[sdsurfer]

It does depend on the lender, but I think a lot of them will just factor your time off as months that you brought in $0. They would take the total income over the past 2 years and divide by 24 to arrive at your monthly income. Essentially, it might lead to you qualifying for less home, but you could still qualify in a lot of cases if your finances are solid otherwise.

[sdsurfer]

[quote=bearishgurl][quote=sdsurfer]Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.[/quote]

sdsurfer, it may not be “better” but 91910 is only 10-12 miles from dtn SD (depending on neighborhood) and also much cooler than Esco. It is NOT freeway-dependent to SD dtn and metro area. In addition, many families in which one or both parents grew up in 91910 remain in the area to raise their families. They may not all be qualified to buy but they need rentals.

Escondido is really not located in the SD metro area but is an interior city in its own right.

The RE in 91910 is more expensive than 92025 because it has a more desirable and convenient location.[/quote]
That makes sense. Thank you!

[sdsurfer]

[quote=bearishgurl][quote=sdsurfer]Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.[/quote]

sdsurfer, it may not be “better” but 91910 is only 10-12 miles from dtn SD (depending on neighborhood) and also much cooler than Esco. It is NOT freeway-dependent to SD dtn and metro area. In addition, many families in which one or both parents grew up in 91910 remain in the area to raise their families. They may not all be qualified to buy but they need rentals.

Escondido is really not located in the SD metro area but is an interior city in its own right.

The RE in 91910 is more expensive than 92025 because it has a more desirable and convenient location.[/quote]
That makes sense. Thank you!

[sdsurfer]

[quote=bearishgurl][quote=sdsurfer]Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.[/quote]

sdsurfer, it may not be “better” but 91910 is only 10-12 miles from dtn SD (depending on neighborhood) and also much cooler than Esco. It is NOT freeway-dependent to SD dtn and metro area. In addition, many families in which one or both parents grew up in 91910 remain in the area to raise their families. They may not all be qualified to buy but they need rentals.

Escondido is really not located in the SD metro area but is an interior city in its own right.

The RE in 91910 is more expensive than 92025 because it has a more desirable and convenient location.[/quote]
That makes sense. Thank you!

[sdsurfer]

[quote=bearishgurl][quote=sdsurfer]Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.[/quote]

sdsurfer, it may not be “better” but 91910 is only 10-12 miles from dtn SD (depending on neighborhood) and also much cooler than Esco. It is NOT freeway-dependent to SD dtn and metro area. In addition, many families in which one or both parents grew up in 91910 remain in the area to raise their families. They may not all be qualified to buy but they need rentals.

Escondido is really not located in the SD metro area but is an interior city in its own right.

The RE in 91910 is more expensive than 92025 because it has a more desirable and convenient location.[/quote]
That makes sense. Thank you!

[sdsurfer]

[quote=bearishgurl][quote=sdsurfer]Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.[/quote]

sdsurfer, it may not be “better” but 91910 is only 10-12 miles from dtn SD (depending on neighborhood) and also much cooler than Esco. It is NOT freeway-dependent to SD dtn and metro area. In addition, many families in which one or both parents grew up in 91910 remain in the area to raise their families. They may not all be qualified to buy but they need rentals.

Escondido is really not located in the SD metro area but is an interior city in its own right.

The RE in 91910 is more expensive than 92025 because it has a more desirable and convenient location.[/quote]
That makes sense. Thank you!

[sdsurfer]

[quote=ctr70]Yes Riverside or San Bernardino County for $100k house $1,200 in rent. Also Lancaster/Palmdale for those numbers or better. I know of a lot of long term pros in Riverside & SB County in the buy & hold rental business and those are the numbers they have been getting. Not sure if they still are now. I personally don’t really want to buy up there though b/c it is too far.

91910 is a C+/B- neighborhood IMO, I don’t know all of it, maybe parts of it are B if you were generous. “A” neighborhoods are places like Carmel Valley, Encinitas, Rancho Bernardo, La Jolla, Point Loma, Del Mar, etc… “B” neighborhoods are San Carlos, Clairemont, Mira Mesa, etc.. “C” neighborhoods (and below.. and there is a wide variance from C- to C+) are places like El Cajon, Lemon Grove, Spring Valley, Vista, most of O-side, Escondido). Of course there are parts of places like El Cajon, etc.. in the hiils that are more “B”.

Bearishgirl has never owned a condo but seems to know they all have special assessments and plumbing problems:) I have looked at, talked to and reviewed hoas of dozens and dozens recently and many have not not had special assessments in decades or had very minor ones. But I’m sure there are some bad ones out there. And it is not like you never have your own little “special assessment” on a SFR when the roof leaks or something else breaks. SFR’s are definitely preferable over condos when all else is equal, but all else is not equal in SD County. But I think if you can find the right SFR that works and you have all the cash to put down and fix it, you should definatly go for it over a condo.

