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ctr70
ParticipantI’m looking more in the metro SD area condo’s and 2-4 units. And yes I have definately noticed lot’s of price reductions.
May 3, 2010 at 6:32 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546199ParticipantBearishgurl…awesome posts! Thank you so much for taking the time to impart your wisdom this is tremendous!
Since I rent, what I’m thinking of doing is buying something owner occupied and living in it for a year or so to clean it up, and then go back to renting. b/c I likely don’t want to live in the area where the numbers would work on an SFR, and since I’m single and can rent a 1 bed for $900 and get as you say $1,400-$1,800 for my rental.
What neighborhoods would you favor to do this? Spring Valley? Chula Vista? Paradise Hills? City Heights? These places come to mind where SFR’s may be had for a price where I can say buy with 10% down, live for a year, and then move out and rent at break-even or small positive cf.
I’m heavily learning against condo’s b/c when those HOA’s go bad and they become “unfinanceable” it gets kind of scary. And lenders are brutal right now on condo financing. When only cash buyers can buy into a condo project, values can plummet. Too much out of your control.
I like your idea of vacation rentals. I love Lake Tahoe and have spent many vacations up there! What can you get a SFR in South Lake for right now? I know houses rent well for ski rentals for the full season. The demand in San Diego for vacation rentals is big in the summer, especially from everyone in Arizona and Las Vegas trying to escape the heat. Since I have a telecommuting job, I could buy a condo I live in for 9 mos and then sublet it furnished June, July and Aug & live up in a place like Tahoe or Aspen or Maine June-Aug!
May 3, 2010 at 6:32 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546312ParticipantBearishgurl…awesome posts! Thank you so much for taking the time to impart your wisdom this is tremendous!
Since I rent, what I’m thinking of doing is buying something owner occupied and living in it for a year or so to clean it up, and then go back to renting. b/c I likely don’t want to live in the area where the numbers would work on an SFR, and since I’m single and can rent a 1 bed for $900 and get as you say $1,400-$1,800 for my rental.
What neighborhoods would you favor to do this? Spring Valley? Chula Vista? Paradise Hills? City Heights? These places come to mind where SFR’s may be had for a price where I can say buy with 10% down, live for a year, and then move out and rent at break-even or small positive cf.
I’m heavily learning against condo’s b/c when those HOA’s go bad and they become “unfinanceable” it gets kind of scary. And lenders are brutal right now on condo financing. When only cash buyers can buy into a condo project, values can plummet. Too much out of your control.
I like your idea of vacation rentals. I love Lake Tahoe and have spent many vacations up there! What can you get a SFR in South Lake for right now? I know houses rent well for ski rentals for the full season. The demand in San Diego for vacation rentals is big in the summer, especially from everyone in Arizona and Las Vegas trying to escape the heat. Since I have a telecommuting job, I could buy a condo I live in for 9 mos and then sublet it furnished June, July and Aug & live up in a place like Tahoe or Aspen or Maine June-Aug!
May 3, 2010 at 6:32 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546792ParticipantBearishgurl…awesome posts! Thank you so much for taking the time to impart your wisdom this is tremendous!
Since I rent, what I’m thinking of doing is buying something owner occupied and living in it for a year or so to clean it up, and then go back to renting. b/c I likely don’t want to live in the area where the numbers would work on an SFR, and since I’m single and can rent a 1 bed for $900 and get as you say $1,400-$1,800 for my rental.
What neighborhoods would you favor to do this? Spring Valley? Chula Vista? Paradise Hills? City Heights? These places come to mind where SFR’s may be had for a price where I can say buy with 10% down, live for a year, and then move out and rent at break-even or small positive cf.
I’m heavily learning against condo’s b/c when those HOA’s go bad and they become “unfinanceable” it gets kind of scary. And lenders are brutal right now on condo financing. When only cash buyers can buy into a condo project, values can plummet. Too much out of your control.
I like your idea of vacation rentals. I love Lake Tahoe and have spent many vacations up there! What can you get a SFR in South Lake for right now? I know houses rent well for ski rentals for the full season. The demand in San Diego for vacation rentals is big in the summer, especially from everyone in Arizona and Las Vegas trying to escape the heat. Since I have a telecommuting job, I could buy a condo I live in for 9 mos and then sublet it furnished June, July and Aug & live up in a place like Tahoe or Aspen or Maine June-Aug!
