[recordsclerk]

Ren,

I would have to agree with you about Temecula penciling out and probably with better tennants. If I lived in Temecula I would seriously consider buying rental units there.

[recordsclerk]

Ren,

I would have to agree with you about Temecula penciling out and probably with better tennants. If I lived in Temecula I would seriously consider buying rental units there.

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

Rental property is for making money. You don’t have to live there and you don’t have to visit at night.

Maybe this would be a better investment for an investor with impeccable taste:
http://bubbletracking.blogspot.com/2008/01/update-on-another-ivy-gate-mcflop.html

$12,000 a month carrying cost and only asking $5000 rent. I’m sure this place would be safe for you to visit at night at a loss of $86K a year. Maybe getting mugged in the ghetto would actually save you money.

This condo in Escondido was offered to a cash buyer. Right now CD’s are paying less then $400 (on 70K) a month with no tax benefits. This condo would rent for $900+. There are currently renters in other units in this complex paying $1100-$1200 a month. The HOA is only $160/month (although not solvent at this time). So as a cash buyer you would be earning anywhere between $650-$950 a month with tax benefits. The HOA is not solvent because there are only 12 units out of 24 paying currently. There are 4 units listed for sale and the cheapest one after this unit is asking $109K. The HOA is not in debt and is able to pay water and insurance. The Roof was just done 3 years ago and the exterior was just painted this year. The HOA is not able to due routine clean-up. The pool is not usable. The current homeowners are pitching in with some routine maintanence and there is one tennant that has been cutting the grass. This is a primarily Spanish Speaking community (within the complex) and although very ghetto looking has a family atmosphere. The 7-Eleven across the street has an agreement with management to stop selling liquor after 11:30pm. There is an elementary a block away. This condo complex is surrounded by SFR. The neighborhood actually looks well kept, but this could be deceiving. I’m sure that there is crime issues in this area, but this is probably one of the best investments currently for a rental (dollar for dollar).

[recordsclerk]

Rental property is for making money. You don’t have to live there and you don’t have to visit at night.

Maybe this would be a better investment for an investor with impeccable taste:
http://bubbletracking.blogspot.com/2008/01/update-on-another-ivy-gate-mcflop.html

$12,000 a month carrying cost and only asking $5000 rent. I’m sure this place would be safe for you to visit at night at a loss of $86K a year. Maybe getting mugged in the ghetto would actually save you money.

This condo in Escondido was offered to a cash buyer. Right now CD’s are paying less then $400 (on 70K) a month with no tax benefits. This condo would rent for $900+. There are currently renters in other units in this complex paying $1100-$1200 a month. The HOA is only $160/month (although not solvent at this time). So as a cash buyer you would be earning anywhere between $650-$950 a month with tax benefits. The HOA is not solvent because there are only 12 units out of 24 paying currently. There are 4 units listed for sale and the cheapest one after this unit is asking $109K. The HOA is not in debt and is able to pay water and insurance. The Roof was just done 3 years ago and the exterior was just painted this year. The HOA is not able to due routine clean-up. The pool is not usable. The current homeowners are pitching in with some routine maintanence and there is one tennant that has been cutting the grass. This is a primarily Spanish Speaking community (within the complex) and although very ghetto looking has a family atmosphere. The 7-Eleven across the street has an agreement with management to stop selling liquor after 11:30pm. There is an elementary a block away. This condo complex is surrounded by SFR. The neighborhood actually looks well kept, but this could be deceiving. I’m sure that there is crime issues in this area, but this is probably one of the best investments currently for a rental (dollar for dollar).

[recordsclerk]

Rental property is for making money. You don’t have to live there and you don’t have to visit at night.

Maybe this would be a better investment for an investor with impeccable taste:
http://bubbletracking.blogspot.com/2008/01/update-on-another-ivy-gate-mcflop.html

$12,000 a month carrying cost and only asking $5000 rent. I’m sure this place would be safe for you to visit at night at a loss of $86K a year. Maybe getting mugged in the ghetto would actually save you money.

This condo in Escondido was offered to a cash buyer. Right now CD’s are paying less then $400 (on 70K) a month with no tax benefits. This condo would rent for $900+. There are currently renters in other units in this complex paying $1100-$1200 a month. The HOA is only $160/month (although not solvent at this time). So as a cash buyer you would be earning anywhere between $650-$950 a month with tax benefits. The HOA is not solvent because there are only 12 units out of 24 paying currently. There are 4 units listed for sale and the cheapest one after this unit is asking $109K. The HOA is not in debt and is able to pay water and insurance. The Roof was just done 3 years ago and the exterior was just painted this year. The HOA is not able to due routine clean-up. The pool is not usable. The current homeowners are pitching in with some routine maintanence and there is one tennant that has been cutting the grass. This is a primarily Spanish Speaking community (within the complex) and although very ghetto looking has a family atmosphere. The 7-Eleven across the street has an agreement with management to stop selling liquor after 11:30pm. There is an elementary a block away. This condo complex is surrounded by SFR. The neighborhood actually looks well kept, but this could be deceiving. I’m sure that there is crime issues in this area, but this is probably one of the best investments currently for a rental (dollar for dollar).

