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January 29, 2011 at 9:53 PM #659765January 30, 2011 at 10:28 AM #660449temeculaguyParticipant
They were, but I kinda looked for that on purpose. Not knowing what I was going to end up buying or what color the appliances would be or the space available when I eventually bought, I didn’t want to buy a fridge as a renter. I didn’t feel like moving a washer and dryer, which in the end would have been three times in three years. Keep that in mind if you rent it out, it’s more marketable if you include the fridge and W/D and they tend to damage floors/walls taking it in and out, but then again it’s another thing you have to fix because they do break and if you have a really low end one that may turn some people off (my second place had a small, low end fridge that I barely got by with and I’m sure that turned off families because they included in the lease that you couldn’t put in your own for fear of damaging the wood floors).
January 30, 2011 at 10:28 AM #660587temeculaguyParticipantThey were, but I kinda looked for that on purpose. Not knowing what I was going to end up buying or what color the appliances would be or the space available when I eventually bought, I didn’t want to buy a fridge as a renter. I didn’t feel like moving a washer and dryer, which in the end would have been three times in three years. Keep that in mind if you rent it out, it’s more marketable if you include the fridge and W/D and they tend to damage floors/walls taking it in and out, but then again it’s another thing you have to fix because they do break and if you have a really low end one that may turn some people off (my second place had a small, low end fridge that I barely got by with and I’m sure that turned off families because they included in the lease that you couldn’t put in your own for fear of damaging the wood floors).
January 30, 2011 at 10:28 AM #659782temeculaguyParticipantThey were, but I kinda looked for that on purpose. Not knowing what I was going to end up buying or what color the appliances would be or the space available when I eventually bought, I didn’t want to buy a fridge as a renter. I didn’t feel like moving a washer and dryer, which in the end would have been three times in three years. Keep that in mind if you rent it out, it’s more marketable if you include the fridge and W/D and they tend to damage floors/walls taking it in and out, but then again it’s another thing you have to fix because they do break and if you have a really low end one that may turn some people off (my second place had a small, low end fridge that I barely got by with and I’m sure that turned off families because they included in the lease that you couldn’t put in your own for fear of damaging the wood floors).
January 30, 2011 at 10:28 AM #659845temeculaguyParticipantThey were, but I kinda looked for that on purpose. Not knowing what I was going to end up buying or what color the appliances would be or the space available when I eventually bought, I didn’t want to buy a fridge as a renter. I didn’t feel like moving a washer and dryer, which in the end would have been three times in three years. Keep that in mind if you rent it out, it’s more marketable if you include the fridge and W/D and they tend to damage floors/walls taking it in and out, but then again it’s another thing you have to fix because they do break and if you have a really low end one that may turn some people off (my second place had a small, low end fridge that I barely got by with and I’m sure that turned off families because they included in the lease that you couldn’t put in your own for fear of damaging the wood floors).
January 30, 2011 at 10:28 AM #660916temeculaguyParticipantThey were, but I kinda looked for that on purpose. Not knowing what I was going to end up buying or what color the appliances would be or the space available when I eventually bought, I didn’t want to buy a fridge as a renter. I didn’t feel like moving a washer and dryer, which in the end would have been three times in three years. Keep that in mind if you rent it out, it’s more marketable if you include the fridge and W/D and they tend to damage floors/walls taking it in and out, but then again it’s another thing you have to fix because they do break and if you have a really low end one that may turn some people off (my second place had a small, low end fridge that I barely got by with and I’m sure that turned off families because they included in the lease that you couldn’t put in your own for fear of damaging the wood floors).
January 30, 2011 at 2:31 PM #661006paramountParticipantThanks again TG.
I was looking at some of the new communities today in Temecula (Paseo del Sol). The parking lot’s and models were nearly a mob scene; gaudy Escalades and the like to numerous to count. Meanwhile in my community right down the street there are many vacant homes, fences falling down and multiple families living in a single relatively small house not uncommon.
Unemployment is supposedly 15% or higher…I’m not sure where the demand is coming from. Are we still having a population explosion in Southern California?
Are the ridiculous Real Estate prices in San Diego driving buyers to Temecula?
Sometimes it feels like I live in a different universe.
January 30, 2011 at 2:31 PM #660677paramountParticipantThanks again TG.
I was looking at some of the new communities today in Temecula (Paseo del Sol). The parking lot’s and models were nearly a mob scene; gaudy Escalades and the like to numerous to count. Meanwhile in my community right down the street there are many vacant homes, fences falling down and multiple families living in a single relatively small house not uncommon.
