Purchasing Rental Property

[sdrealtor]

Wujohn
My personal preference is inexpensive condos in the urban core of SD (i.e. a mile or two north/south of I-8). There are condos that can be purchased under $150K and some below $100K. I like older but well maintained complexes with high owner occupancy and low HOA fees. The older and owner occupied means less distress and more long time owners who keep an eye on things. The lower HOA fees obviously means better cash flow. I also like 1BR condo for cash flow because the price discount vis a vis a 2BR seems to be greater than the rent differential. If you can find a decent 1BR with a garage and laundry in the unit you should never have vacancies and should be able to keep long term tenants. The downside is they will appreciate less. This is not to say I dont like 2BR as I see lots of them available well under $150K that can be rented for $1300 to 1400/month. Picking the right complexes is the key.

sdr

[bearishgurl]

Wujohn, may I suggest well-located and well-built SFR’s in Chula Vista that you could manage yourself, all near or on one or more bus lines and/or the trolley? Most have at least a one-car garage and laundry hookups. The going rent is $1400-$1800 per mo depending on condition, location and size. No HOA’s and no Mello-Roos but you would probably have to hire a gardener for those on larger lots, unless you can furnish a lawnmower and find a tenant who will do it for a small discount (entirely possible). A little fix up would probably be necessary on most of them before renting out.

Typical downpayment for non-owner occupied would be about 30%. With this scenario, I see a good positive cash flow. There is a captive rental audience in this area and vacant properties not listed on the “for-sale” market do not last long.

http://www.sdlookup.com/Real_Estate-Chula_Vista-Houses_For_Sale-91910

Good luck in your search!

[bearishgurl]

Wujohn, may I suggest well-located and well-built SFR’s in Chula Vista that you could manage yourself, all near or on one or more bus lines and/or the trolley? Most have at least a one-car garage and laundry hookups. The going rent is $1400-$1800 per mo depending on condition, location and size. No HOA’s and no Mello-Roos but you would probably have to hire a gardener for those on larger lots, unless you can furnish a lawnmower and find a tenant who will do it for a small discount (entirely possible). A little fix up would probably be necessary on most of them before renting out.

Typical downpayment for non-owner occupied would be about 30%. With this scenario, I see a good positive cash flow. There is a captive rental audience in this area and vacant properties not listed on the “for-sale” market do not last long.

http://www.sdlookup.com/Real_Estate-Chula_Vista-Houses_For_Sale-91910

Good luck in your search!

[bearishgurl]

Wujohn, may I suggest well-located and well-built SFR’s in Chula Vista that you could manage yourself, all near or on one or more bus lines and/or the trolley? Most have at least a one-car garage and laundry hookups. The going rent is $1400-$1800 per mo depending on condition, location and size. No HOA’s and no Mello-Roos but you would probably have to hire a gardener for those on larger lots, unless you can furnish a lawnmower and find a tenant who will do it for a small discount (entirely possible). A little fix up would probably be necessary on most of them before renting out.

Typical downpayment for non-owner occupied would be about 30%. With this scenario, I see a good positive cash flow. There is a captive rental audience in this area and vacant properties not listed on the “for-sale” market do not last long.

http://www.sdlookup.com/Real_Estate-Chula_Vista-Houses_For_Sale-91910

Good luck in your search!

[bearishgurl]

Wujohn, may I suggest well-located and well-built SFR’s in Chula Vista that you could manage yourself, all near or on one or more bus lines and/or the trolley? Most have at least a one-car garage and laundry hookups. The going rent is $1400-$1800 per mo depending on condition, location and size. No HOA’s and no Mello-Roos but you would probably have to hire a gardener for those on larger lots, unless you can furnish a lawnmower and find a tenant who will do it for a small discount (entirely possible). A little fix up would probably be necessary on most of them before renting out.

Typical downpayment for non-owner occupied would be about 30%. With this scenario, I see a good positive cash flow. There is a captive rental audience in this area and vacant properties not listed on the “for-sale” market do not last long.

http://www.sdlookup.com/Real_Estate-Chula_Vista-Houses_For_Sale-91910

Good luck in your search!

