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ibjames.
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July 9, 2008 at 12:10 PM #236275July 9, 2008 at 12:16 PM #236070
feraina
Participant[quote=esmith]You’re right about west MM. The bulk of houses in MM is to the east of Camino Ruiz. Getting from (say) Menkar Road to UCSD via UTC is a major pain and it can easily take half an hour. Getting there through Calle Cristobal could be faster *if* you don’t get stuck in a traffic jam at the railroad crossing for 15 min.
[/quote]Exactly. That’s another reason why I only look at NW Mira Mesa (besides its being a better neighborhood with newer homes). I stayed at a friend’s place off of Calle Cristobal for a week last summer, and I never got stuck in traffic (but I’m an academic so I don’t keep typical working hours), and I guess I was lucky because I didn’t get stopped at the railroad crossing either.
How often does it come down at the railroad crossing?
Anyway, the fact is that there isn’t anything decent in NW MM listed for under 400K (of course my definition of “decent” may be different from yours; I have no time to fix things up for instance), and new listings are coming on line very slowly. I also know that my parents made a -15% offer on what I consider a “nice” 3BR (listed for 475K, see my previous link), and they were ignored.
When these listings get below 400K then I might start hoping for sub-300K!
July 9, 2008 at 12:16 PM #236196Participant[quote=esmith]You’re right about west MM. The bulk of houses in MM is to the east of Camino Ruiz. Getting from (say) Menkar Road to UCSD via UTC is a major pain and it can easily take half an hour. Getting there through Calle Cristobal could be faster *if* you don’t get stuck in a traffic jam at the railroad crossing for 15 min.
[/quote]Exactly. That’s another reason why I only look at NW Mira Mesa (besides its being a better neighborhood with newer homes). I stayed at a friend’s place off of Calle Cristobal for a week last summer, and I never got stuck in traffic (but I’m an academic so I don’t keep typical working hours), and I guess I was lucky because I didn’t get stopped at the railroad crossing either.
How often does it come down at the railroad crossing?
Anyway, the fact is that there isn’t anything decent in NW MM listed for under 400K (of course my definition of “decent” may be different from yours; I have no time to fix things up for instance), and new listings are coming on line very slowly. I also know that my parents made a -15% offer on what I consider a “nice” 3BR (listed for 475K, see my previous link), and they were ignored.
When these listings get below 400K then I might start hoping for sub-300K!
July 9, 2008 at 12:16 PM #236207Participant[quote=esmith]You’re right about west MM. The bulk of houses in MM is to the east of Camino Ruiz. Getting from (say) Menkar Road to UCSD via UTC is a major pain and it can easily take half an hour. Getting there through Calle Cristobal could be faster *if* you don’t get stuck in a traffic jam at the railroad crossing for 15 min.
[/quote]Exactly. That’s another reason why I only look at NW Mira Mesa (besides its being a better neighborhood with newer homes). I stayed at a friend’s place off of Calle Cristobal for a week last summer, and I never got stuck in traffic (but I’m an academic so I don’t keep typical working hours), and I guess I was lucky because I didn’t get stopped at the railroad crossing either.
How often does it come down at the railroad crossing?
Anyway, the fact is that there isn’t anything decent in NW MM listed for under 400K (of course my definition of “decent” may be different from yours; I have no time to fix things up for instance), and new listings are coming on line very slowly. I also know that my parents made a -15% offer on what I consider a “nice” 3BR (listed for 475K, see my previous link), and they were ignored.
When these listings get below 400K then I might start hoping for sub-300K!
July 9, 2008 at 12:16 PM #236253Participant[quote=esmith]You’re right about west MM. The bulk of houses in MM is to the east of Camino Ruiz. Getting from (say) Menkar Road to UCSD via UTC is a major pain and it can easily take half an hour. Getting there through Calle Cristobal could be faster *if* you don’t get stuck in a traffic jam at the railroad crossing for 15 min.