Just curious for other experienced investors who are IN the market right now chime in what they think of a $265k 91910 house as a excellent buy and hold investment? Kingside? Ren? Sdrealtor?

I DO think 91910 is a strong rental area, I just think the prices are a bit high for a decent ROI. I don’t know what is on the market right now, but it might be a stretch to get a 3/2/2 1500+ sf SFR on a +/- 7500 sf lot for $265k right now in a good area on nice street that would pull $1,850. I would have to check Craigslist too to see what types of properties are renting for $1,850 and if they are the types of properties that could be had for $265k.
[/quote]
Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.

[sdsurfer]

[quote=ctr70]Yes Riverside or San Bernardino County for $100k house $1,200 in rent. Also Lancaster/Palmdale for those numbers or better. I know of a lot of long term pros in Riverside & SB County in the buy & hold rental business and those are the numbers they have been getting. Not sure if they still are now. I personally don’t really want to buy up there though b/c it is too far.

91910 is a C+/B- neighborhood IMO, I don’t know all of it, maybe parts of it are B if you were generous. “A” neighborhoods are places like Carmel Valley, Encinitas, Rancho Bernardo, La Jolla, Point Loma, Del Mar, etc… “B” neighborhoods are San Carlos, Clairemont, Mira Mesa, etc.. “C” neighborhoods (and below.. and there is a wide variance from C- to C+) are places like El Cajon, Lemon Grove, Spring Valley, Vista, most of O-side, Escondido). Of course there are parts of places like El Cajon, etc.. in the hiils that are more “B”.

Bearishgirl has never owned a condo but seems to know they all have special assessments and plumbing problems:) I have looked at, talked to and reviewed hoas of dozens and dozens recently and many have not not had special assessments in decades or had very minor ones. But I’m sure there are some bad ones out there. And it is not like you never have your own little “special assessment” on a SFR when the roof leaks or something else breaks. SFR’s are definitely preferable over condos when all else is equal, but all else is not equal in SD County. But I think if you can find the right SFR that works and you have all the cash to put down and fix it, you should definatly go for it over a condo.

Just curious for other experienced investors who are IN the market right now chime in what they think of a $265k 91910 house as a excellent buy and hold investment? Kingside? Ren? Sdrealtor?

I DO think 91910 is a strong rental area, I just think the prices are a bit high for a decent ROI. I don’t know what is on the market right now, but it might be a stretch to get a 3/2/2 1500+ sf SFR on a +/- 7500 sf lot for $265k right now in a good area on nice street that would pull $1,850. I would have to check Craigslist too to see what types of properties are renting for $1,850 and if they are the types of properties that could be had for $265k.
[/quote]
Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.

[sdsurfer]

[quote=ctr70]Yes Riverside or San Bernardino County for $100k house $1,200 in rent. Also Lancaster/Palmdale for those numbers or better. I know of a lot of long term pros in Riverside & SB County in the buy & hold rental business and those are the numbers they have been getting. Not sure if they still are now. I personally don’t really want to buy up there though b/c it is too far.

91910 is a C+/B- neighborhood IMO, I don’t know all of it, maybe parts of it are B if you were generous. “A” neighborhoods are places like Carmel Valley, Encinitas, Rancho Bernardo, La Jolla, Point Loma, Del Mar, etc… “B” neighborhoods are San Carlos, Clairemont, Mira Mesa, etc.. “C” neighborhoods (and below.. and there is a wide variance from C- to C+) are places like El Cajon, Lemon Grove, Spring Valley, Vista, most of O-side, Escondido). Of course there are parts of places like El Cajon, etc.. in the hiils that are more “B”.

Bearishgirl has never owned a condo but seems to know they all have special assessments and plumbing problems:) I have looked at, talked to and reviewed hoas of dozens and dozens recently and many have not not had special assessments in decades or had very minor ones. But I’m sure there are some bad ones out there. And it is not like you never have your own little “special assessment” on a SFR when the roof leaks or something else breaks. SFR’s are definitely preferable over condos when all else is equal, but all else is not equal in SD County. But I think if you can find the right SFR that works and you have all the cash to put down and fix it, you should definatly go for it over a condo.

Just curious for other experienced investors who are IN the market right now chime in what they think of a $265k 91910 house as a excellent buy and hold investment? Kingside? Ren? Sdrealtor?

I DO think 91910 is a strong rental area, I just think the prices are a bit high for a decent ROI. I don’t know what is on the market right now, but it might be a stretch to get a 3/2/2 1500+ sf SFR on a +/- 7500 sf lot for $265k right now in a good area on nice street that would pull $1,850. I would have to check Craigslist too to see what types of properties are renting for $1,850 and if they are the types of properties that could be had for $265k.
[/quote]
Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.

