[PKMAN]

Hold Out for As Long as You Can

I don’t know well enough about Chula Vista but have a few suggestions:

1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.

2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.

3. Be sure to get a realtor that’s good at foreclosed properties.

4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.

5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.

6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.

7. Use the following weblink as a reference for local housing market:

http://www.sdlookup.com/Browse_MLS-5-South_Bay

Good Luck!!!

[PKMAN]

Hold Out for As Long as You Can

I don’t know well enough about Chula Vista but have a few suggestions:

1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.

2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.

3. Be sure to get a realtor that’s good at foreclosed properties.

4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.

5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.

6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.

7. Use the following weblink as a reference for local housing market:

http://www.sdlookup.com/Browse_MLS-5-South_Bay

Good Luck!!!

[PKMAN]

Hold Out for As Long as You Can

I don’t know well enough about Chula Vista but have a few suggestions:

1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.

2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.

3. Be sure to get a realtor that’s good at foreclosed properties.

4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.

5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.

6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.

7. Use the following weblink as a reference for local housing market:

http://www.sdlookup.com/Browse_MLS-5-South_Bay

Good Luck!!!

[PKMAN]

Hold Out for As Long as You Can

I don’t know well enough about Chula Vista but have a few suggestions:

1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.

2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.

3. Be sure to get a realtor that’s good at foreclosed properties.

4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.

5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.

6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.

7. Use the following weblink as a reference for local housing market:

http://www.sdlookup.com/Browse_MLS-5-South_Bay

Good Luck!!!

[PKMAN]

Hold Out for As Long as You Can

I don’t know well enough about Chula Vista but have a few suggestions:

1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.

2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.

3. Be sure to get a realtor that’s good at foreclosed properties.

4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.

5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.

6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.

7. Use the following weblink as a reference for local housing market:

http://www.sdlookup.com/Browse_MLS-5-South_Bay

Good Luck!!!

[PKMAN]

MR is just not good business

I see 2 issues with MR:

1. Claiming MR as part of the property tax is like speeding, technically illegal but everyone does it. Still, there’s a real risk and repercussion of getting caught.

2. Just because MR is tax deductible doesn’t mean that it’s fully offset. I believe most middle class family will still end up paying 50% – 60%, after tax deduction. For a home with MR of $4,000+, combining with HOA of $85 – $250 per month, that’s still a lot.

SEH is a middle class community, and a very attractive one, I must say. If/when an average single family house (2,000 – 2,500 sq.ft.) in good condition falls to less than $400K in SEH, it would be a worthy purchase, offsetting the high MR and/or HOA.

[PKMAN]

MR is just not good business

I see 2 issues with MR:

1. Claiming MR as part of the property tax is like speeding, technically illegal but everyone does it. Still, there’s a real risk and repercussion of getting caught.

2. Just because MR is tax deductible doesn’t mean that it’s fully offset. I believe most middle class family will still end up paying 50% – 60%, after tax deduction. For a home with MR of $4,000+, combining with HOA of $85 – $250 per month, that’s still a lot.

SEH is a middle class community, and a very attractive one, I must say. If/when an average single family house (2,000 – 2,500 sq.ft.) in good condition falls to less than $400K in SEH, it would be a worthy purchase, offsetting the high MR and/or HOA.

[PKMAN]

MR is just not good business

I see 2 issues with MR:

1. Claiming MR as part of the property tax is like speeding, technically illegal but everyone does it. Still, there’s a real risk and repercussion of getting caught.

2. Just because MR is tax deductible doesn’t mean that it’s fully offset. I believe most middle class family will still end up paying 50% – 60%, after tax deduction. For a home with MR of $4,000+, combining with HOA of $85 – $250 per month, that’s still a lot.

SEH is a middle class community, and a very attractive one, I must say. If/when an average single family house (2,000 – 2,500 sq.ft.) in good condition falls to less than $400K in SEH, it would be a worthy purchase, offsetting the high MR and/or HOA.

[PKMAN]

MR is just not good business

I see 2 issues with MR:

1. Claiming MR as part of the property tax is like speeding, technically illegal but everyone does it. Still, there’s a real risk and repercussion of getting caught.

2. Just because MR is tax deductible doesn’t mean that it’s fully offset. I believe most middle class family will still end up paying 50% – 60%, after tax deduction. For a home with MR of $4,000+, combining with HOA of $85 – $250 per month, that’s still a lot.

SEH is a middle class community, and a very attractive one, I must say. If/when an average single family house (2,000 – 2,500 sq.ft.) in good condition falls to less than $400K in SEH, it would be a worthy purchase, offsetting the high MR and/or HOA.

[PKMAN]

MR is just not good business

I see 2 issues with MR:

1. Claiming MR as part of the property tax is like speeding, technically illegal but everyone does it. Still, there’s a real risk and repercussion of getting caught.

2. Just because MR is tax deductible doesn’t mean that it’s fully offset. I believe most middle class family will still end up paying 50% – 60%, after tax deduction. For a home with MR of $4,000+, combining with HOA of $85 – $250 per month, that’s still a lot.

SEH is a middle class community, and a very attractive one, I must say. If/when an average single family house (2,000 – 2,500 sq.ft.) in good condition falls to less than $400K in SEH, it would be a worthy purchase, offsetting the high MR and/or HOA.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

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