wife should also be pretty happy with the shopping options as well.
buying a house is not just “buying a house.” you are buying the neighborhood and the general location as well as folks you’ll be interacting with when you go to the park and when you shop. I’ve been down to Eastlake in Chula Vista and saw homes of equal size from similar builders. But 2-3 after built-out, the neighborhood just feels inferior to any of the similar aged neighborhoods around the 56.
glad to hear you guys will be renting at first. it will make things better in the long run.
feel free to PM me if there’s questions about the area.