[sdsurfer]

[quote=ctr70]Yes Riverside or San Bernardino County for $100k house $1,200 in rent. Also Lancaster/Palmdale for those numbers or better. I know of a lot of long term pros in Riverside & SB County in the buy & hold rental business and those are the numbers they have been getting. Not sure if they still are now. I personally don’t really want to buy up there though b/c it is too far.

91910 is a C+/B- neighborhood IMO, I don’t know all of it, maybe parts of it are B if you were generous. “A” neighborhoods are places like Carmel Valley, Encinitas, Rancho Bernardo, La Jolla, Point Loma, Del Mar, etc… “B” neighborhoods are San Carlos, Clairemont, Mira Mesa, etc.. “C” neighborhoods (and below.. and there is a wide variance from C- to C+) are places like El Cajon, Lemon Grove, Spring Valley, Vista, most of O-side, Escondido). Of course there are parts of places like El Cajon, etc.. in the hiils that are more “B”.

Bearishgirl has never owned a condo but seems to know they all have special assessments and plumbing problems:) I have looked at, talked to and reviewed hoas of dozens and dozens recently and many have not not had special assessments in decades or had very minor ones. But I’m sure there are some bad ones out there. And it is not like you never have your own little “special assessment” on a SFR when the roof leaks or something else breaks. SFR’s are definitely preferable over condos when all else is equal, but all else is not equal in SD County. But I think if you can find the right SFR that works and you have all the cash to put down and fix it, you should definatly go for it over a condo.

Just curious for other experienced investors who are IN the market right now chime in what they think of a $265k 91910 house as a excellent buy and hold investment? Kingside? Ren? Sdrealtor?

I DO think 91910 is a strong rental area, I just think the prices are a bit high for a decent ROI. I don’t know what is on the market right now, but it might be a stretch to get a 3/2/2 1500+ sf SFR on a +/- 7500 sf lot for $265k right now in a good area on nice street that would pull $1,850. I would have to check Craigslist too to see what types of properties are renting for $1,850 and if they are the types of properties that could be had for $265k.
[/quote]
Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.

[sdsurfer]

[quote=ctr70]Yes Riverside or San Bernardino County for $100k house $1,200 in rent. Also Lancaster/Palmdale for those numbers or better. I know of a lot of long term pros in Riverside & SB County in the buy & hold rental business and those are the numbers they have been getting. Not sure if they still are now. I personally don’t really want to buy up there though b/c it is too far.

91910 is a C+/B- neighborhood IMO, I don’t know all of it, maybe parts of it are B if you were generous. “A” neighborhoods are places like Carmel Valley, Encinitas, Rancho Bernardo, La Jolla, Point Loma, Del Mar, etc… “B” neighborhoods are San Carlos, Clairemont, Mira Mesa, etc.. “C” neighborhoods (and below.. and there is a wide variance from C- to C+) are places like El Cajon, Lemon Grove, Spring Valley, Vista, most of O-side, Escondido). Of course there are parts of places like El Cajon, etc.. in the hiils that are more “B”.

Bearishgirl has never owned a condo but seems to know they all have special assessments and plumbing problems:) I have looked at, talked to and reviewed hoas of dozens and dozens recently and many have not not had special assessments in decades or had very minor ones. But I’m sure there are some bad ones out there. And it is not like you never have your own little “special assessment” on a SFR when the roof leaks or something else breaks. SFR’s are definitely preferable over condos when all else is equal, but all else is not equal in SD County. But I think if you can find the right SFR that works and you have all the cash to put down and fix it, you should definatly go for it over a condo.

Just curious for other experienced investors who are IN the market right now chime in what they think of a $265k 91910 house as a excellent buy and hold investment? Kingside? Ren? Sdrealtor?

I DO think 91910 is a strong rental area, I just think the prices are a bit high for a decent ROI. I don’t know what is on the market right now, but it might be a stretch to get a 3/2/2 1500+ sf SFR on a +/- 7500 sf lot for $265k right now in a good area on nice street that would pull $1,850. I would have to check Craigslist too to see what types of properties are renting for $1,850 and if they are the types of properties that could be had for $265k.
[/quote]
Thanks for chiming in Ctr70. I feel like you could probably get the home above for around 220k in Escondido and it might not rent for 1850, but close to it if I’m not mistaken. Is there a reason that 91910 is that much better? Just curious your take because I’m not familiar with that area. Thanks again for you sharing your insight.

