Rancho Mission Road area

[spdrun]

I’m looking to pick up between one and three investment condos in the SD area. I periodically see 1 br condos in the area of the intersection of Rancho Mission and Friars in the high $90k range, with 2 bedrooms in the low to mid-low $100k range.

Will a one bedroom in that area easily rent in the neighborhood of $900-1000, and a two net about $1300? (Looking for a 7%+ return after taxes, insurance, and maint fees). Anything I should know about the area — it seems convenient, with access to a tram line, some shopping, and the freeways?

What other areas would you all recommend in the $80k to $160k range (1 or 2 bdr) where I’d have a fighting chance of finding decent tenants? Will consider San Diego proper, as well as Oceanside/Carlsbad area.

Thanks- s.

[Coronita]

Definitely NOT carmel valley because it won’t cash flow.
Not to mention, the schools suck, the quality of housing there sucks, it’s filled with migrant camps.

Definitely NOT mira mesa…. It’s a dump there, and you have really sketchy renters, a lot of bums, and high unemployment with people who can’t pay bills there…The future looks bleak there, because while there are some employers out there, they might go under and they might relocate out of the area. Take one employer, called Qualcomm. They might end up relocating to Mexico, or they might go out of business if people stop using smart phones… and when that happens, Mira Mesa is Dead with a capital D. In fact, Mira Mesa would end up like Detroit. You don’t want to invest in an area like Detroit, do you? That’s right. So don’t even look there. Don’t bid on property there. It’s definitely not a good place to look…

I think some folks mentioned Chula Vista are good places and some think Santee are good places. You might want to ask some of the leading experts in that area.

[spdrun]

Sarcasm detector … beep Beep BEEEEP! Serious responses, please 🙂

And I’d invest in Detroit for sure. Urban farms are the hip new thing.

[Coronita]

[quote=spdrun]Sarcasm detector … beep Beep BEEEEP! Serious responses, please 🙂

And I’d invest in Detroit for sure. Urban farms are the hip new thing.[/quote]

………Then I would recommend the search button in the upper right hand corner, because the questions you’re asking we’ve covered here….But to answer some of your questions…

*shadow inventory…Yes, possible. A lot of piggs here don’t care, because we’ve come to the conclusion that banks versus retail buyer, retail buyer loses. Because either banks will hold on to the inventory, end up being landlords, or sell them in bulk to private investment groups, whom in turn will put it on the market close to retail. In any case, very very unlikely you will be seeing 50% off on a beachfront property.

*areas of rental property. No agreement here. I guess you just need to be in the ground floor or partnering with a trusted agent or others in the area to make a judgement call.. If you have to ask how much rent is an area XYZ, If you don’t know which areas have mello ruse (sic), what the prevailing property tax is in a given area, and what the approximate HOA for a given condo/townhome/home in a given area should run, you probably don’t know it well enough to be investing in that area yet imho. And, BTW, you’re not the only one trying to get 7%+ on rental property..A LOT of people have been looking for some time.

*about listingbook.com…sdlookup.com is popular around here, as well as redfin, as well as houserebate.com

*about self representation without a RE license.. Good luck…I think most selling agents won’t want to deal with you, unless you allow them to represent you. Because if it really is a good deal property, you can bet there will be more than one offer with representation, an in many cases multiple offers.

[spdrun]

Not looking for 50% off beachfront, just looking for decent deals in the neighborhood of 7% cap. Basically, so it makes money rather than breaking even or being a financial drag in the short term. As far as bulk sales, they’re a possibility, but they’re moving forward cautiously and there’s also legislation pending in the CA State Assembly to prohibit them.

Areas: I’ve identified at least one area. I was asking for opinions of that area, and other interesting areas. I have friends in the SD area, have done quite a bit of research, and have spoken to some trustworthy brokers. As well as pulling comps on rents. If you can’t answer w/o being snide, don’t bother at all.

Listingbook.com: thanks.

Self-representation: that’s sort of bizarre and annoying. Where I live, it’s typical to call up a broker or go to an open-house, view the property, and drop an offer via a one-liner e-mail or even verbally. Assuming a non-distressed sale, broker asks seller, broker gets back with a response or counter within a few days. Easy and oddly painless.

[Coronita]

[quote=spdrun]Not looking for 50% off beachfront, just looking for decent deals in the neighborhood of 7% cap. Basically, so it makes money rather than breaking even or being a financial drag in the short term.
[/quote]

Inside joke…Sorry, you haven’t been long enough here to understand. Anyway, some folks here thought they were waiting for 50% off of La Jolla.

And yes, what you’re looking for is probably no different than I would say the majority of the people that are here who don’t like looking at the 1.0% or so CD rate.

[quote]
As far as bulk sales, they’re a possibility, but they’re moving forward cautiously and there’s also legislation pending in the CA State Assembly to prohibit them.
[/quote]

Rules are meant to be broken, especially in california.

[quote]
Areas: I’ve identified at least one area. I was asking for opinions of that area, and other interesting areas. I have friends in the SD area, have done quite a bit of research, and have spoken to some trustworthy brokers. As well as pulling comps on rents. If you can’t answer w/o being snide, don’t bother at all.
[/quote]

Great, got a specific property in mind?