Unemployment is supposedly 15% or higher…I’m not sure where the demand is coming from. Are we still having a population explosion in Southern California?
Are the ridiculous Real Estate prices in San Diego driving buyers to Temecula?
Sometimes it feels like I live in a different universe.
January 30, 2011 at 2:31 PM #659935paramountParticipantThanks again TG.
I was looking at some of the new communities today in Temecula (Paseo del Sol). The parking lot’s and models were nearly a mob scene; gaudy Escalades and the like to numerous to count. Meanwhile in my community right down the street there are many vacant homes, fences falling down and multiple families living in a single relatively small house not uncommon.
Unemployment is supposedly 15% or higher…I’m not sure where the demand is coming from. Are we still having a population explosion in Southern California?
Are the ridiculous Real Estate prices in San Diego driving buyers to Temecula?
Sometimes it feels like I live in a different universe.
January 30, 2011 at 2:31 PM #660539paramountParticipantThanks again TG.
I was looking at some of the new communities today in Temecula (Paseo del Sol). The parking lot’s and models were nearly a mob scene; gaudy Escalades and the like to numerous to count. Meanwhile in my community right down the street there are many vacant homes, fences falling down and multiple families living in a single relatively small house not uncommon.
Unemployment is supposedly 15% or higher…I’m not sure where the demand is coming from. Are we still having a population explosion in Southern California?
Are the ridiculous Real Estate prices in San Diego driving buyers to Temecula?
Sometimes it feels like I live in a different universe.
January 30, 2011 at 2:31 PM #659872paramountParticipantThanks again TG.
I was looking at some of the new communities today in Temecula (Paseo del Sol). The parking lot’s and models were nearly a mob scene; gaudy Escalades and the like to numerous to count. Meanwhile in my community right down the street there are many vacant homes, fences falling down and multiple families living in a single relatively small house not uncommon.
Unemployment is supposedly 15% or higher…I’m not sure where the demand is coming from. Are we still having a population explosion in Southern California?
Are the ridiculous Real Estate prices in San Diego driving buyers to Temecula?
Sometimes it feels like I live in a different universe.
January 31, 2011 at 9:01 AM #661218RenParticipant[quote=ctr70]3. I do worry about the effect of gas prices on rents and values especially in the far flung regions of Riverside Co. Esp if they get up to $5-$6 a gallon. This fear favors buying close in SD condos.[/quote]
I wouldn’t worry about the price of gas. Your Temecula tenants will probably work locally, because taking gas into account, Temecula rents are actually comparable to north county inland. People who do commute to San Diego can easily afford to buy in Temecula, because it’s not like they’re commuting an hour to a $10/hour job.
[quote]What do investors think of condos in San Diego vs. SFR’s in Riverside Co.? Obviously San Diego is a much better rental market and more premium location than Riverside Co., but SFR’s are a more desirable asset b/c NO HOA risks. The cash flow numbers work for a lot of condos in SD County, and in good locations. The numbers do not work great for SFR’s in SD, even SFR’s in rougher neighs.
Personally I would only go SFR’s in Riverside. If I’m going to buy a condo I would go SD over Riverside in a heartbeat.[/quote]
In general, Temecula condos cash flow as well or better than anything in San Diego, and you’ll get a much newer condo in Temecula compared to one with similar cash flow in San Diego. HOAs in Riverside county also tend to be much more reasonable (there’s no excuse for a $300-$400 HOA with exactly the same coverage and amenities you can get for $200 HOA in Temecula). The only investments I’m considering at this point are Temecula and San Marcos condos and Temecula SFRs. The SFRs don’t cash flow as well as the condos, but it’s a good idea to have both. Don’t forget to add in the SFR maintenance items that are covered with condo HOAs – like decades of yard maintenance, exterior paint, fencing, a new roof or two, etc.
[quote]Any thoughts on Vegas and Phoenix? I know both are hurting bad. But like Riverside Co. you can buy way below construction costs and get new built SFR’s that cash flow. Yes I know there are crappy areas in both cities, but if you are careful you can pick the better areas. I hear they do rent up if you are very, very careful on neighborhood selection.[/quote]
You have to know the area extremely well or have an agent you trust. Just search Craigslist for rentals in those cities and you’ll see how saturated the market is. As attractive as the prices are, they should also scare you a little – if someone can’t qualify for a $300 mortgage, do you really want them as a tenant?