[recordsclerk]

Rental property is for making money. You don’t have to live there and you don’t have to visit at night.

Maybe this would be a better investment for an investor with impeccable taste:
http://bubbletracking.blogspot.com/2008/01/update-on-another-ivy-gate-mcflop.html

$12,000 a month carrying cost and only asking $5000 rent. I’m sure this place would be safe for you to visit at night at a loss of $86K a year. Maybe getting mugged in the ghetto would actually save you money.

This condo in Escondido was offered to a cash buyer. Right now CD’s are paying less then $400 (on 70K) a month with no tax benefits. This condo would rent for $900+. There are currently renters in other units in this complex paying $1100-$1200 a month. The HOA is only $160/month (although not solvent at this time). So as a cash buyer you would be earning anywhere between $650-$950 a month with tax benefits. The HOA is not solvent because there are only 12 units out of 24 paying currently. There are 4 units listed for sale and the cheapest one after this unit is asking $109K. The HOA is not in debt and is able to pay water and insurance. The Roof was just done 3 years ago and the exterior was just painted this year. The HOA is not able to due routine clean-up. The pool is not usable. The current homeowners are pitching in with some routine maintanence and there is one tennant that has been cutting the grass. This is a primarily Spanish Speaking community (within the complex) and although very ghetto looking has a family atmosphere. The 7-Eleven across the street has an agreement with management to stop selling liquor after 11:30pm. There is an elementary a block away. This condo complex is surrounded by SFR. The neighborhood actually looks well kept, but this could be deceiving. I’m sure that there is crime issues in this area, but this is probably one of the best investments currently for a rental (dollar for dollar).

[recordsclerk]

Rental property is for making money. You don’t have to live there and you don’t have to visit at night.

Maybe this would be a better investment for an investor with impeccable taste:
http://bubbletracking.blogspot.com/2008/01/update-on-another-ivy-gate-mcflop.html

$12,000 a month carrying cost and only asking $5000 rent. I’m sure this place would be safe for you to visit at night at a loss of $86K a year. Maybe getting mugged in the ghetto would actually save you money.

This condo in Escondido was offered to a cash buyer. Right now CD’s are paying less then $400 (on 70K) a month with no tax benefits. This condo would rent for $900+. There are currently renters in other units in this complex paying $1100-$1200 a month. The HOA is only $160/month (although not solvent at this time). So as a cash buyer you would be earning anywhere between $650-$950 a month with tax benefits. The HOA is not solvent because there are only 12 units out of 24 paying currently. There are 4 units listed for sale and the cheapest one after this unit is asking $109K. The HOA is not in debt and is able to pay water and insurance. The Roof was just done 3 years ago and the exterior was just painted this year. The HOA is not able to due routine clean-up. The pool is not usable. The current homeowners are pitching in with some routine maintanence and there is one tennant that has been cutting the grass. This is a primarily Spanish Speaking community (within the complex) and although very ghetto looking has a family atmosphere. The 7-Eleven across the street has an agreement with management to stop selling liquor after 11:30pm. There is an elementary a block away. This condo complex is surrounded by SFR. The neighborhood actually looks well kept, but this could be deceiving. I’m sure that there is crime issues in this area, but this is probably one of the best investments currently for a rental (dollar for dollar).

[recordsclerk]

Last week I asked them about the prime rate HELOC and it was at 6%. I told them that prime is at 5.25%. He insisted that they get their prime rate from the wall street journal and it is 6%. I checked with the wall street journal prime rate and it is 5.25%. Are they just behind by a month or are they using a different prime then most banks? I bank with SDCCU and applied for a HELOC with WAMU because they are offering prime-.25% (which is 5%). You have to check SDCCU weekly/monthly specials for home loans. The specials are always better then their current rates.

[recordsclerk]

Last week I asked them about the prime rate HELOC and it was at 6%. I told them that prime is at 5.25%. He insisted that they get their prime rate from the wall street journal and it is 6%. I checked with the wall street journal prime rate and it is 5.25%. Are they just behind by a month or are they using a different prime then most banks? I bank with SDCCU and applied for a HELOC with WAMU because they are offering prime-.25% (which is 5%). You have to check SDCCU weekly/monthly specials for home loans. The specials are always better then their current rates.

[recordsclerk]

Last week I asked them about the prime rate HELOC and it was at 6%. I told them that prime is at 5.25%. He insisted that they get their prime rate from the wall street journal and it is 6%. I checked with the wall street journal prime rate and it is 5.25%. Are they just behind by a month or are they using a different prime then most banks? I bank with SDCCU and applied for a HELOC with WAMU because they are offering prime-.25% (which is 5%). You have to check SDCCU weekly/monthly specials for home loans. The specials are always better then their current rates.

[Author]

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