[bearishgurl]

Wujohn, may I suggest well-located and well-built SFR’s in Chula Vista that you could manage yourself, all near or on one or more bus lines and/or the trolley? Most have at least a one-car garage and laundry hookups. The going rent is $1400-$1800 per mo depending on condition, location and size. No HOA’s and no Mello-Roos but you would probably have to hire a gardener for those on larger lots, unless you can furnish a lawnmower and find a tenant who will do it for a small discount (entirely possible). A little fix up would probably be necessary on most of them before renting out.

Typical downpayment for non-owner occupied would be about 30%. With this scenario, I see a good positive cash flow. There is a captive rental audience in this area and vacant properties not listed on the “for-sale” market do not last long.

http://www.sdlookup.com/Real_Estate-Chula_Vista-Houses_For_Sale-91910

Good luck in your search!

[bearishgurl]

[quote=Wujohn]…2) Do you feel it is a good time to jump into owning a rental…[/quote]

I have never seen the prices of smaller SFR’s in 91910 go down in value as much as they have in the last 3-4 years, so yes, I believe now is a good time to buy one. I have resided in this general area since 1986, moving here from metro SD.

[bearishgurl]

[quote=Wujohn]…2) Do you feel it is a good time to jump into owning a rental…[/quote]

I have never seen the prices of smaller SFR’s in 91910 go down in value as much as they have in the last 3-4 years, so yes, I believe now is a good time to buy one. I have resided in this general area since 1986, moving here from metro SD.

[bearishgurl]

[quote=Wujohn]…2) Do you feel it is a good time to jump into owning a rental…[/quote]

I have never seen the prices of smaller SFR’s in 91910 go down in value as much as they have in the last 3-4 years, so yes, I believe now is a good time to buy one. I have resided in this general area since 1986, moving here from metro SD.

[bearishgurl]

[quote=Wujohn]…2) Do you feel it is a good time to jump into owning a rental…[/quote]

I have never seen the prices of smaller SFR’s in 91910 go down in value as much as they have in the last 3-4 years, so yes, I believe now is a good time to buy one. I have resided in this general area since 1986, moving here from metro SD.

[bearishgurl]

[quote=Wujohn]…2) Do you feel it is a good time to jump into owning a rental…[/quote]

I have never seen the prices of smaller SFR’s in 91910 go down in value as much as they have in the last 3-4 years, so yes, I believe now is a good time to buy one. I have resided in this general area since 1986, moving here from metro SD.

[sdrealtor]

Great so now we have two suggestions

$220K for an SFR in Chula Vista that will rent for $1400 and have taxes of about $200/month plus you probably have to fix them up and are responsible for maintenance. Subtracting out the taxes thats about 183 times monthly rent but you may have more appreciation potential.

$130K for a 2BR condo in San Carlos that will rent for $1350 and have taxes plus HOA fees of $350/month but no fix up or long term maintenance. Subtracting out taxes and HOA fees that about 130 times monthly rent.

Any more good ones out there?

[sdrealtor]

Great so now we have two suggestions

$220K for an SFR in Chula Vista that will rent for $1400 and have taxes of about $200/month plus you probably have to fix them up and are responsible for maintenance. Subtracting out the taxes thats about 183 times monthly rent but you may have more appreciation potential.

$130K for a 2BR condo in San Carlos that will rent for $1350 and have taxes plus HOA fees of $350/month but no fix up or long term maintenance. Subtracting out taxes and HOA fees that about 130 times monthly rent.

Any more good ones out there?

[sdrealtor]

Great so now we have two suggestions

$220K for an SFR in Chula Vista that will rent for $1400 and have taxes of about $200/month plus you probably have to fix them up and are responsible for maintenance. Subtracting out the taxes thats about 183 times monthly rent but you may have more appreciation potential.

$130K for a 2BR condo in San Carlos that will rent for $1350 and have taxes plus HOA fees of $350/month but no fix up or long term maintenance. Subtracting out taxes and HOA fees that about 130 times monthly rent.

Any more good ones out there?

[sdrealtor]

Great so now we have two suggestions

$220K for an SFR in Chula Vista that will rent for $1400 and have taxes of about $200/month plus you probably have to fix them up and are responsible for maintenance. Subtracting out the taxes thats about 183 times monthly rent but you may have more appreciation potential.

$130K for a 2BR condo in San Carlos that will rent for $1350 and have taxes plus HOA fees of $350/month but no fix up or long term maintenance. Subtracting out taxes and HOA fees that about 130 times monthly rent.

Any more good ones out there?

[Author]

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