rents up?

[FlyerInHi]

[quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] Sounds about right... You bought at a very opportune time!

[bewildering]

[quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] $1300/month for a one bedroom in Mira Mesa? That seems an awful lot for a one person household in an area that is more for families than single people. To be a 1/3 of their take home pay they would need to be earning $70,000. I guess Sorrento Valley Tech people.

[Coronita]

[quote=bewildering][quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] $1300/month for a one bedroom in Mira Mesa? That seems an awful lot for a one person household in an area that is more for families than single people. To be a 1/3 of their take home pay they would need to be earning $70,000. I guess Sorrento Valley Tech people.[/quote] my tenants happen to be tech workers with about 2-3 years of experience so their around $90k give or take $10K..

[poorgradstudent]

[quote=FlyerInHi]

I would never rent from a complex. Why live among 100% renter. I would much prefer a mix of owners and renters.

[/quote]

When you’re 21 or 24 and single it’s more fun living in a complex with other young, single renters, and most people that age can’t afford to buy. Home owners tend to be a lot more stodgy about things like noise from parties. There’s also a certain safety complexes provide in terms of shadiness. If you have a good private landlord they will beat a complex any day of the week, but a shady landlord is awful. We’ve dealt with both.

There’s pros and cons, although I strongly feel like at this moment in time complexes are far more expensive than private owners and not worth it.

[poorgradstudent]

[quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] Well just change the word lazy to "nice" and pat yourself on the back. Of course there is a cost to you to find new tenants and a risk if the property is vacant for a while or you end up with bad tenants.

[Coronita]

[quote=poorgradstudent][quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] Well just change the word lazy to "nice" and pat yourself on the back. Of course there is a cost to you to find new tenants and a risk if the property is vacant for a while or you end up with bad tenants.[/quote] Truthfully, and extra $50-100/month is not worth the time of getting my tenants pissed off and argue over something regularly and having them nit picking at every little thing... I do send them a notice that what the current rent prices are, with a gentle reminder about don't give me crap over small frivolous things, and I won't give you crap about how I haven't raised rent... Bay area rents, on the other hand, I had no choice...Because we were talking about and $600/month difference between what I was charging and what I should have been charging, and it was still a few hundred/month lower than the average rent prices... At first the tenant complained, but then I indicated that my price even after the adjustment is about Section 8 rent prices, and they aren't even close to being Section 8....Didn't hear another complaint thereafter.

[bewildering]

[quote=flu][quote=poorgradstudent][quote=flu]Looks like the going price for a 1/1 condo in MM is around $1300/month now for something < 600 sqft west of Camino Ruiz. Interesting.. My tenants are month to month for some time... Meh.. I'm too lazy to raise rents...[/quote] Well just change the word lazy to "nice" and pat yourself on the back. Of course there is a cost to you to find new tenants and a risk if the property is vacant for a while or you end up with bad tenants.[/quote] Truthfully, and extra $50-100/month is not worth the time of getting my tenants pissed off and argue over something regularly and having them nit picking at every little thing... I do send them a notice that what the current rent prices are, with a gentle reminder about don't give me crap over small frivolous things, and I won't give you crap about how I haven't raised rent... Bay area rents, on the other hand, I had no choice...Because we were talking about and $600/month difference between what I was charging and what I should have been charging, and it was still a few hundred/month lower than the average rent prices... At first the tenant complained, but then I indicated that my price even after the adjustment is about Section 8 rent prices, and they aren't even close to being Section 8....Didn't hear another complaint thereafter.[/quote] What are section 8 values for the Bay area and San diego? I googled but could not see numbers. I did notice that SF no longer takes applications, while San diego has a 8-10 year wait. Presumably the section 8 value is a good proxy for rent costs in a area. It would be a nightmare for rents to rise by $600/month - that would destroy a lot of budget. Especially if lower cost rentals are not available in your area. it leaves you stuck. I am mystified how anyone can want to rent long term.

[Coronita]

.

[FlyerInHi]

The apt complexes (they call them luxury apartment homes now) changed a lot in the last few decades. They now offer more amenities to justify higher rents. It’s good for nearby individual landlords.