[/quote]Exactly. That’s another reason why I only look at NW Mira Mesa (besides its being a better neighborhood with newer homes). I stayed at a friend’s place off of Calle Cristobal for a week last summer, and I never got stuck in traffic (but I’m an academic so I don’t keep typical working hours), and I guess I was lucky because I didn’t get stopped at the railroad crossing either.
How often does it come down at the railroad crossing?
Anyway, the fact is that there isn’t anything decent in NW MM listed for under 400K (of course my definition of “decent” may be different from yours; I have no time to fix things up for instance), and new listings are coming on line very slowly. I also know that my parents made a -15% offer on what I consider a “nice” 3BR (listed for 475K, see my previous link), and they were ignored.
When these listings get below 400K then I might start hoping for sub-300K!
July 9, 2008 at 12:16 PM #236265Participant[quote=esmith]You’re right about west MM. The bulk of houses in MM is to the east of Camino Ruiz. Getting from (say) Menkar Road to UCSD via UTC is a major pain and it can easily take half an hour. Getting there through Calle Cristobal could be faster *if* you don’t get stuck in a traffic jam at the railroad crossing for 15 min.
[/quote]Exactly. That’s another reason why I only look at NW Mira Mesa (besides its being a better neighborhood with newer homes). I stayed at a friend’s place off of Calle Cristobal for a week last summer, and I never got stuck in traffic (but I’m an academic so I don’t keep typical working hours), and I guess I was lucky because I didn’t get stopped at the railroad crossing either.
How often does it come down at the railroad crossing?
Anyway, the fact is that there isn’t anything decent in NW MM listed for under 400K (of course my definition of “decent” may be different from yours; I have no time to fix things up for instance), and new listings are coming on line very slowly. I also know that my parents made a -15% offer on what I consider a “nice” 3BR (listed for 475K, see my previous link), and they were ignored.
When these listings get below 400K then I might start hoping for sub-300K!
July 9, 2008 at 1:44 PM #236130Nachoman
ParticipantMira mesa has a huge rental demand working for it. With UCSD expanding, it’s the closest area where students can afford a 4 bdrm house and live with all of their friends. Not to mention, its lower price caters to all of the blue color jobs on Miramar as well as the military base. The houses are old and neighborhood is run down, but its got a pretty desirable central location which helps.
That said, the layout of MM sucks, MM blvd gets congested easily and there’s a limited number of alternate routes.
The railroad crossing only gets bad if a train happens to go by between 4:30-5:30. That’s when all of the folks leaving work from Sorrento valley get bottled up at that intersection trying to get to the 5. An ill timed train throws a huge monkey wrench into an already poorly running machine.
July 9, 2008 at 1:44 PM #236256ParticipantMira mesa has a huge rental demand working for it. With UCSD expanding, it’s the closest area where students can afford a 4 bdrm house and live with all of their friends. Not to mention, its lower price caters to all of the blue color jobs on Miramar as well as the military base. The houses are old and neighborhood is run down, but its got a pretty desirable central location which helps.
That said, the layout of MM sucks, MM blvd gets congested easily and there’s a limited number of alternate routes.
The railroad crossing only gets bad if a train happens to go by between 4:30-5:30. That’s when all of the folks leaving work from Sorrento valley get bottled up at that intersection trying to get to the 5. An ill timed train throws a huge monkey wrench into an already poorly running machine.
July 9, 2008 at 1:44 PM #236267ParticipantMira mesa has a huge rental demand working for it. With UCSD expanding, it’s the closest area where students can afford a 4 bdrm house and live with all of their friends. Not to mention, its lower price caters to all of the blue color jobs on Miramar as well as the military base. The houses are old and neighborhood is run down, but its got a pretty desirable central location which helps.
That said, the layout of MM sucks, MM blvd gets congested easily and there’s a limited number of alternate routes.
The railroad crossing only gets bad if a train happens to go by between 4:30-5:30. That’s when all of the folks leaving work from Sorrento valley get bottled up at that intersection trying to get to the 5. An ill timed train throws a huge monkey wrench into an already poorly running machine.
