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March 14, 2007 at 2:28 AM #8594March 14, 2007 at 2:30 AM #47622
little lady
ParticipantMAKE NO mistake this is an AD I found that I thought would be of interest to some people on here…….I am not the one who posted the AD……
March 14, 2007 at 10:23 AM #47650Bugs
ParticipantWhat they need to do is sell the house now before they lose any more money. $800k homes in Temecula are going to get nailed even worse than the $880k homes in San Diego.
March 14, 2007 at 10:42 AM #47655Doofrat
ParticipantWhy would you purchase a place for almost a million $s three months ago and then lease it back at terms that guarantee that you and your partner share $1800 of loss for up to three years at the tenant’s discretion? Something’s not right here, or somebody’s real dumb.
March 14, 2007 at 10:48 AM #47656(former)FormerSanDiegan
ParticipantWhat’s even stranger is that the amount of the purchase option of 875K after three years comes to about 1777 per month over the three years, exactly what they have in negative cash flow (excluding expenses). Even if the price appreciated at a rate that would make sense for the renter/buyer to purchase at the end of the three years, the original buyer would not have made any money.
Smells fishy.
March 14, 2007 at 11:42 AM #47662davelj
ParticipantI would be very curious to know what percentage of today’s house flippers also lost their arses daytrading back in 2000/2001. Very curious. I’ve found that people who seek “easy” riches never seem to learn that there’s no free lunch (or, at least, very few of such elusive tasty morsels).
This listing shouldn’t read “NEED PROFESSIONAL AND CREATIVE HELP!!!… it should read “NEED CASH AND A REVERSE LOBOTOMY!!!”
March 14, 2007 at 12:06 PM #47664Participant“Something’s not right here, or somebody’s real dumb.”
He wasn’t the first……….and he won’t be the last……….TSUNAMI!!!!!
March 14, 2007 at 12:42 PM #47667ParticipantDaytrading – One of the fastest and easiest ways to lose all the money you have.
House Flipping – One of the fastest and easiest ways to lose all the money you don’t have.
March 24, 2007 at 10:37 AM #48371temeculaguy
ParticipantI looked at the pictures on Shutterfly and i think this house is in Morgan Hill based on the view and the maroon trashcan (the unincorporated areas use that color, city uses black,green,grey). Morgan Hill did sell some in the 8oo’s at the absolute peak but has been one of the first to fall because it has the highest taxes in the area and HOA. From memory it was 2.4% overall. I have found Morgan Hill houses at 499 for small one and could get this one for 650 so they are screwed. Morgan is one of the more expensive areas because it is on the extreme south and you can get to San Diego via Raimbow Canyon avoiding the checkpoint and the traffic, almost all of the southern residents are SD commuters. A search of rentals on the MLS showed the highest priced was 2500 and from my searches in person and online almost anything can be obtained for 2500. So why would their renter pay 3k plus over 1.5k a month in taxes, I just can’t believe it ever existed, even at the peak. The ods that the dumbest investor that ever lived managed to find the dumbest renter that ever lived is staggering. My guess is that it appeared on the S.D. craigslist and not the inland empire one to find someone who is thinking about SD numbers that may seem justifiable, but for this area it is not. It has to be a scam of some sort.
http://www.immobel.com/personal/1_3_1/searchLocation.do?la=EN&per=mrmls
use zip code 92592 and check the leases and the sales prices, you will see they are off 200k for value and the rent is double.
March 24, 2007 at 11:41 AM #48378Participant” My guess is that it appeared on the S.D. craigslist and not the inland empire one to find someone who is thinking about SD numbers that may seem justifiable, but for this area it is not. It has to be a scam of some sort.”
Don’t doubt it may be a scam, but it was DEFINITELY on inland empire’s craiglist, look at the web address…..or am I missing what your saying somehow?
March 24, 2007 at 12:23 PM #48380AK
ParticipantCreative help? Maybe Casey has some ideas.
Seriously though:
1. If he/she can’t afford the carrying costs now, he/she couldn’t afford the carrying costs three months ago.
2. One more reason not to rent from a flipper.
3. One more reason to avoid lease-option deals. (As if there weren’t enough reasons already.)
4. Credit score of 735 isn’t “great.” Good, but not “great.”
5. “Trying to work on other deals” you say? *bangs head against wall*
March 24, 2007 at 5:51 PM #48387TemekuT
ParticipantThis house is in Morgan Hill, in McMillin’s “Blackstone” tract. Blackstone is McMillin’s largest, most expensive tract to date in Morgan Hill. This house is plan 3, the “Salinas”, elevation 3A. Size is from 3836 to 4573 sq. ft., with options of 5-7 bdrms and 4-6.5 baths. The Blackstone homes began sales in 2006 and are close to sold out. I can’t find any resales on the MLS, but McMillin did post a new home, which closed 11/02/06 at $715,000.
There are other larger, more expensive homes in Morgan Hill. One recently sold for over 1.2 million.
My eyeball survey of Morgan Hill leads me to believe there are considerably less flippers in Morgan Hill than other places in Temecula, perhaps because the prices are higher than most tracts in Temecula. I think Paseo Del Sol is the real flipperville of Temecula.
March 24, 2007 at 5:59 PM #48388ParticipantAlso, the combined prop tax rate is approx. 1.9% and the HOA changes monthly, based on phase releases. It’s been anywhere from approx. $80-150 monthly in the last 2 years, but is estimated to be $85 at build out.
Whatever, that’s a lot of $$$…I get the impression lots of neighbors are living paycheck to paycheck.
Don’t know how they do it, especially with all the BMW, Mercedes, and Hummers…oops, I do know! I check all the new listings tax records, and the refi’s (above basis) and the Helocs are always there.
March 24, 2007 at 8:03 PM #48393ParticipantTemeku, since you seem to have some good insight do you why there appears to be so many brown lawn pre-repos in Morgan across from the elementary school on Sattui street. I drove through the area today and while most of it seems to be holding up very well, that one neighborhood is riddled with them. Sattui street alone had 4 or 5, the little cul-de-sac part of Sattui to the east only had 9 or so houses and 3 were obviously vacant, lawns dying yet no for sale signs. Was that tract overpriced or maybe those were part of the r.e. scam that hit Murietta. I didn’t drive through the rest of that neighborhood but from i read of that scam they bought multiples in the same neighborhoods.
March 24, 2007 at 8:20 PM #48379Participant -
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