As far a rents, I try to be as professional/corporate like as I can. In the contract, incorporate an automatic percentage increase.

[PCinSD]

I love being a renter in an apartment complex. I think my last rent increase was in 2008. Probably just jinxed it now. Either way, it’s below market in a great spot and way better than buying a comparable place. No doubt not the norm, tho.

[barnaby33]

I’ve gleaned only one thing from this thread. I want to rent from FLU.
Josh

[ctr70]

I rent up in Seattle and rents have gone way, way up here, especially in the city of Seattle proper. My landlord raised my rent about 7% last year. I’ve been renting up here as I moved up here less than 2 years ago and still deciding if I want to buy & where I want to buy.

I own condo rental properties I bought in San Diego from 2009-2011 and vacancy rates are very low. I like to keep my rents a little below market so tenants feel they are getting a good deal and don’t bug you & stay for a long time to pay off your property for you. I have had zero vacancies and not one missed rent payment.

Also, as a reminder to make money investing, often you have to go against the crowds. I remember people right here on this forum arguing with me about buying condos in SD back from 2009-2011, thinking I was crazy. Bearishgirl telling me they would “depreciate” and that condos were bad investments. Those condos have all been AMAZING investments. I was buying 2 bed condos in good rental areas of SD for $130k-$150k like North Park, Rancho P., etc..(that now go for $300k+ and get $1,500/mo in rent). My mortgage payments on some of my condos aren’t much more then car payments. And back then in 2009 NOBODY WANTED THEM. Everyone was scared. Like Warren Buffet says, buy when others are fearful and sell when they are euphoric.

You have to be really careful who you listen to on these forums. There are a lot of big time long winded BS-ers that don’t know s**t. Try to get investing advice from someone who has a higher net worth than you. Not some flunkies on forums who may be flat broke yet handing out advice.

[Coronita]

[quote=ctr70]I rent up in Seattle and rents have gone way, way up here, especially in the city of Seattle proper. My landlord raised my rent about 7% last year. I’ve been renting up here as I moved up here less than 2 years ago and still deciding if I want to buy & where I want to buy.

I own condo rental properties I bought in San Diego from 2009-2011 and vacancy rates are very low. I like to keep my rents a little below market so tenants feel they are getting a good deal and don’t bug you & stay for a long time to pay off your property for you. I have had zero vacancies and not one missed rent payment.

Also, as a reminder to make money investing, often you have to go against the crowds. I remember people right here on this forum arguing with me about buying condos in SD back from 2009-2011, thinking I was crazy. Bearishgirl telling me they would “depreciate” and that condos were bad investments. Those condos have all been AMAZING investments. I was buying 2 bed condos in good rental areas of SD for $130k-$150k like North Park, Rancho P., etc..(that now go for $300k+ and get $1,500/mo in rent). My mortgage payments on some of my condos aren’t much more then car payments. And back then in 2009 NOBODY WANTED THEM. Everyone was scared. Like Warren Buffet says, buy when others are fearful and sell when they are euphoric.

You have to be really careful who you listen to on these forums. There are a lot of big time long winded BS-ers that don’t know s**t. Try to get investing advice from someone who has a higher net worth than you. Not some flunkies on forums who may be flat broke yet handing out advice.[/quote]

I would love to own a condo in Seattle or Portland suburbs….My career, though, hasn’t found me a reason to go up there (yet)…

[bearishgurl]

[quote=ctr70]I rent up in Seattle and rents have gone way, way up here, especially in the city of Seattle proper. My landlord raised my rent about 7% last year. I’ve been renting up here as I moved up here less than 2 years ago and still deciding if I want to buy & where I want to buy.

I own condo rental properties I bought in San Diego from 2009-2011 and vacancy rates are very low. I like to keep my rents a little below market so tenants feel they are getting a good deal and don’t bug you & stay for a long time to pay off your property for you. I have had zero vacancies and not one missed rent payment.

