Purchasing Rental Property

[bearishgurl]

[quote=Jazzman] . . . Your competition is an army of cash buyer baby boomers out there hunting down alternative fixed incomes streams. Spend six months to a year researching before you do anything. CA will be a challenge.[/quote]

jazzman, I know several post 59.5 year-old “boomers” (old enough to tap into IRA’s, 401K’s w/o penalty) who are doing just that, due to not having any “safe” investments to park money that are paying anything. They are looking in their own stomping grounds here in SD County, in ‘hoods they are intimately familiar with at SFR properties they can fix up and manage themselves and even rent to relatives (parents/children) if the need should arise. These older DIY’ers (some with roofer, plumber or electrician relatives, lol) are the kind that buy those Chula Vista (91910) cosmetic fixer investment SFR’s that the Piggs don’t seem to want to mess with. For the most part, these are very well-built properties on very good streets and we all KNOW that once they are all gone, we’ll never see these prices again.

Compare to the cosmetic and heavy fixer-buying frenzy of ’94-’97 in Pt Loma (92106). Now, try to find one. They’re very far and few between :=]

[Ricechex]

Presently rents for $1200, but that is a price from 5 years ago, so probably could get $1300. Tenant just gave notice today, ugh. Needs carpet and paint–not sure on cost.

[Ricechex]

Presently rents for $1200, but that is a price from 5 years ago, so probably could get $1300. Tenant just gave notice today, ugh. Needs carpet and paint–not sure on cost.

[Ricechex]

Presently rents for $1200, but that is a price from 5 years ago, so probably could get $1300. Tenant just gave notice today, ugh. Needs carpet and paint–not sure on cost.

[Ricechex]

Presently rents for $1200, but that is a price from 5 years ago, so probably could get $1300. Tenant just gave notice today, ugh. Needs carpet and paint–not sure on cost.

[Ricechex]

Presently rents for $1200, but that is a price from 5 years ago, so probably could get $1300. Tenant just gave notice today, ugh. Needs carpet and paint–not sure on cost.

[recordsclerk]

Ricechex,

Is this a smaller home? My Somali tennants keep asking me if I have another rental for their friends. They are looking for 4+ beds and already section 8 clients. 4 beds can rent for $2000 if you can show comps.

[recordsclerk]

Ricechex,

Is this a smaller home? My Somali tennants keep asking me if I have another rental for their friends. They are looking for 4+ beds and already section 8 clients. 4 beds can rent for $2000 if you can show comps.

[recordsclerk]

Ricechex,

Is this a smaller home? My Somali tennants keep asking me if I have another rental for their friends. They are looking for 4+ beds and already section 8 clients. 4 beds can rent for $2000 if you can show comps.

[recordsclerk]

Ricechex,

Is this a smaller home? My Somali tennants keep asking me if I have another rental for their friends. They are looking for 4+ beds and already section 8 clients. 4 beds can rent for $2000 if you can show comps.

[recordsclerk]

Ricechex,

Is this a smaller home? My Somali tennants keep asking me if I have another rental for their friends. They are looking for 4+ beds and already section 8 clients. 4 beds can rent for $2000 if you can show comps.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[Author]

Posts