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(former)FormerSanDiegan
Participant[quote=fat_lazy_union_worker][quote=snail]Don’t be getting to giddy, I always remind myself that I was lucky to be able to sell during the run up to the top and resisted buying all those time. [/quote]
I would second that.
First it’s anyone’s guess how the extent of this rude awakening housing crisis is going to impact the entire economy and specifically each person (the recession spillover affect)
Second, in the example above a home was purchased for $300k, and currently sits at $285k. Assuming this was primary home to be lived in, that was $15k from sale price…BUT, I’m curious, how much rent have you been paying total from 2003-2008? Doesn’t it kinda wash out (at least for now)?
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What price did you originally pay, Murf ?
Certainly avoiding a purchase once you sold was wise. However, FLU makes a good point. Buying low and never selling also works.
ParticipantBesides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment.
Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).ParticipantBesides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment.
Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).ParticipantBesides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment.
Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).ParticipantBesides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment.
Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).ParticipantBesides that, most lenders would require a debt service coverage ratio of at least 110%, meaning the net income would have to be 10% higher than the mortgage payment.
Bugs – Is this 110% rule for commerical loans (e.g. more than 4 units) ? Last time I bought a SFR rental property (2002) this was not a factor(full doc loan).
The loan underwriting guidelines were based on my entire Debt-to-Income, not the individual property’s ability to cover the debt attributed to it. As long as my total DTI was below 36% I got decent terms (6.375% 30-year fixed …about 0.25% above owner occ at that time).ParticipantFor me, spending money on a book about saving money is like, well…
Good point.
But the $10 or $20 I spent on these books reduced my ignorance to the point where it probably saved me 10’s of thousands or more over the years.
ParticipantFor me, spending money on a book about saving money is like, well…
Good point.
But the $10 or $20 I spent on these books reduced my ignorance to the point where it probably saved me 10’s of thousands or more over the years.
ParticipantFor me, spending money on a book about saving money is like, well…
Good point.
But the $10 or $20 I spent on these books reduced my ignorance to the point where it probably saved me 10’s of thousands or more over the years.
ParticipantFor me, spending money on a book about saving money is like, well…
Good point.
But the $10 or $20 I spent on these books reduced my ignorance to the point where it probably saved me 10’s of thousands or more over the years.
ParticipantFor me, spending money on a book about saving money is like, well…
Good point.
But the $10 or $20 I spent on these books reduced my ignorance to the point where it probably saved me 10’s of thousands or more over the years.
ParticipantIn San Diego, and perhaps San Fran at the height of the boom, a person could not and I believe still cannot drive an hour in any direction (aside from TJ) and be able to buy a SFH for under $300k. Am I wrong in this thinking?
You are wrong about the part that says “still cannot…” Below is a map of SFHs listed for less than 300K in the areas you mention.
300-350K can now be found in Clairemont and parts of Mira Mesa. Within the next 9 months I would expect to see plenty of 250-350K houses in Central San Diego.
[img_assist|nid=8172|title=less than 300K SFRs|desc=|link=node|align=left|width=100|height=75]
ParticipantIn San Diego, and perhaps San Fran at the height of the boom, a person could not and I believe still cannot drive an hour in any direction (aside from TJ) and be able to buy a SFH for under $300k. Am I wrong in this thinking?
You are wrong about the part that says “still cannot…” Below is a map of SFHs listed for less than 300K in the areas you mention.
300-350K can now be found in Clairemont and parts of Mira Mesa. Within the next 9 months I would expect to see plenty of 250-350K houses in Central San Diego.
[img_assist|nid=8172|title=less than 300K SFRs|desc=|link=node|align=left|width=100|height=75]
ParticipantIn San Diego, and perhaps San Fran at the height of the boom, a person could not and I believe still cannot drive an hour in any direction (aside from TJ) and be able to buy a SFH for under $300k. Am I wrong in this thinking?
You are wrong about the part that says “still cannot…” Below is a map of SFHs listed for less than 300K in the areas you mention.
300-350K can now be found in Clairemont and parts of Mira Mesa. Within the next 9 months I would expect to see plenty of 250-350K houses in Central San Diego.
[img_assist|nid=8172|title=less than 300K SFRs|desc=|link=node|align=left|width=100|height=75]
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