[bearishgurl]

Exc. advice Temeculaguy, but I’m concerned about the high HOA fee if there isn’t any amenities for this $$ such as pool/jacuzzi/gym.

Trash for an SFR (if you only allow the smallest – 39 gal. receptable) is about $13 mo. for weekly p/u. (wrapped into prop. tax “People’s Ordinance” in the City of SD where RB is located); water (if no lawn) can be as low as $25 mo.; fire ins. with $1000 ded. for a “replacement value” policy on a $140K condo can be as low as $32 per mo.; sewer as low as $17 mo.; Landscaping svc. as low as $60 per mo.; That adds up to $147 mo. for a 2br/1ba (most likely 1 ba) older-home rental – maybe $170-175 if there is a “postage-stamp” lawn that needs watering plus added fire ins. for an SFR. I would also be concerned here about future HOA hikes as well as special assessments.

However, I don’t see a 2 br/1ba house costing any less than $260K, if it still needs a little work in order to rent out. I really think you could count on an SFR beginning to appreciate in the next few years but not necessarily a condo.

I would also think you would have less vacancies with an SFR (all depending on where it was located, of course). Also, I’d like to add that the “People’s Ordinance” in the City of SD does NOT APPLY to condo complexes, ONLY SFR’s.

If jimmyle can’t qualify to purchase an SFR, my points are moot.

jimmyle, have you checked to make sure the condo doesn’t still have polybutylene plumbing between the walls? It’s a disaster waiting to happen (or has already exploded) and was prevalent between 1979 and 1989 build-dates. If there is some of this still left in the building, I wouldn’t touch it. That’s just me. FYI, many owners who got their class-action settlements in 1994 for faulty PTB DID NOT spend this $$ on plumbing upgrades. I wholeheartedly recommend you check into this before making an offer.

[bearishgurl]

Exc. advice Temeculaguy, but I’m concerned about the high HOA fee if there isn’t any amenities for this $$ such as pool/jacuzzi/gym.

Trash for an SFR (if you only allow the smallest – 39 gal. receptable) is about $13 mo. for weekly p/u. (wrapped into prop. tax “People’s Ordinance” in the City of SD where RB is located); water (if no lawn) can be as low as $25 mo.; fire ins. with $1000 ded. for a “replacement value” policy on a $140K condo can be as low as $32 per mo.; sewer as low as $17 mo.; Landscaping svc. as low as $60 per mo.; That adds up to $147 mo. for a 2br/1ba (most likely 1 ba) older-home rental – maybe $170-175 if there is a “postage-stamp” lawn that needs watering plus added fire ins. for an SFR. I would also be concerned here about future HOA hikes as well as special assessments.

However, I don’t see a 2 br/1ba house costing any less than $260K, if it still needs a little work in order to rent out. I really think you could count on an SFR beginning to appreciate in the next few years but not necessarily a condo.

I would also think you would have less vacancies with an SFR (all depending on where it was located, of course). Also, I’d like to add that the “People’s Ordinance” in the City of SD does NOT APPLY to condo complexes, ONLY SFR’s.

If jimmyle can’t qualify to purchase an SFR, my points are moot.

jimmyle, have you checked to make sure the condo doesn’t still have polybutylene plumbing between the walls? It’s a disaster waiting to happen (or has already exploded) and was prevalent between 1979 and 1989 build-dates. If there is some of this still left in the building, I wouldn’t touch it. That’s just me. FYI, many owners who got their class-action settlements in 1994 for faulty PTB DID NOT spend this $$ on plumbing upgrades. I wholeheartedly recommend you check into this before making an offer.

[bearishgurl]

Exc. advice Temeculaguy, but I’m concerned about the high HOA fee if there isn’t any amenities for this $$ such as pool/jacuzzi/gym.

Trash for an SFR (if you only allow the smallest – 39 gal. receptable) is about $13 mo. for weekly p/u. (wrapped into prop. tax “People’s Ordinance” in the City of SD where RB is located); water (if no lawn) can be as low as $25 mo.; fire ins. with $1000 ded. for a “replacement value” policy on a $140K condo can be as low as $32 per mo.; sewer as low as $17 mo.; Landscaping svc. as low as $60 per mo.; That adds up to $147 mo. for a 2br/1ba (most likely 1 ba) older-home rental – maybe $170-175 if there is a “postage-stamp” lawn that needs watering plus added fire ins. for an SFR. I would also be concerned here about future HOA hikes as well as special assessments.

