[quote=flu][quote=Wah-Wah][quote=flu]
WW, let me send you a PM… I don’t like to explain stuff to people who don’t want to at least analyze things objectively…[/quote]
thanks flu, great info. I’m gonna chew on that info for a little while 🙂
it seems to pencil out nicely with apt/condo. What do you think regarding SFH? For example, the house in the OP, the number seems barely even so its price needs to come down a little more for it to be a cash flow investment?
Would love to hear your (or anybody) opinion.
thanks[/quote]
Wahwah… I would contact AN via PM about SFH. Honestly, I would be blowing smoke if said I knew a lot about SFH in MM, because like I mentioned before I’m really not a Mira Mesa expert here. AN probably has a much better pulse on SFH and on Mira Mesa in general. And honestly, I haven’t been looking whole-heartedly on SFH in MM as an rental…I’m not yet ready to commit to dealing with a SFH rental in San Diego yet. I ran some quick numbers some SFH MM that some other realtor friends sent me. For me, it was hard to get it to pencil out as rental right now, but I had much less parameters to work with.
The issue is that I really don’t want to buy a place outright. What I really want to do is use as much cheap loans the government is throwing at us….So the best solution I found for me was to either cash-out refinance my primary or taking out a Heloc, which I found would give me the best rates. If I get an investment loan alone, there’s surcharges for that. If it’s a loan lower than $150k, there’s surcharges for that…And so forth….It wouldn’t pencil out so well if I actually had to get a standalone loan for the place.
So this is only possible right now because of the rental prices and because of access to cheap loans that I have because of my (not bragging) excellant credit… That’s why I stopped complaining about all those government bailouts and loan mods… Can’t beat the system, join it…[/quote]
Condos in MM are penciling out, 1/1 more so than 2/2, but SFR are either breaking even or slight better (to buy with 20% down, depending on the house and area). So it’s definitely not as good of deal for investor (landlord), but as a primary resident, I think it’s a decent deal. To me, anytime PITI is less than comparable rent, it’s a decent deal for primary resident. If you must stick w/ SFR and MM, there are some older 2100-2200 sq-ft houses on the north east side of MM that are currently penciling out better. They’re going for mid $300k right now and those can rent for around $2200/month.
