[cv2]

How about this sub-100K?

http://www.sdlookup.com/MLS-076093262-10258_Black_Mountain_Rd_147_San_Diego_Ca_92126

FLU: I could not find details on the two properties in your original post.

[cv2]

How about this sub-100K?

http://www.sdlookup.com/MLS-076093262-10258_Black_Mountain_Rd_147_San_Diego_Ca_92126

FLU: I could not find details on the two properties in your original post.

[cv2]

I am not familiar with Section8 programs. $1,440 for 2/2 in MM seems high. I thought section8 will reduce your rent because you got two checks each month: one from tenant and the other from government. Did they rent out to multiple families?

[cv2]

I am not familiar with Section8 programs. $1,440 for 2/2 in MM seems high. I thought section8 will reduce your rent because you got two checks each month: one from tenant and the other from government. Did they rent out to multiple families?

[cv2]

I am not familiar with Section8 programs. $1,440 for 2/2 in MM seems high. I thought section8 will reduce your rent because you got two checks each month: one from tenant and the other from government. Did they rent out to multiple families?

[cv2]

I am not familiar with Section8 programs. $1,440 for 2/2 in MM seems high. I thought section8 will reduce your rent because you got two checks each month: one from tenant and the other from government. Did they rent out to multiple families?

[cv2]

I am not familiar with Section8 programs. $1,440 for 2/2 in MM seems high. I thought section8 will reduce your rent because you got two checks each month: one from tenant and the other from government. Did they rent out to multiple families?

[cv2]

Thanks surveyor and nostradamus.

surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.

nostrademus: The bathroom downstairs has no tub/shower, so just a sink.

I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.

I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.

Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.

I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.

Thanks!

[cv2]

Thanks surveyor and nostradamus.

surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.

nostrademus: The bathroom downstairs has no tub/shower, so just a sink.

I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.

I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.

Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.

I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.

Thanks!

[cv2]

Thanks surveyor and nostradamus.

surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.

nostrademus: The bathroom downstairs has no tub/shower, so just a sink.

I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.

I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.

Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.

I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.

Thanks!

[cv2]

Thanks surveyor and nostradamus.

surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.

nostrademus: The bathroom downstairs has no tub/shower, so just a sink.

I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.

I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.

Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.

I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.

Thanks!

[cv2]

Thanks surveyor and nostradamus.

surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.

nostrademus: The bathroom downstairs has no tub/shower, so just a sink.

I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.

I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.

Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.

I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.

Thanks!

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[Author]

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