[quote]My personal goal is to get 6-10 houses paid off in 15 years as my personal pension plan. I have the down payments and can get 8 more conventional loans (I have 2 rentals already). I’m 40 yrs old right now. My plan is 20%-25% down on each and get them paid off in 15 years. Just need to choose where and what to buy!![/quote]
Similar to my own goals, except I’m not eager to get them paid off so quickly. You also may not be able to get 20% financing on investment properties, depending on the lender and your income/assets. I was told flat out “no way” to that by several banks, even though we easily qualify otherwise. I’m planning on 30%.
January 31, 2011 at 9:01 AM #660887RenParticipant[quote=ctr70]3. I do worry about the effect of gas prices on rents and values especially in the far flung regions of Riverside Co. Esp if they get up to $5-$6 a gallon. This fear favors buying close in SD condos.[/quote]
I wouldn’t worry about the price of gas. Your Temecula tenants will probably work locally, because taking gas into account, Temecula rents are actually comparable to north county inland. People who do commute to San Diego can easily afford to buy in Temecula, because it’s not like they’re commuting an hour to a $10/hour job.
[quote]What do investors think of condos in San Diego vs. SFR’s in Riverside Co.? Obviously San Diego is a much better rental market and more premium location than Riverside Co., but SFR’s are a more desirable asset b/c NO HOA risks. The cash flow numbers work for a lot of condos in SD County, and in good locations. The numbers do not work great for SFR’s in SD, even SFR’s in rougher neighs.
Personally I would only go SFR’s in Riverside. If I’m going to buy a condo I would go SD over Riverside in a heartbeat.[/quote]
In general, Temecula condos cash flow as well or better than anything in San Diego, and you’ll get a much newer condo in Temecula compared to one with similar cash flow in San Diego. HOAs in Riverside county also tend to be much more reasonable (there’s no excuse for a $300-$400 HOA with exactly the same coverage and amenities you can get for $200 HOA in Temecula). The only investments I’m considering at this point are Temecula and San Marcos condos and Temecula SFRs. The SFRs don’t cash flow as well as the condos, but it’s a good idea to have both. Don’t forget to add in the SFR maintenance items that are covered with condo HOAs – like decades of yard maintenance, exterior paint, fencing, a new roof or two, etc.
[quote]Any thoughts on Vegas and Phoenix? I know both are hurting bad. But like Riverside Co. you can buy way below construction costs and get new built SFR’s that cash flow. Yes I know there are crappy areas in both cities, but if you are careful you can pick the better areas. I hear they do rent up if you are very, very careful on neighborhood selection.[/quote]
You have to know the area extremely well or have an agent you trust. Just search Craigslist for rentals in those cities and you’ll see how saturated the market is. As attractive as the prices are, they should also scare you a little – if someone can’t qualify for a $300 mortgage, do you really want them as a tenant?
[quote]My personal goal is to get 6-10 houses paid off in 15 years as my personal pension plan. I have the down payments and can get 8 more conventional loans (I have 2 rentals already). I’m 40 yrs old right now. My plan is 20%-25% down on each and get them paid off in 15 years. Just need to choose where and what to buy!![/quote]
Similar to my own goals, except I’m not eager to get them paid off so quickly. You also may not be able to get 20% financing on investment properties, depending on the lender and your income/assets. I was told flat out “no way” to that by several banks, even though we easily qualify otherwise. I’m planning on 30%.
January 31, 2011 at 9:01 AM #660749RenParticipant[quote=ctr70]3. I do worry about the effect of gas prices on rents and values especially in the far flung regions of Riverside Co. Esp if they get up to $5-$6 a gallon. This fear favors buying close in SD condos.[/quote]
I wouldn’t worry about the price of gas. Your Temecula tenants will probably work locally, because taking gas into account, Temecula rents are actually comparable to north county inland. People who do commute to San Diego can easily afford to buy in Temecula, because it’s not like they’re commuting an hour to a $10/hour job.
[quote]What do investors think of condos in San Diego vs. SFR’s in Riverside Co.? Obviously San Diego is a much better rental market and more premium location than Riverside Co., but SFR’s are a more desirable asset b/c NO HOA risks. The cash flow numbers work for a lot of condos in SD County, and in good locations. The numbers do not work great for SFR’s in SD, even SFR’s in rougher neighs.
