[quote=spdrun]By the time it’s fully depreciated, it’s almost paid off. Why not borrow against it (assuming favorable rates) and buy another property? As Angelo Sangiacomo (infamous landlord of SF said) “never sell.”[/quote]
spdrun, your “friend and mentor” Angelo S. can say that, as can the rest of his brethren in SF whose taxes on multiple income properties have been set artificially low by Prop 13. They would all be fools to sell under current CA law.
HOWEVER, SF is NOT the “AZ” and “FL” we have been discussing here. SF has a never-ending “captive audience” of both prospective buyers and tenants and this will never change. Yes, I meant “never.”
It is what it is.
spdrun, even though you are likely Gen Y and are trying to purchase investment property with a mtg, you fall into my “over-55 prospective all-cash investment-buyer” category. Correct me if I”m wrong here, but based upon your posts, you are single, don’t have children and don’t have a large monthly overhead of “living expenses.”
Not only do you have the “flexibility” that the “Rens of the world” don’t, you have plenty of time to recover from evicting non-paying tenants and tenants who trashed your units more than their deposit could ever cover and then fled, never to be found. You are also far more open-minded than most Piggs and will shop for and make offers on investment properties in any area that makes financial sense.
I see you getting lucky in closing at least 1-2 “distress sales” is SD in the coming year and using them to build a portfolio of rental properties for your eventual “retirement.”
You seem realistic and practical and VERY persistent to me. In the current market, the early, quick and persistent offeror who refrains from “overthinking” eventually gets a worm :=]
