flu states that, realistically, current rents for a 1/1 in MM are $1250 to $1400 mo. FIH states that his pie-in-the-sky rent for a 1/1 in MM is $1800. I would say that if he COULD get someone to pay that in MM for a 1/1 (esp w/no carport or garage), then they would likely move out in 6-9 mos as soon as they found a better deal.
There’s a LOT of difference between those two rental price points.
And exsdgal, the extra $600 showing on your tax bill is due to charges for local services in your area as well as any voter-approved bonds. These SAME charges are ALSO present on condo-owners’ tax bills in your immediate area over and above any HOA dues they have to pay. Every property owner in a given micro area pays the same on these charges regardless of the square footage of their dwelling or whether or not they actually “own” any land or just a fractional interest of a building.
And flu, in the “college area,” YOU, as a LL, can get 9-10 months of UP-FRONT rent from each student’s (out-of-county/state) parent(s) whom you rent to PRIOR to the beginning of the fall semester (August). This also applies to condos around USD and UCSD. I’ve seen this done time and time again with agents whom I worked with who bought condos for their kids to live in while attending college. The parents of these students expect this because that is how an on-campus dorm is paid for. It is typical to include all utilities in the rent and for each student to have their own bdrm (and poss share a bath w/one other student-tenant). This is MUCH better and more economical than a dorm because the students have more privacy and can prepare their own meals while home instead of paying $375 – $500 mo for a “meal ticket” which they are not always present on campus to use regularly. A “college-area” house or condo is often a really good investment but requires a bit more mgmt than renting to a non-student household.
Those houses in Chula Vista which I posted links to do NOT generally attract lesser-qualified tenants than other those in other areas of in the county. A landlord will get tenant applicants who can’t manage their incomes in ALL zip codes … that is, even those tenants who passed muster upon application will choose their iphone bill, cable bill, car payment, kid’s braces, etc over paying timely rent one or more months when push comes to shove. Just because a tenant may be single and a “condo dweller” in no way implies that they aren’t a parent who has obligations to their child(ren) or aren’t a spendthrift.
Tenants who successfully secured a rental house to live close to relatives for childcare purposes have a high motivation to keep that house … and … in any case, they have well-established relatives nearby to possibly help them out financially if they get into a jam. This is just something to keep in mind.
I’m not advocating that Eve shop in Chula Vista (which is much closer to SD 92101 than MM is, btw). I’m just saying that there are “bread-and-butter” rental houses all over the county available NOW in her price range which do not have MR/HOA and, unlike those MM condo examples, have ample off-street pkg and/or a garage available. However, most of them DO attract applicants with families.
[quote=AN]I like Mira Mesa, Racho Bernardo, Rancho Penasquitos. Basically places that are near high tech hub of Sorrento Valley and Rancho Bernardo.[/quote]
AN, you may already be aware that the PQ/RB area that you prefer so much to invest in has hundreds and possibly well over 1000 households in residence which are using Section 8 vouchers for the bulk of their rent. There are many LL’s in 92128/92129 who accept Section 8, and PQ, in particular is FULL of low-income families (92128 has more low-income, often disabled singles). To a lesser extent, the same is true of MM.
[quote=FlyerInHi]…In SD, my dream tenants for a 2-bedroom would be 2 post-doctorates, or 1 post-doc and 1 engineer, sharing the unit. They work all day, have the unit very sparsely furnished and only seldom cook. They are there for 2 or 3 years until they move on…[/quote]
Again, I have to laugh at FIH’s “dream tenants,” one of whom he states here is a “postdoc” (couple?). My questions for him here are as follows:
“What is this theoretical postdoc couple’s actual monthly income?”
“If they’re so intelligent, why would they pay $1800 mo rent for a $1350-$1400 mo (traincar) condo?”
“Do they have any kid(s)?”
“Have you noticed upon move-out if your tenants used the stove … or not?”
“Do you, FIH, actually have current tenants who are a `postdoc couple?'” If so, for how long and what is the monthly rent they’re paying? If not, what are the actual occupations of your current tenant(s)?
And lastly,
Are any of the adults living in your rental(s) currently unemployed or working as a (gasp!) hairdresser or waitress?
I was just wondering and also trying to inject a bit of “realism” to this thread :=D