[sdsurfer]

[quote=ctr70]I also think it is a myth that the average retail buyer can waltz out there and buy something 20% below market off the MLS with his Realtor. From what I see in the market, there are really only 2 sources of true under market deals: 1. Trustee sale auctions (all cash), 2. Major fixer disasters that mostly the flippers buy with hard money or cash.

Most retail MLS buyers getting mortgages to buy even if they spend a ton of time looking and make a lot of offers will likely pay 95% or more of market. A big mistake many make is buying a “fixer upper” that needs $30k in fix for only $30k less than the similar fixed up house, thinking they are getting a deal. Why not just buy the clean one and save yourself all the work! And finance the costs of fix up done by someone else at 4% for 30 years vs. paying it out of your pocket. Now if you get it $60k under market and it needs $20k fix, that is getting better.

Berishgirl, thanks for the info on your rental across the vacant lot. That is a good warning, you can’t be too careful with location. But I still do not see the logic and where the ROI is on a $265k 70 year old house that gets $1,600 in rent:) Break that out for me. Now a $100k house that gets $1,250 in rent, that is more like it.[/quote]
Do you mind sharing where the 100k house that gets $1250/month might be? Riverside? Thanks.

[sdsurfer]

[quote=ctr70]I also think it is a myth that the average retail buyer can waltz out there and buy something 20% below market off the MLS with his Realtor. From what I see in the market, there are really only 2 sources of true under market deals: 1. Trustee sale auctions (all cash), 2. Major fixer disasters that mostly the flippers buy with hard money or cash.

Most retail MLS buyers getting mortgages to buy even if they spend a ton of time looking and make a lot of offers will likely pay 95% or more of market. A big mistake many make is buying a “fixer upper” that needs $30k in fix for only $30k less than the similar fixed up house, thinking they are getting a deal. Why not just buy the clean one and save yourself all the work! And finance the costs of fix up done by someone else at 4% for 30 years vs. paying it out of your pocket. Now if you get it $60k under market and it needs $20k fix, that is getting better.

Berishgirl, thanks for the info on your rental across the vacant lot. That is a good warning, you can’t be too careful with location. But I still do not see the logic and where the ROI is on a $265k 70 year old house that gets $1,600 in rent:) Break that out for me. Now a $100k house that gets $1,250 in rent, that is more like it.[/quote]
Do you mind sharing where the 100k house that gets $1250/month might be? Riverside? Thanks.

[sdsurfer]

[quote=ctr70]I also think it is a myth that the average retail buyer can waltz out there and buy something 20% below market off the MLS with his Realtor. From what I see in the market, there are really only 2 sources of true under market deals: 1. Trustee sale auctions (all cash), 2. Major fixer disasters that mostly the flippers buy with hard money or cash.

Most retail MLS buyers getting mortgages to buy even if they spend a ton of time looking and make a lot of offers will likely pay 95% or more of market. A big mistake many make is buying a “fixer upper” that needs $30k in fix for only $30k less than the similar fixed up house, thinking they are getting a deal. Why not just buy the clean one and save yourself all the work! And finance the costs of fix up done by someone else at 4% for 30 years vs. paying it out of your pocket. Now if you get it $60k under market and it needs $20k fix, that is getting better.

Berishgirl, thanks for the info on your rental across the vacant lot. That is a good warning, you can’t be too careful with location. But I still do not see the logic and where the ROI is on a $265k 70 year old house that gets $1,600 in rent:) Break that out for me. Now a $100k house that gets $1,250 in rent, that is more like it.[/quote]
Do you mind sharing where the 100k house that gets $1250/month might be? Riverside? Thanks.

[sdsurfer]

[quote=ctr70]I also think it is a myth that the average retail buyer can waltz out there and buy something 20% below market off the MLS with his Realtor. From what I see in the market, there are really only 2 sources of true under market deals: 1. Trustee sale auctions (all cash), 2. Major fixer disasters that mostly the flippers buy with hard money or cash.

Most retail MLS buyers getting mortgages to buy even if they spend a ton of time looking and make a lot of offers will likely pay 95% or more of market. A big mistake many make is buying a “fixer upper” that needs $30k in fix for only $30k less than the similar fixed up house, thinking they are getting a deal. Why not just buy the clean one and save yourself all the work! And finance the costs of fix up done by someone else at 4% for 30 years vs. paying it out of your pocket. Now if you get it $60k under market and it needs $20k fix, that is getting better.

Berishgirl, thanks for the info on your rental across the vacant lot. That is a good warning, you can’t be too careful with location. But I still do not see the logic and where the ROI is on a $265k 70 year old house that gets $1,600 in rent:) Break that out for me. Now a $100k house that gets $1,250 in rent, that is more like it.[/quote]
Do you mind sharing where the 100k house that gets $1250/month might be? Riverside? Thanks.

[Author]

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