However, I don’t see a 2 br/1ba house costing any less than $260K, if it still needs a little work in order to rent out. I really think you could count on an SFR beginning to appreciate in the next few years but not necessarily a condo.

I would also think you would have less vacancies with an SFR (all depending on where it was located, of course). Also, I’d like to add that the “People’s Ordinance” in the City of SD does NOT APPLY to condo complexes, ONLY SFR’s.

If jimmyle can’t qualify to purchase an SFR, my points are moot.

jimmyle, have you checked to make sure the condo doesn’t still have polybutylene plumbing between the walls? It’s a disaster waiting to happen (or has already exploded) and was prevalent between 1979 and 1989 build-dates. If there is some of this still left in the building, I wouldn’t touch it. That’s just me. FYI, many owners who got their class-action settlements in 1994 for faulty PTB DID NOT spend this $$ on plumbing upgrades. I wholeheartedly recommend you check into this before making an offer.

[bearishgurl]

[quote=bearishgurl]I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer)[/quote]

I humbly correct myself after checking her bio. “after the fact.” Jackson was a Chief Petty Officer Hospital Corpsman (HMC/E8) when she retired from the military after 21 yrs. svc. If she retired around ’99/00, her ret. pay would have been about $1,963 mo. and is now about $2,392 mo.

She must have rec’d her masters degree AFTER leaving the military. Her bachelor’s degree is from “Georgetown University.” That is a shipboard-based correspondence program that accepts military “C school” credits.

Combined with her $1,500 mo. school board pay, this was still over $200 more a month (+ practically “free” med. care) than my income at the time she lost her property to foreclosure in 2007).

Amazed that she was able to borrow that much over the years . . . but this does not surprise me.

[bearishgurl]

[quote=bearishgurl]I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer)[/quote]

I humbly correct myself after checking her bio. “after the fact.” Jackson was a Chief Petty Officer Hospital Corpsman (HMC/E8) when she retired from the military after 21 yrs. svc. If she retired around ’99/00, her ret. pay would have been about $1,963 mo. and is now about $2,392 mo.

She must have rec’d her masters degree AFTER leaving the military. Her bachelor’s degree is from “Georgetown University.” That is a shipboard-based correspondence program that accepts military “C school” credits.

Combined with her $1,500 mo. school board pay, this was still over $200 more a month (+ practically “free” med. care) than my income at the time she lost her property to foreclosure in 2007).

Amazed that she was able to borrow that much over the years . . . but this does not surprise me.

[bearishgurl]

[quote=bearishgurl]I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer)[/quote]

I humbly correct myself after checking her bio. “after the fact.” Jackson was a Chief Petty Officer Hospital Corpsman (HMC/E8) when she retired from the military after 21 yrs. svc. If she retired around ’99/00, her ret. pay would have been about $1,963 mo. and is now about $2,392 mo.

She must have rec’d her masters degree AFTER leaving the military. Her bachelor’s degree is from “Georgetown University.” That is a shipboard-based correspondence program that accepts military “C school” credits.

Combined with her $1,500 mo. school board pay, this was still over $200 more a month (+ practically “free” med. care) than my income at the time she lost her property to foreclosure in 2007).

Amazed that she was able to borrow that much over the years . . . but this does not surprise me.

[bearishgurl]

[quote=bearishgurl]I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer)[/quote]

I humbly correct myself after checking her bio. “after the fact.” Jackson was a Chief Petty Officer Hospital Corpsman (HMC/E8) when she retired from the military after 21 yrs. svc. If she retired around ’99/00, her ret. pay would have been about $1,963 mo. and is now about $2,392 mo.

She must have rec’d her masters degree AFTER leaving the military. Her bachelor’s degree is from “Georgetown University.” That is a shipboard-based correspondence program that accepts military “C school” credits.

Combined with her $1,500 mo. school board pay, this was still over $200 more a month (+ practically “free” med. care) than my income at the time she lost her property to foreclosure in 2007).

Amazed that she was able to borrow that much over the years . . . but this does not surprise me.

[bearishgurl]

[quote=bearishgurl]I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer)[/quote]

I humbly correct myself after checking her bio. “after the fact.” Jackson was a Chief Petty Officer Hospital Corpsman (HMC/E8) when she retired from the military after 21 yrs. svc. If she retired around ’99/00, her ret. pay would have been about $1,963 mo. and is now about $2,392 mo.

