Bank REO

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[CA renter]

Gary,

Congratulations on your purchase. It does indeed sound like a good deal. Two, possibly three, units for under $300K? It’s less than you’re currently paying in rent, so I can’t see how you could go wrong with it.

Sometimes, people don’t really pay attention to certain properties that appear to be good deals. Maybe the pictures aren’t good or the timing is off — some areas seem to take off periodically, then they cool off while another area gets hot. I’ve seen it a number of times, and those are usually the good deals.

Let us know how it goes when you close. It sounds like a great place!

[CA renter]

Gary,

Congratulations on your purchase. It does indeed sound like a good deal. Two, possibly three, units for under $300K? It’s less than you’re currently paying in rent, so I can’t see how you could go wrong with it.

Sometimes, people don’t really pay attention to certain properties that appear to be good deals. Maybe the pictures aren’t good or the timing is off — some areas seem to take off periodically, then they cool off while another area gets hot. I’ve seen it a number of times, and those are usually the good deals.

Let us know how it goes when you close. It sounds like a great place!

[CA renter]

Gary,

Congratulations on your purchase. It does indeed sound like a good deal. Two, possibly three, units for under $300K? It’s less than you’re currently paying in rent, so I can’t see how you could go wrong with it.

Sometimes, people don’t really pay attention to certain properties that appear to be good deals. Maybe the pictures aren’t good or the timing is off — some areas seem to take off periodically, then they cool off while another area gets hot. I’ve seen it a number of times, and those are usually the good deals.

Let us know how it goes when you close. It sounds like a great place!

[CA renter]

Gary,

Congratulations on your purchase. It does indeed sound like a good deal. Two, possibly three, units for under $300K? It’s less than you’re currently paying in rent, so I can’t see how you could go wrong with it.

Sometimes, people don’t really pay attention to certain properties that appear to be good deals. Maybe the pictures aren’t good or the timing is off — some areas seem to take off periodically, then they cool off while another area gets hot. I’ve seen it a number of times, and those are usually the good deals.

Let us know how it goes when you close. It sounds like a great place!

[CA renter]

Gary,

Congratulations on your purchase. It does indeed sound like a good deal. Two, possibly three, units for under $300K? It’s less than you’re currently paying in rent, so I can’t see how you could go wrong with it.

Sometimes, people don’t really pay attention to certain properties that appear to be good deals. Maybe the pictures aren’t good or the timing is off — some areas seem to take off periodically, then they cool off while another area gets hot. I’ve seen it a number of times, and those are usually the good deals.

Let us know how it goes when you close. It sounds like a great place!

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[garysears]

Thanks CA renter.

After I factor in the rental of the granny flat it is cheaper than my current rent.

It seems the going rate for 1b/1ba in Lakeside is 700-800 a month. My place is a 3/1 main house (only about 1000sf) and two 1/1 approx 500sf units (1 of which is attached to the main house, over the garage). I figure, worst case if I am unemployed I can rent out the over the garage unit (planning to use it as a guest house/family room/study/escape from kids room for now). That would come close to covering my monthly PITI completely. The ability to hunker down for minimal cash flow if required is what really sold me on the place and why I have been looking at multi-family properties.

This assumes my tax base is reduced to the purchase price (not 100% sure it will be). 2009/2010 taxes are 500 per month instead of 260 per month which my purchase price and local tax rate would imply.

[UCGal]

[quote=garysears]Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.[/quote]

I just checked – the one I was thinking of is still listed.
http://www.redfin.com/CA/Lakeside/11437-Oak-Creek-Dr-92040/home/5001379

[UCGal]

[quote=garysears]Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.[/quote]

I just checked – the one I was thinking of is still listed.
http://www.redfin.com/CA/Lakeside/11437-Oak-Creek-Dr-92040/home/5001379

[UCGal]

[quote=garysears]Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.[/quote]

I just checked – the one I was thinking of is still listed.
http://www.redfin.com/CA/Lakeside/11437-Oak-Creek-Dr-92040/home/5001379

[UCGal]

[quote=garysears]Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.[/quote]

I just checked – the one I was thinking of is still listed.
http://www.redfin.com/CA/Lakeside/11437-Oak-Creek-Dr-92040/home/5001379

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