Lessons on getting advice on piggington. (1) Opinions are a dime of a dozen. (2) There is a concept of LETDLITA, and if you don’t know what that is, do a search on it here and read about what it means, again for your benefit…I’m just making a mockery of this, because you know it’s boring here sometimes, since we’re all waiting for the killer deals…(3) “Advice” here is a lot like a relationship…You get it all, good and ugly, or nothing at all. Seriously, a lot of the questions you ask the same questions have been asked here already, and what you are probably looking for is already archived. Not that there’s anything wrong with asking again about what we feel are good investment areas. Just, you’re not going to get a good answer because of (1) and (2) above.

Also, it’s probably going to be difficult to get an opinion on a blanket questionon feasibility of a rental in area X, unless you got a specific property in mind or at least a specific complex in mind, in which case, some people here could probably chime in and tell you based on where they live and/or there experiences. Even in a given area, you can have a huge price difference simply because.. For example, in one area in 92130, people wonder why certain homes are commanding prices close to peak prices like in ’05/’06 (cough Saratoga and Derby Hills), and the answer is because for whatever reason a lot of people value those homes being close to Sage Canyon and Ocean Air, and more likely a lot of these people are hell of a lot lucky bastards that cashed out on stock options.
Or for that matter, if you asked “Is paying $600k for a 3/3 in Crest a good deal?”, I would tell you hell no, because current price in that community for 3/3 is closer to $500k because $600k is closer to peek price in ’04/’05.

[quote]
Listingbook.com: thanks.
[/quote]

Welcome.

[quote]
Self-representation: that’s sort of bizarre and annoying. Where I live, it’s typical to call up a broker or go to an open-house, view the property, and drop an offer via a one-liner e-mail or even verbally. Assuming a non-distressed sale, broker asks seller, broker gets back with a response or counter within a few days. Easy and oddly painless.[/quote]

Well, I could be wrong, but I don’t think you will get very far trying to represent yourself unless you also happen to have a license.

BTW: there are also 3 realtors that periodically posts on this board.

sdrealtor, SD Realtor, and urbanrealtor…Occasionally if you ask for an opinion, they’ll give it to you.

[bearishgurl]

spdrun, most of the condo complexes in the area of Rancho Mission Road and Friars (92108) are fairly new. This area is very, very congested, meaning it could take 40 minutes to drive from the Fashion Valley area to this area or the reverse, ESP during lunch hours in the middle of the business day. If you have rentals there, you would experience a LOT of competition for tenants. Yes, it IS convenient to the trolley, Qualcomm Stadium (football) and various well-known SD urban communities and 4 freeways.

You should be aware that this area lies both on and adjacent to the SD River bank and is considered to be a CA “Type A” floodplain. Therefore, the developments likely require flood insurance (pd by the assns). Most of the more recent condo developers around there have had to “shore up” the land they built condos on and also “shore up” the riverbank with what we call “glass breakwater” techniques using infill. This particular area of the riverbank is still inhabited by homeless camps, IIRC.

Luckily, the freeways are situated over and above this area, reducing much of the tire noise that would be present if the freeway was situated below these streets and condo complexes. Shopping is plentiful in the area except for grocery shopping which can be found in up the hill off Mission Village Drive off Sandrock (Mission Village), up Mission Gorge Rd (Allied Gardens) or up Qualcomm Drive (formerly “Texas St”) on the south side of I-8 (North Park).

[scaredyclassic]

So…what religion are you?

[spdrun]

In this instance, I’m a devotee of Mammon.

(And thanks for the informative response bearishgurl!!)

[briansd1]

Mission valley is not that congested IMO. It can handle a lot more development.
I like Civita. We should encourage the tear down of old houses for new townhouses in the city, so more people can live closer to the core.

[sdrealtor]

No Civita is bad. It is far flung and lizard infested new construction at least one hundred yards away from the prime locations in Mission Valley.

[spdrun]

Do more people necessarily want to live closer to the core? This is San Diego, not Manhattan or Capitol Hill/DC. Given unlimited money, I’d probably take La Jolla or PB over the immediate downtown area/Little Italy.

[flyer]

We’ve owned investment real estate in the San Diego area for almost 25 years–mostly in the coastal areas.

It seems like everyone wants to get in the game now, so there is a lot of competition for investment properties.

At this point in time, your investment options will be limited to areas within your budget, and it sounds like you’ve received some good suggestions from previous posts here.

You may also want to take a look at various zip codes at sdlookup.com, to get an idea of what’s out there, or work with a realtor who might be able to further assist you.

[an]

[quote=spdrun]Do more people necessarily want to live closer to the core? This is San Diego, not Manhattan or Capitol Hill/DC. Given unlimited money, I’d probably take La Jolla or PB over the immediate downtown area/Little Italy.[/quote]
Given unlimited money, I’d rather live in Oceanside than anywhere downtown or little Italy. Before you ROFLYAO, this is the kinds of O-side house I’m talking about: http://www.sdlookup.com/MLS-110063904-1935_S_Pacific_St_Oceanside_CA_92054 or this one: http://www.sdlookup.com/MLS-120028172-1727_S_Pacific_St_Oceanside_CA_92054. O-side is pretty up there, when you’re talking about far flung.

[Coronita]

[quote=spdrun]Do more people necessarily want to live closer to the core? This is San Diego, not Manhattan or Capitol Hill/DC. Given unlimited money, I’d probably take La Jolla or PB over the immediate downtown area/Little Italy.[/quote]

San Diego works differently from say NYC or SF…
SD downtown is much more dead than the burbs I think.
Assuming infinite amount of money, downtown never crossed my mind personally. Folks wanting “city life” probably shouldn’t live in San Diego.

You should also note a LOT of downtown development was recent, overpriced, underwater, and with huge hoa fees.

[Author]

Posts