Mira Mesa prices

[Bugs]

gn,

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.

[(former)FormerSanDiegan]

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.

Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).

[(former)FormerSanDiegan]

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.

Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).

[(former)FormerSanDiegan]

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.

Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).

[(former)FormerSanDiegan]

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.

Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).

[(former)FormerSanDiegan]

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.

Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).

[Anonymous]

An ill timed train throws a huge monkey wrench into an already poorly running machine.

I cross those tracks M-F to work in MM, and two trains go through there around 4:15pm M-F. One of these trains stops at the station and the gates stay down the entire time the train loads up and gets going. If I leave at 3:55 from work I can normally get through beforehand, but if I leave at 4:05 then I get stuck for 15-20 minutes sometimes. I know somebody at work that leaves at 5:00pm, and there is a 5:15pm train that does the same thing, but being 5:00pm the problem is even worse.

However, I do think commuting into MM in the morning and out of MM in the evening may be worse than they other way around.

[Anonymous]

An ill timed train throws a huge monkey wrench into an already poorly running machine.

I cross those tracks M-F to work in MM, and two trains go through there around 4:15pm M-F. One of these trains stops at the station and the gates stay down the entire time the train loads up and gets going. If I leave at 3:55 from work I can normally get through beforehand, but if I leave at 4:05 then I get stuck for 15-20 minutes sometimes. I know somebody at work that leaves at 5:00pm, and there is a 5:15pm train that does the same thing, but being 5:00pm the problem is even worse.

However, I do think commuting into MM in the morning and out of MM in the evening may be worse than they other way around.

[Anonymous]

An ill timed train throws a huge monkey wrench into an already poorly running machine.

I cross those tracks M-F to work in MM, and two trains go through there around 4:15pm M-F. One of these trains stops at the station and the gates stay down the entire time the train loads up and gets going. If I leave at 3:55 from work I can normally get through beforehand, but if I leave at 4:05 then I get stuck for 15-20 minutes sometimes. I know somebody at work that leaves at 5:00pm, and there is a 5:15pm train that does the same thing, but being 5:00pm the problem is even worse.

However, I do think commuting into MM in the morning and out of MM in the evening may be worse than they other way around.

[Anonymous]

An ill timed train throws a huge monkey wrench into an already poorly running machine.

I cross those tracks M-F to work in MM, and two trains go through there around 4:15pm M-F. One of these trains stops at the station and the gates stay down the entire time the train loads up and gets going. If I leave at 3:55 from work I can normally get through beforehand, but if I leave at 4:05 then I get stuck for 15-20 minutes sometimes. I know somebody at work that leaves at 5:00pm, and there is a 5:15pm train that does the same thing, but being 5:00pm the problem is even worse.

However, I do think commuting into MM in the morning and out of MM in the evening may be worse than they other way around.

[Anonymous]

An ill timed train throws a huge monkey wrench into an already poorly running machine.

I cross those tracks M-F to work in MM, and two trains go through there around 4:15pm M-F. One of these trains stops at the station and the gates stay down the entire time the train loads up and gets going. If I leave at 3:55 from work I can normally get through beforehand, but if I leave at 4:05 then I get stuck for 15-20 minutes sometimes. I know somebody at work that leaves at 5:00pm, and there is a 5:15pm train that does the same thing, but being 5:00pm the problem is even worse.

However, I do think commuting into MM in the morning and out of MM in the evening may be worse than they other way around.

[DWCAP]

I leave MM for La Jolla over those tracks daily and return in the afternoon. I try to avoid the 8:25 train wreck of cars and either go earlier (8:10 am isnt too bad) or later, (8:55). I go back over the RR between 4-6 and I often just wait till about 6pm cause aiming for 4:30-5:30 sucks. I have had times when I have breezed to work in minutes, I have had times when it took me 45 minutes to cross the tracks. It all depends on the 5 freeway and the train.

The biggest pain is that the coaster crosses the tracks, stoping traffic, and then comes back the other direction (prob a different train) 2-3 minutes later. Well, the lights are programed to let the freeway over first, so just as soon as the freeway left turn signal goes yellow, here comes the train again. No one else gets to move. They really need a bridge or a tunnel or something around that intersection, but I suppose it is way too costly to do that, especially considering the amount of space available.

Also, I want to scream at all the people who get on the freeway there (I dont use the freeway). They are the most clueless people and since that third lane to the right became a shoulder, I am suprised we dont see more people get in accidents there.

[DWCAP]

I leave MM for La Jolla over those tracks daily and return in the afternoon. I try to avoid the 8:25 train wreck of cars and either go earlier (8:10 am isnt too bad) or later, (8:55). I go back over the RR between 4-6 and I often just wait till about 6pm cause aiming for 4:30-5:30 sucks. I have had times when I have breezed to work in minutes, I have had times when it took me 45 minutes to cross the tracks. It all depends on the 5 freeway and the train.

The biggest pain is that the coaster crosses the tracks, stoping traffic, and then comes back the other direction (prob a different train) 2-3 minutes later. Well, the lights are programed to let the freeway over first, so just as soon as the freeway left turn signal goes yellow, here comes the train again. No one else gets to move. They really need a bridge or a tunnel or something around that intersection, but I suppose it is way too costly to do that, especially considering the amount of space available.

Also, I want to scream at all the people who get on the freeway there (I dont use the freeway). They are the most clueless people and since that third lane to the right became a shoulder, I am suprised we dont see more people get in accidents there.

[DWCAP]

I leave MM for La Jolla over those tracks daily and return in the afternoon. I try to avoid the 8:25 train wreck of cars and either go earlier (8:10 am isnt too bad) or later, (8:55). I go back over the RR between 4-6 and I often just wait till about 6pm cause aiming for 4:30-5:30 sucks. I have had times when I have breezed to work in minutes, I have had times when it took me 45 minutes to cross the tracks. It all depends on the 5 freeway and the train.

The biggest pain is that the coaster crosses the tracks, stoping traffic, and then comes back the other direction (prob a different train) 2-3 minutes later. Well, the lights are programed to let the freeway over first, so just as soon as the freeway left turn signal goes yellow, here comes the train again. No one else gets to move. They really need a bridge or a tunnel or something around that intersection, but I suppose it is way too costly to do that, especially considering the amount of space available.

Also, I want to scream at all the people who get on the freeway there (I dont use the freeway). They are the most clueless people and since that third lane to the right became a shoulder, I am suprised we dont see more people get in accidents there.

[DWCAP]

I leave MM for La Jolla over those tracks daily and return in the afternoon. I try to avoid the 8:25 train wreck of cars and either go earlier (8:10 am isnt too bad) or later, (8:55). I go back over the RR between 4-6 and I often just wait till about 6pm cause aiming for 4:30-5:30 sucks. I have had times when I have breezed to work in minutes, I have had times when it took me 45 minutes to cross the tracks. It all depends on the 5 freeway and the train.

The biggest pain is that the coaster crosses the tracks, stoping traffic, and then comes back the other direction (prob a different train) 2-3 minutes later. Well, the lights are programed to let the freeway over first, so just as soon as the freeway left turn signal goes yellow, here comes the train again. No one else gets to move. They really need a bridge or a tunnel or something around that intersection, but I suppose it is way too costly to do that, especially considering the amount of space available.

Also, I want to scream at all the people who get on the freeway there (I dont use the freeway). They are the most clueless people and since that third lane to the right became a shoulder, I am suprised we dont see more people get in accidents there.

[Author]

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