July 9, 2008 at 1:44 PM #236312ParticipantMira mesa has a huge rental demand working for it. With UCSD expanding, it’s the closest area where students can afford a 4 bdrm house and live with all of their friends. Not to mention, its lower price caters to all of the blue color jobs on Miramar as well as the military base. The houses are old and neighborhood is run down, but its got a pretty desirable central location which helps.
That said, the layout of MM sucks, MM blvd gets congested easily and there’s a limited number of alternate routes.
The railroad crossing only gets bad if a train happens to go by between 4:30-5:30. That’s when all of the folks leaving work from Sorrento valley get bottled up at that intersection trying to get to the 5. An ill timed train throws a huge monkey wrench into an already poorly running machine.
July 9, 2008 at 1:44 PM #236325ParticipantMira mesa has a huge rental demand working for it. With UCSD expanding, it’s the closest area where students can afford a 4 bdrm house and live with all of their friends. Not to mention, its lower price caters to all of the blue color jobs on Miramar as well as the military base. The houses are old and neighborhood is run down, but its got a pretty desirable central location which helps.
That said, the layout of MM sucks, MM blvd gets congested easily and there’s a limited number of alternate routes.
The railroad crossing only gets bad if a train happens to go by between 4:30-5:30. That’s when all of the folks leaving work from Sorrento valley get bottled up at that intersection trying to get to the 5. An ill timed train throws a huge monkey wrench into an already poorly running machine.
July 9, 2008 at 2:52 PM #236195Bugs
Participantgn,
In your analysis, I noticed that you use a 10% down payment ($270k mortgage on a $300k purchase).
– Do investors typically use 10% when they do their analysis ?
– I thought lenders typically require a 30% down for an investment property, is that right ?I was approaching from an owner-user standpoint, hence the more agressive 90% financing.
But you’re right, an investor probably would be looking at a 70% loan-to-value ratio, although they may or may not be able to find a lender that would go 75% 80%. They’d probably also be looking at a slightly higher mortgage interest rate as well.
Besides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment. That’s why SFRs typically don’t sell as rentals in this region – the buyers usually have to lie about occupancy to get the better terms.
July 9, 2008 at 2:52 PM #236323Participantgn,
In your analysis, I noticed that you use a 10% down payment ($270k mortgage on a $300k purchase).
– Do investors typically use 10% when they do their analysis ?
– I thought lenders typically require a 30% down for an investment property, is that right ?I was approaching from an owner-user standpoint, hence the more agressive 90% financing.
But you’re right, an investor probably would be looking at a 70% loan-to-value ratio, although they may or may not be able to find a lender that would go 75% 80%. They’d probably also be looking at a slightly higher mortgage interest rate as well.
Besides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment. That’s why SFRs typically don’t sell as rentals in this region – the buyers usually have to lie about occupancy to get the better terms.
July 9, 2008 at 2:52 PM #236331Participantgn,
In your analysis, I noticed that you use a 10% down payment ($270k mortgage on a $300k purchase).
– Do investors typically use 10% when they do their analysis ?
– I thought lenders typically require a 30% down for an investment property, is that right ?I was approaching from an owner-user standpoint, hence the more agressive 90% financing.
But you’re right, an investor probably would be looking at a 70% loan-to-value ratio, although they may or may not be able to find a lender that would go 75% 80%. They’d probably also be looking at a slightly higher mortgage interest rate as well.
Besides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment. That’s why SFRs typically don’t sell as rentals in this region – the buyers usually have to lie about occupancy to get the better terms.
July 9, 2008 at 2:52 PM #236377Participantgn,
In your analysis, I noticed that you use a 10% down payment ($270k mortgage on a $300k purchase).
– Do investors typically use 10% when they do their analysis ?
– I thought lenders typically require a 30% down for an investment property, is that right ?I was approaching from an owner-user standpoint, hence the more agressive 90% financing.
But you’re right, an investor probably would be looking at a 70% loan-to-value ratio, although they may or may not be able to find a lender that would go 75% 80%. They’d probably also be looking at a slightly higher mortgage interest rate as well.
Besides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment. That’s why SFRs typically don’t sell as rentals in this region – the buyers usually have to lie about occupancy to get the better terms.
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