May 3, 2010 at 6:32 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546889ParticipantBearishgurl…awesome posts! Thank you so much for taking the time to impart your wisdom this is tremendous!
Since I rent, what I’m thinking of doing is buying something owner occupied and living in it for a year or so to clean it up, and then go back to renting. b/c I likely don’t want to live in the area where the numbers would work on an SFR, and since I’m single and can rent a 1 bed for $900 and get as you say $1,400-$1,800 for my rental.
What neighborhoods would you favor to do this? Spring Valley? Chula Vista? Paradise Hills? City Heights? These places come to mind where SFR’s may be had for a price where I can say buy with 10% down, live for a year, and then move out and rent at break-even or small positive cf.
I’m heavily learning against condo’s b/c when those HOA’s go bad and they become “unfinanceable” it gets kind of scary. And lenders are brutal right now on condo financing. When only cash buyers can buy into a condo project, values can plummet. Too much out of your control.
I like your idea of vacation rentals. I love Lake Tahoe and have spent many vacations up there! What can you get a SFR in South Lake for right now? I know houses rent well for ski rentals for the full season. The demand in San Diego for vacation rentals is big in the summer, especially from everyone in Arizona and Las Vegas trying to escape the heat. Since I have a telecommuting job, I could buy a condo I live in for 9 mos and then sublet it furnished June, July and Aug & live up in a place like Tahoe or Aspen or Maine June-Aug!
May 3, 2010 at 6:32 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #547161ParticipantBearishgurl…awesome posts! Thank you so much for taking the time to impart your wisdom this is tremendous!
Since I rent, what I’m thinking of doing is buying something owner occupied and living in it for a year or so to clean it up, and then go back to renting. b/c I likely don’t want to live in the area where the numbers would work on an SFR, and since I’m single and can rent a 1 bed for $900 and get as you say $1,400-$1,800 for my rental.
What neighborhoods would you favor to do this? Spring Valley? Chula Vista? Paradise Hills? City Heights? These places come to mind where SFR’s may be had for a price where I can say buy with 10% down, live for a year, and then move out and rent at break-even or small positive cf.
I’m heavily learning against condo’s b/c when those HOA’s go bad and they become “unfinanceable” it gets kind of scary. And lenders are brutal right now on condo financing. When only cash buyers can buy into a condo project, values can plummet. Too much out of your control.
I like your idea of vacation rentals. I love Lake Tahoe and have spent many vacations up there! What can you get a SFR in South Lake for right now? I know houses rent well for ski rentals for the full season. The demand in San Diego for vacation rentals is big in the summer, especially from everyone in Arizona and Las Vegas trying to escape the heat. Since I have a telecommuting job, I could buy a condo I live in for 9 mos and then sublet it furnished June, July and Aug & live up in a place like Tahoe or Aspen or Maine June-Aug!
May 2, 2010 at 10:10 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #545939ParticipantGood point about location svelte. Bad tenants and lot’s of turnover can absolutely destroy real estate as an investment. The hard part is getting the numbers to work in good areas. Nice areas have high prices where rents don’t cover the PITI + maintenance, and then you have negative cash flow.
Yes Russell I agree SFR’s are better overall as an investment. It’s just right now in San Diego you can get condo’s in better areas for lower cost per unit. And I personally like the less maintenance involved with condo’s as I am not very handy with fixing stuff.
But you have to be really careful researching the HOA’s with condo’s. If the owner occupancy % goes down in condo’s, a high % of the HOA dues are delinquent, or reserves get low…no one can get a loan to buy a unit in the condo & value stagnate. Also, if a lot of investors buy units at one time in a condo project and turn them all into rentals, it can have bad effects.
May 2, 2010 at 10:10 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546052ParticipantGood point about location svelte. Bad tenants and lot’s of turnover can absolutely destroy real estate as an investment. The hard part is getting the numbers to work in good areas. Nice areas have high prices where rents don’t cover the PITI + maintenance, and then you have negative cash flow.
Yes Russell I agree SFR’s are better overall as an investment. It’s just right now in San Diego you can get condo’s in better areas for lower cost per unit. And I personally like the less maintenance involved with condo’s as I am not very handy with fixing stuff.
But you have to be really careful researching the HOA’s with condo’s. If the owner occupancy % goes down in condo’s, a high % of the HOA dues are delinquent, or reserves get low…no one can get a loan to buy a unit in the condo & value stagnate. Also, if a lot of investors buy units at one time in a condo project and turn them all into rentals, it can have bad effects.
