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SD Realtor
ParticipantNo they did not get PMI in just about all of the 100% financed cases. Most of the people financed with 2 loans. A conforming loan, and then a second mortgage. This was a common way to get around PMI.
SD Realtor
ParticipantThinktwice it is really hard to be able to give you an answer without some very concrete comparisons. Also, unfortunate as it is, sometimes you do not get straight answers from other realtors and owners when asking what they are charging the current tenants as rent. The more accurate thing to do is to talk to the tenants which is what it sounds like you did.
Are you in a current lease and if so for how long? I take it you are coming up on a renewal period?
I would agree with you that an ocean view AND being west of the 5 should make a difference. I think your realtor is quite incorrect for that statement. Thus you being east of the freeway without a view should command a lower price. That makes sense but there is no obligation by anybody to change the terms in the middle of the lease.
Again, it is hard to give an accurate answer without really seeing your home verses other available rentals.
SD Realtor
ParticipantThinktwice it is really hard to be able to give you an answer without some very concrete comparisons. Also, unfortunate as it is, sometimes you do not get straight answers from other realtors and owners when asking what they are charging the current tenants as rent. The more accurate thing to do is to talk to the tenants which is what it sounds like you did.
Are you in a current lease and if so for how long? I take it you are coming up on a renewal period?
I would agree with you that an ocean view AND being west of the 5 should make a difference. I think your realtor is quite incorrect for that statement. Thus you being east of the freeway without a view should command a lower price. That makes sense but there is no obligation by anybody to change the terms in the middle of the lease.
Again, it is hard to give an accurate answer without really seeing your home verses other available rentals.
SD Realtor
ParticipantBreeze he had already refinanced so he was on the hook. It was not original purchase money. Lindi good to see you back by the way. The buyer was someone who intends to occupy the home. He is from out of town and he is an attorney who works downtown. His agent was an attorney as well. Single guy, not married.
SD Realtor
ParticipantBreeze he had already refinanced so he was on the hook. It was not original purchase money. Lindi good to see you back by the way. The buyer was someone who intends to occupy the home. He is from out of town and he is an attorney who works downtown. His agent was an attorney as well. Single guy, not married.
SD Realtor
ParticipantHe came in with the cash to close. It was a rental. No he was losing more then 1k a month. HOA alone was 600 bucks. Throw in his loan and property taxes. Additional HOA increases are not being accounted for either, nor are vacancies. I do understand your point and agree with the philosophy but there are some risks that I pointed out above. I assume you are playing a 3 year depreciation and then 5 to get back to his break even point. Could be…
Anyways he was a first time (and most likely last time) speculator who was told by friends and others that making money in real estate is trivial.
SD Realtor
ParticipantHe came in with the cash to close. It was a rental. No he was losing more then 1k a month. HOA alone was 600 bucks. Throw in his loan and property taxes. Additional HOA increases are not being accounted for either, nor are vacancies. I do understand your point and agree with the philosophy but there are some risks that I pointed out above. I assume you are playing a 3 year depreciation and then 5 to get back to his break even point. Could be…
Anyways he was a first time (and most likely last time) speculator who was told by friends and others that making money in real estate is trivial.
SD Realtor
ParticipantChris you could very well be correct about the Fed… Maybe that is also what many others are betting on as they scoop up bonds… That certainly would help explain the rally. I guess it would not surprise me. I just am not altogether sure that it would help soothe the secondary market but I have no ideas of the inner workings of that part of the world.
SD Realtor
ParticipantChris you could very well be correct about the Fed… Maybe that is also what many others are betting on as they scoop up bonds… That certainly would help explain the rally. I guess it would not surprise me. I just am not altogether sure that it would help soothe the secondary market but I have no ideas of the inner workings of that part of the world.
SD Realtor
Participanttemeculaguy I would qualify my response as purely speculative as many more here have much more insight then I do regarding the builders. I “think” many of them (the builders) are leveraged, some more then others. I doubt that many of the projects they undertake utilize their own resources, they are most likely all financed. I don’t know if this land that they purchased was with their money or what. Imagine if someone else underwrote the purchase and what sort of rate the lender had to pay them for holding land for that long? This is only a guess and most likely is wrong… However that could help to explain it…
SD Realtor
Participanttemeculaguy I would qualify my response as purely speculative as many more here have much more insight then I do regarding the builders. I “think” many of them (the builders) are leveraged, some more then others. I doubt that many of the projects they undertake utilize their own resources, they are most likely all financed. I don’t know if this land that they purchased was with their money or what. Imagine if someone else underwrote the purchase and what sort of rate the lender had to pay them for holding land for that long? This is only a guess and most likely is wrong… However that could help to explain it…
SD Realtor
ParticipantHi HLS –
Thanks for the response. There are two of us here.
sdr (sdrealtor) – Was here first. He is the one who sent you the welcome email. He works for a mainstream brokerage.
SD Realtor (myself) – An electrical engineer who owns a small residential brokerage.
sdr and I have a love hate relationship. We agree on several aspects such as the direction of the market, and other such issues. We disagree on items such as discount realtors, the true value of marketing, and sometimes valuations of homes.
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No need to reply to my posts if you don’t like, that is okay. I also respect your posts and have no problem with any of them. Others in the past have taken exception with some of the posts I have made with respect to working the board. That is okay with me. I think that you offer what many in your industry do not, an honest deal and a level of service that exceeds most of your peers AND will indeed save people money. I am the same way.
ParticipantHi HLS –
Thanks for the response. There are two of us here.
sdr (sdrealtor) – Was here first. He is the one who sent you the welcome email. He works for a mainstream brokerage.
SD Realtor (myself) – An electrical engineer who owns a small residential brokerage.
sdr and I have a love hate relationship. We agree on several aspects such as the direction of the market, and other such issues. We disagree on items such as discount realtors, the true value of marketing, and sometimes valuations of homes.
*******
No need to reply to my posts if you don’t like, that is okay. I also respect your posts and have no problem with any of them. Others in the past have taken exception with some of the posts I have made with respect to working the board. That is okay with me. I think that you offer what many in your industry do not, an honest deal and a level of service that exceeds most of your peers AND will indeed save people money. I am the same way.
ParticipantHow can he keep whining to the Fed to lower the overnight rate when the dollar is in such a poor position. I am just a rookie but that doesn’t seem to make much economic sense to me. I just don’t see a massive move by the fed having a huge impact and bailing out the lenders at this point. Seems like it would prolong the inevitable. This is possibly the first real dose of good medicine that the housing market and lending industry needs to swallow. More to come.
SD Realtor
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