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Hatfield
ParticipantHuh. This just in. NASA Study: 99 Percent Probability of 5-Mag Quake in LA Area by Mid-2018
ParticipantInteresting. Thanks for the comps.
Given that they’re all in the same price range, the ones on Cable and Froude both look better than the one on Long Branch, even if the one on cable is on a corner 1/2 lot.
I’ll make a friendly beer bet that the one on long branch goes for no more than 450-475.
ParticipantAs for the cost of beer, I’ll leave you with two links.
The first link is to every German beer that BevMo sells. You will see that there are a great many beers that sell for more than $10 a sixer, and a few that cost five bucks a pint. http://www.bevmo.com/beer-cider/imported-beers/shopby/germany.html
The second link is a cost breakdown for a typical US craft beer: http://www.huffingtonpost.com/2014/09/12/craft-beer-expensive-cost_n_5670015.html
Prost!
Dave
Participant[quote=deadzone]Why is it so popular? Trust me there is nothing unique about these beers[/quote]
Not only is this comically incorrect, prefacing it with “trust me” just makes you sound like a jackass. In fact, San Diego is pretty much universally recognized as the birthplace of the West Coast IPA. You can state that it’s a style you don’t care for, but to claim there’s nothing unique about craft brews in general, and San Diego ones in particular, is just plain ludicrous.
Let me ask – do you smoke? Because it seems your taste buds are not working.
ParticipantI look forward to their shareholder meetings.
ParticipantPlease. We OBecians lovingly call it the warzone. 🙂 The worst part OB historically has been the few blocks around Abbot and Voltaire, or sometimes the seawall under the pier. Even still that’s a pretty far cry from, say 16th and J in the east East Village, which is pretty gnarly.
Actually when I first moved to OB 25 years ago I rented a place in the warzone – Saratoga between Abbot and Bacon. I loved it. I miss being that close to downtown. For this Long Branch property, you are just about as far as you can be from shopping / bars / etc while still being in the warzone. And it’s one of the worst streets for parking. I see no reason to pay any kind of premium for this particular property.
ParticipantI stand corrected. Somehow I had assumed it was a 1BR, probably based on the 635 square footage. Have you been by the property yet? I just went by, and I’m still struggling to find anything that makes this property worth anything close to what they’re asking. I’m curious what you see in it.
Yes, it’s west of Sunset Cliffs… BUT:
As you know, the standard OB lot is 25 feet wide and sidewalk to alley. But Long Branch is a narrow street and the lots are not as deep, and it looks like it may not even be the full 25 feet wide. Even by OB standards this is a small lot. It has no view potential, and really not that great a location within OB. Parking is tight and the only off-street parking is a really beat single car garage. Both the garage and the house have flat roofs and neither has been well maintained. It’s a basic stucco saltblock. Very cheap construction. It will require a lot of rehab to draw prime rent income, and after all that you’re still stuck with a bad floorplan.
So we’re talking $549 for a scraper on a tiny lot. And it wouldn’t even make that great of a scraper. New construction probably wouldn’t be able to keep the existing setbacks so you’d have to do a save-this-wall “remodel.”
Participant[quote=gzz]”Yeah! Might be able to pull $2k/month if it has a garage. You’d only need to come in with about 70% down to get to zero cash flow. Where do I sign up?”
It does have a garage. $2200 is more like it.
Demanding immediate positive cash flow would have caused you to miss out on half of the current upswing in San Diego, and more like 80% in the Bay Area.
If you look at my other posts, you can see I am bullish on ocean beach.[/quote]
I guess that’s the difference between a momentum investor and a value investor. 😉 I too am bullish on OB long term but I don’t think it this property is a good value. I’ve lived in OB for 25 years and own two rental units here (one at the north end, one at the south). I think the market is overpriced right now. $549k is an awful lot for not-a-great-house on a single lot in a not-a-great-location within OB. Who knows, I could be wrong. I keep waiting for a correction and it never comes.
$2200 is pretty steep for a 1BR, even with a garage. I’m not saying it isn’t possible, I just wouldn’t base any calculations on it. Does not pencil out on my spreadsheet. If it does on yours, more power to you. I won’t talk you out of it.
ParticipantI only have two comments to make.
1) Mortgage interest is money that leaves your pocket and goes into somebody else’s. The fact that it’s tax-deductible only means that a portion of this gets subsidized. The rest is still money leaving your pocket.
2) Do not underestimate the psychological benefits of owning a house free and clear.
Beyond that, I have no advice to offer.
Participant“Great opportunity for investor!” Yeah! Might be able to pull $2k/month if it has a garage. You’d only need to come in with about 70% down to get to zero cash flow. Where do I sign up?
Participant[quote=doofrat]From what I understand, it has limited available funds.[/quote]
Nah, I’m not worried about that. That’s why the California Earthquake Authority was created after the Northridge Quake. Earthquakes are highly localized events, but the risk pool is geographically diverse.
And it’s pretty cheap. I’m paying < $250 for our primary residence and under $200 for each of the rentals. The premium on the rentals of course is deductible.
Participant[quote=ocrenter]So worse case scenario, the big one hits and the house comes crashing down. I would have to find $218k somehow before the earthquake insurance kicks in?[/quote]
As opposed to having to come up with $1,455,000 if you don’t have insurance?
The way I look at it: if the big one comes and the house comes crashing down, there will probably be state and federal loan assistance and other ways to scratch together the deductible. In our case, we have plenty of equity in the property so I think we’d be able to come up with the deducible one way or another. Beats walking away from the home and the equity.
October 12, 2015 at 12:02 PM in reply to: OT: How to build a cost effective outdoor data network #790154ParticipantYou might look into Ubiquity Networks’ outdoor products.
October 10, 2015 at 10:27 AM in reply to: How accurate are the fico scores that are free from your credit card company. #790112Participant[quote=joec]The fine print should show which reporting agency the number is from…I see this FICO Score now on all our credit cards. It’s nice to get it for free.[/quote]
Where do you see these scores? I don’t see them on my Citibank or Capital One statements.
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