May 2, 2010 at 10:10 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546532ParticipantGood point about location svelte. Bad tenants and lot’s of turnover can absolutely destroy real estate as an investment. The hard part is getting the numbers to work in good areas. Nice areas have high prices where rents don’t cover the PITI + maintenance, and then you have negative cash flow.
Yes Russell I agree SFR’s are better overall as an investment. It’s just right now in San Diego you can get condo’s in better areas for lower cost per unit. And I personally like the less maintenance involved with condo’s as I am not very handy with fixing stuff.
But you have to be really careful researching the HOA’s with condo’s. If the owner occupancy % goes down in condo’s, a high % of the HOA dues are delinquent, or reserves get low…no one can get a loan to buy a unit in the condo & value stagnate. Also, if a lot of investors buy units at one time in a condo project and turn them all into rentals, it can have bad effects.
May 2, 2010 at 10:10 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546628ParticipantGood point about location svelte. Bad tenants and lot’s of turnover can absolutely destroy real estate as an investment. The hard part is getting the numbers to work in good areas. Nice areas have high prices where rents don’t cover the PITI + maintenance, and then you have negative cash flow.
Yes Russell I agree SFR’s are better overall as an investment. It’s just right now in San Diego you can get condo’s in better areas for lower cost per unit. And I personally like the less maintenance involved with condo’s as I am not very handy with fixing stuff.
But you have to be really careful researching the HOA’s with condo’s. If the owner occupancy % goes down in condo’s, a high % of the HOA dues are delinquent, or reserves get low…no one can get a loan to buy a unit in the condo & value stagnate. Also, if a lot of investors buy units at one time in a condo project and turn them all into rentals, it can have bad effects.
May 2, 2010 at 10:10 PM in reply to: Buy & hold rentals – what type of property would you be buying and where? #546901ParticipantGood point about location svelte. Bad tenants and lot’s of turnover can absolutely destroy real estate as an investment. The hard part is getting the numbers to work in good areas. Nice areas have high prices where rents don’t cover the PITI + maintenance, and then you have negative cash flow.
Yes Russell I agree SFR’s are better overall as an investment. It’s just right now in San Diego you can get condo’s in better areas for lower cost per unit. And I personally like the less maintenance involved with condo’s as I am not very handy with fixing stuff.
But you have to be really careful researching the HOA’s with condo’s. If the owner occupancy % goes down in condo’s, a high % of the HOA dues are delinquent, or reserves get low…no one can get a loan to buy a unit in the condo & value stagnate. Also, if a lot of investors buy units at one time in a condo project and turn them all into rentals, it can have bad effects.
April 28, 2010 at 6:25 AM in reply to: I am in Escrow, but extremely nervous now…what should I do. #544399ParticipantI think that is some very smart advice to think what you would pay for rent for a house you would be happy living in, and compare to your PITI minus tax advantages(don’t forget water bill + $100-$150/mo maintenance expenses in you PITI!) on the house you are buying.
Right now there is no reason to make a big jump in payment from going from renting to buying (plus lost interest you would get on the down payment investing it somewhere else other than the house). Especially if you think prices will remain flat for many years at the mid to high end.
April 28, 2010 at 6:25 AM in reply to: I am in Escrow, but extremely nervous now…what should I do. #544514ParticipantI think that is some very smart advice to think what you would pay for rent for a house you would be happy living in, and compare to your PITI minus tax advantages(don’t forget water bill + $100-$150/mo maintenance expenses in you PITI!) on the house you are buying.
Right now there is no reason to make a big jump in payment from going from renting to buying (plus lost interest you would get on the down payment investing it somewhere else other than the house). Especially if you think prices will remain flat for many years at the mid to high end.
April 28, 2010 at 6:25 AM in reply to: I am in Escrow, but extremely nervous now…what should I do. #544991ParticipantI think that is some very smart advice to think what you would pay for rent for a house you would be happy living in, and compare to your PITI minus tax advantages(don’t forget water bill + $100-$150/mo maintenance expenses in you PITI!) on the house you are buying.
Right now there is no reason to make a big jump in payment from going from renting to buying (plus lost interest you would get on the down payment investing it somewhere else other than the house). Especially if you think prices will remain flat for many years at the mid to high end.
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