She must have rec’d her masters degree AFTER leaving the military. Her bachelor’s degree is from “Georgetown University.” That is a shipboard-based correspondence program that accepts military “C school” credits.

Combined with her $1,500 mo. school board pay, this was still over $200 more a month (+ practically “free” med. care) than my income at the time she lost her property to foreclosure in 2007).

Amazed that she was able to borrow that much over the years . . . but this does not surprise me.

[bearishgurl]

[quote=jpinpb]bearishgurl – you run. I’ll vote for you!!![/quote]

Thanks, jpinpb – LOL!! But, if you live in PB, you wouldn’t be able to vote for me! Your supervisor is the infamous “Pamela Slater-Price.”

Actually, I DID have two backers and a “volunteer campaign mgr.” in the ’90’s to run against Cox. The idea of my “candidacy” was just tossed around amongst my peers at the time because I knew the inner workings of county govm’t inside and out . . . in my head. I declined to run because Cox was/is a former educator, entrenched and well-connected and I was a relative nobody with a limited education (degree[s] and “Board of Directors” stints talk in politics as opposed to “street-smarts”).

4th Dist. Supvsr. Roberts is/was a very well-connected architect. Haven’t checked but probably owns his home in Mission Hills outright by now. In addition, Roberts is “quick on the draw,” is no dummy and very gracious when mingling with the public and his constituency. I have met all of them a few times and he is my favorite of the five. Jackson is wasting her time running against him. I hear people complain about the same supvrs getting re-elected but until there are term limits set for that office and/or the incumbents choose to retire, I don’t see any of them getting “replaced.”

Another quote from VOSD piece: “I decided to sacrifice and refinance my home to keep myself afloat,” Jackson said.

IMHO, this was a “conscious decision” on her part to continue to live beyond her means, knowing that she may have to sacrifice her house. She’s part of the problem why banks are now putting everyone thru the wringer who applies for any kind of loan, even those with a flawless credit history who never borrowed what they didn’t/couldn’t pay back.

[bearishgurl]

[quote=jpinpb]bearishgurl – you run. I’ll vote for you!!![/quote]

Thanks, jpinpb – LOL!! But, if you live in PB, you wouldn’t be able to vote for me! Your supervisor is the infamous “Pamela Slater-Price.”

Actually, I DID have two backers and a “volunteer campaign mgr.” in the ’90’s to run against Cox. The idea of my “candidacy” was just tossed around amongst my peers at the time because I knew the inner workings of county govm’t inside and out . . . in my head. I declined to run because Cox was/is a former educator, entrenched and well-connected and I was a relative nobody with a limited education (degree[s] and “Board of Directors” stints talk in politics as opposed to “street-smarts”).

4th Dist. Supvsr. Roberts is/was a very well-connected architect. Haven’t checked but probably owns his home in Mission Hills outright by now. In addition, Roberts is “quick on the draw,” is no dummy and very gracious when mingling with the public and his constituency. I have met all of them a few times and he is my favorite of the five. Jackson is wasting her time running against him. I hear people complain about the same supvrs getting re-elected but until there are term limits set for that office and/or the incumbents choose to retire, I don’t see any of them getting “replaced.”

Another quote from VOSD piece: “I decided to sacrifice and refinance my home to keep myself afloat,” Jackson said.

IMHO, this was a “conscious decision” on her part to continue to live beyond her means, knowing that she may have to sacrifice her house. She’s part of the problem why banks are now putting everyone thru the wringer who applies for any kind of loan, even those with a flawless credit history who never borrowed what they didn’t/couldn’t pay back.

[bearishgurl]

[quote=jpinpb]bearishgurl – you run. I’ll vote for you!!![/quote]

Thanks, jpinpb – LOL!! But, if you live in PB, you wouldn’t be able to vote for me! Your supervisor is the infamous “Pamela Slater-Price.”

Actually, I DID have two backers and a “volunteer campaign mgr.” in the ’90’s to run against Cox. The idea of my “candidacy” was just tossed around amongst my peers at the time because I knew the inner workings of county govm’t inside and out . . . in my head. I declined to run because Cox was/is a former educator, entrenched and well-connected and I was a relative nobody with a limited education (degree[s] and “Board of Directors” stints talk in politics as opposed to “street-smarts”).