Also, as a reminder to make money investing, often you have to go against the crowds. I remember people right here on this forum arguing with me about buying condos in SD back from 2009-2011, thinking I was crazy. Bearishgirl telling me they would “depreciate” and that condos were bad investments. Those condos have all been AMAZING investments. I was buying 2 bed condos in good rental areas of SD for $130k-$150k like North Park, Rancho P., etc..(that now go for $300k+ and get $1,500/mo in rent). My mortgage payments on some of my condos aren’t much more then car payments. And back then in 2009 NOBODY WANTED THEM. Everyone was scared. Like Warren Buffet says, buy when others are fearful and sell when they are euphoric.

You have to be really careful who you listen to on these forums. There are a lot of big time long winded BS-ers that don’t know s**t. Try to get investing advice from someone who has a higher net worth than you. Not some flunkies on forums who may be flat broke yet handing out advice.[/quote]

ctr, you know me better than that ….

First of all, I am not now (nor ever have been) “flat broke.” And you have no idea what my “net worth” is. In the past, you’ve actually complimented me on the sh!t that I DO know, both on and off these forums. I don’t have time to go hunt it down right now, but you actually used words to the effect that I was “right on” after you went to check out areas and streets on the ground, which you had asked me about. You then asked me if I did “RE consulting.”

When you were shopping for investment properties here, I tried to be straight up with you about the types of tenants you would likely get in the various areas you were considering purchasing in. You must admit that I went above and beyond to try to help you become more familiar with the RE market in SD County when you were obviously “all over the map,” not having resided here very long.

I don’t like condos for a variety of reasons which I’ve posted here ad nauseaum, all of which have to do with lack of control over nearly every facet of ownership. Their biggest cons to individual owners in my mind are lack of control over dues collection and deferred maintenance resulting in special assessments and lack of control over lawsuits a condo board chooses to engage in. A close third is that each unit can share plumbing, gas lines and other systems, resulting in damage to other units from one owner or tenant’s negligence or bad luck. Some, but not all, of these detriments can be mitigated by a buyer who does thorough due diligence on a complex prior to making an offer or releasing all their contingencies in escrow.

You “say” your condos in SD are now worth $300K+ but you should know just as much or more than anyone here that you won’t really know what they are worth until you get a willing buyer who makes a (qualified) offer to you which you are willing to accept.

I’m happy that you’re happy that you found some good investment properties here before you left. I remember you telling me several times that you yourself didn’t find anything you personally wanted to live in here for the price you were willing to pay but that SD County was fine for purchasing investment properties in. Different strokes for different folks. I wish you the best in Seattle (I actually envisioned you as living near mtns and skiing :))

[an]

[quote=ctr70]I rent up in Seattle and rents have gone way, way up here, especially in the city of Seattle proper. My landlord raised my rent about 7% last year. I’ve been renting up here as I moved up here less than 2 years ago and still deciding if I want to buy & where I want to buy.

I own condo rental properties I bought in San Diego from 2009-2011 and vacancy rates are very low. I like to keep my rents a little below market so tenants feel they are getting a good deal and don’t bug you & stay for a long time to pay off your property for you. I have had zero vacancies and not one missed rent payment.

Also, as a reminder to make money investing, often you have to go against the crowds. I remember people right here on this forum arguing with me about buying condos in SD back from 2009-2011, thinking I was crazy. Bearishgirl telling me they would “depreciate” and that condos were bad investments. Those condos have all been AMAZING investments. I was buying 2 bed condos in good rental areas of SD for $130k-$150k like North Park, Rancho P., etc..(that now go for $300k+ and get $1,500/mo in rent). My mortgage payments on some of my condos aren’t much more then car payments. And back then in 2009 NOBODY WANTED THEM. Everyone was scared. Like Warren Buffet says, buy when others are fearful and sell when they are euphoric.

You have to be really careful who you listen to on these forums. There are a lot of big time long winded BS-ers that don’t know s**t. Try to get investing advice from someone who has a higher net worth than you. Not some flunkies on forums who may be flat broke yet handing out advice.[/quote]
I totally agree. Take everything you read on a public forum with a bag of salt. Do your own research and make your own decision.

I wish I had more funds to take more advantage of the 2008-2011 time frame, but alas, I maxed out all my funds. I guess I’ll have to wait for the next crash.

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