Personally I would only go SFR’s in Riverside. If I’m going to buy a condo I would go SD over Riverside in a heartbeat.[/quote]
In general, Temecula condos cash flow as well or better than anything in San Diego, and you’ll get a much newer condo in Temecula compared to one with similar cash flow in San Diego. HOAs in Riverside county also tend to be much more reasonable (there’s no excuse for a $300-$400 HOA with exactly the same coverage and amenities you can get for $200 HOA in Temecula). The only investments I’m considering at this point are Temecula and San Marcos condos and Temecula SFRs. The SFRs don’t cash flow as well as the condos, but it’s a good idea to have both. Don’t forget to add in the SFR maintenance items that are covered with condo HOAs – like decades of yard maintenance, exterior paint, fencing, a new roof or two, etc.
[quote]Any thoughts on Vegas and Phoenix? I know both are hurting bad. But like Riverside Co. you can buy way below construction costs and get new built SFR’s that cash flow. Yes I know there are crappy areas in both cities, but if you are careful you can pick the better areas. I hear they do rent up if you are very, very careful on neighborhood selection.[/quote]
You have to know the area extremely well or have an agent you trust. Just search Craigslist for rentals in those cities and you’ll see how saturated the market is. As attractive as the prices are, they should also scare you a little – if someone can’t qualify for a $300 mortgage, do you really want them as a tenant?
[quote]My personal goal is to get 6-10 houses paid off in 15 years as my personal pension plan. I have the down payments and can get 8 more conventional loans (I have 2 rentals already). I’m 40 yrs old right now. My plan is 20%-25% down on each and get them paid off in 15 years. Just need to choose where and what to buy!![/quote]
Similar to my own goals, except I’m not eager to get them paid off so quickly. You also may not be able to get 20% financing on investment properties, depending on the lender and your income/assets. I was told flat out “no way” to that by several banks, even though we easily qualify otherwise. I’m planning on 30%.
January 31, 2011 at 9:01 AM #660145RenParticipant[quote=ctr70]3. I do worry about the effect of gas prices on rents and values especially in the far flung regions of Riverside Co. Esp if they get up to $5-$6 a gallon. This fear favors buying close in SD condos.[/quote]
I wouldn’t worry about the price of gas. Your Temecula tenants will probably work locally, because taking gas into account, Temecula rents are actually comparable to north county inland. People who do commute to San Diego can easily afford to buy in Temecula, because it’s not like they’re commuting an hour to a $10/hour job.
[quote]What do investors think of condos in San Diego vs. SFR’s in Riverside Co.? Obviously San Diego is a much better rental market and more premium location than Riverside Co., but SFR’s are a more desirable asset b/c NO HOA risks. The cash flow numbers work for a lot of condos in SD County, and in good locations. The numbers do not work great for SFR’s in SD, even SFR’s in rougher neighs.
Personally I would only go SFR’s in Riverside. If I’m going to buy a condo I would go SD over Riverside in a heartbeat.[/quote]
In general, Temecula condos cash flow as well or better than anything in San Diego, and you’ll get a much newer condo in Temecula compared to one with similar cash flow in San Diego. HOAs in Riverside county also tend to be much more reasonable (there’s no excuse for a $300-$400 HOA with exactly the same coverage and amenities you can get for $200 HOA in Temecula). The only investments I’m considering at this point are Temecula and San Marcos condos and Temecula SFRs. The SFRs don’t cash flow as well as the condos, but it’s a good idea to have both. Don’t forget to add in the SFR maintenance items that are covered with condo HOAs – like decades of yard maintenance, exterior paint, fencing, a new roof or two, etc.
[quote]Any thoughts on Vegas and Phoenix? I know both are hurting bad. But like Riverside Co. you can buy way below construction costs and get new built SFR’s that cash flow. Yes I know there are crappy areas in both cities, but if you are careful you can pick the better areas. I hear they do rent up if you are very, very careful on neighborhood selection.[/quote]
You have to know the area extremely well or have an agent you trust. Just search Craigslist for rentals in those cities and you’ll see how saturated the market is. As attractive as the prices are, they should also scare you a little – if someone can’t qualify for a $300 mortgage, do you really want them as a tenant?
[quote]My personal goal is to get 6-10 houses paid off in 15 years as my personal pension plan. I have the down payments and can get 8 more conventional loans (I have 2 rentals already). I’m 40 yrs old right now. My plan is 20%-25% down on each and get them paid off in 15 years. Just need to choose where and what to buy!![/quote]
Similar to my own goals, except I’m not eager to get them paid off so quickly. You also may not be able to get 20% financing on investment properties, depending on the lender and your income/assets. I was told flat out “no way” to that by several banks, even though we easily qualify otherwise. I’m planning on 30%.
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