4th Dist. Supvsr. Roberts is/was a very well-connected architect. Haven’t checked but probably owns his home in Mission Hills outright by now. In addition, Roberts is “quick on the draw,” is no dummy and very gracious when mingling with the public and his constituency. I have met all of them a few times and he is my favorite of the five. Jackson is wasting her time running against him. I hear people complain about the same supvrs getting re-elected but until there are term limits set for that office and/or the incumbents choose to retire, I don’t see any of them getting “replaced.”

Another quote from VOSD piece: “I decided to sacrifice and refinance my home to keep myself afloat,” Jackson said.

IMHO, this was a “conscious decision” on her part to continue to live beyond her means, knowing that she may have to sacrifice her house. She’s part of the problem why banks are now putting everyone thru the wringer who applies for any kind of loan, even those with a flawless credit history who never borrowed what they didn’t/couldn’t pay back.

[bearishgurl]

[quote=jpinpb]bearishgurl – you run. I’ll vote for you!!![/quote]

Thanks, jpinpb – LOL!! But, if you live in PB, you wouldn’t be able to vote for me! Your supervisor is the infamous “Pamela Slater-Price.”

Actually, I DID have two backers and a “volunteer campaign mgr.” in the ’90’s to run against Cox. The idea of my “candidacy” was just tossed around amongst my peers at the time because I knew the inner workings of county govm’t inside and out . . . in my head. I declined to run because Cox was/is a former educator, entrenched and well-connected and I was a relative nobody with a limited education (degree[s] and “Board of Directors” stints talk in politics as opposed to “street-smarts”).

4th Dist. Supvsr. Roberts is/was a very well-connected architect. Haven’t checked but probably owns his home in Mission Hills outright by now. In addition, Roberts is “quick on the draw,” is no dummy and very gracious when mingling with the public and his constituency. I have met all of them a few times and he is my favorite of the five. Jackson is wasting her time running against him. I hear people complain about the same supvrs getting re-elected but until there are term limits set for that office and/or the incumbents choose to retire, I don’t see any of them getting “replaced.”

Another quote from VOSD piece: “I decided to sacrifice and refinance my home to keep myself afloat,” Jackson said.

IMHO, this was a “conscious decision” on her part to continue to live beyond her means, knowing that she may have to sacrifice her house. She’s part of the problem why banks are now putting everyone thru the wringer who applies for any kind of loan, even those with a flawless credit history who never borrowed what they didn’t/couldn’t pay back.

[bearishgurl]

[quote=jpinpb]bearishgurl – you run. I’ll vote for you!!![/quote]

Thanks, jpinpb – LOL!! But, if you live in PB, you wouldn’t be able to vote for me! Your supervisor is the infamous “Pamela Slater-Price.”

Actually, I DID have two backers and a “volunteer campaign mgr.” in the ’90’s to run against Cox. The idea of my “candidacy” was just tossed around amongst my peers at the time because I knew the inner workings of county govm’t inside and out . . . in my head. I declined to run because Cox was/is a former educator, entrenched and well-connected and I was a relative nobody with a limited education (degree[s] and “Board of Directors” stints talk in politics as opposed to “street-smarts”).

4th Dist. Supvsr. Roberts is/was a very well-connected architect. Haven’t checked but probably owns his home in Mission Hills outright by now. In addition, Roberts is “quick on the draw,” is no dummy and very gracious when mingling with the public and his constituency. I have met all of them a few times and he is my favorite of the five. Jackson is wasting her time running against him. I hear people complain about the same supvrs getting re-elected but until there are term limits set for that office and/or the incumbents choose to retire, I don’t see any of them getting “replaced.”

Another quote from VOSD piece: “I decided to sacrifice and refinance my home to keep myself afloat,” Jackson said.

IMHO, this was a “conscious decision” on her part to continue to live beyond her means, knowing that she may have to sacrifice her house. She’s part of the problem why banks are now putting everyone thru the wringer who applies for any kind of loan, even those with a flawless credit history who never borrowed what they didn’t/couldn’t pay back.

[bearishgurl]

I meant . . . “conveying the property to the lessee” . . . lol!

jpinpb, your idea is legal. One can adopt and then leave their Prop. 13 eligible property to their “adopted” heir 🙂

[bearishgurl]

I meant . . . “conveying the property to the lessee” . . . lol!

jpinpb, your idea is legal. One can adopt and then leave their Prop. 13 eligible property to their “adopted” heir 🙂

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