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March 19, 2012 at 2:01 PM in reply to: Mira Mesa – 8767 Jade Coast Dr – makes sense at $365K??? #740237
Wah-Wah
Participant[quote=AN][quote=flu]
Oh boy….If you have to ask, then you need to do more homework before you become a landlord imho.[/quote]
I totally agree with this. If you have to ask these kind of general questions, then you’re really not ready to be a landlord yet. Also, your original question is quite vague. We need more information than just the $ amount you have to invest. Which areas are you interested. Where do you live and how far away are you willing to look for investment properties. What kind of tenants do you prefer to have? Are you more interested in SFR or both SFR and condo? There are many more questions, but these are some of the starter you either have to ask yourself or reveal to us in order to get more useful information.[/quote]I disagree… we need losers too. just kidding 🙂
Participantummm… okay so from all the comments so far I can summarize in these words: drastic decrease in inventory, feeding frenzy of buyers, multiple offers on a house, seller market, yet price is down according to this post http://piggington.com/caseshiller_index_ended_down_for_2011
welcome to econ one o whack.Participantyou guys jinx it now it’s gonna be on market for months and will lower the price again, maybe $240 sounds perfect.
🙂ps: is it me or there are less number of listing in MM compare to a few months ago?
ParticipantI don’t understand. $500 cash flow a month and you’re worried about declining home price? How long do you plan to hold the property? 5yr? 10yrs? How much farther do you expect home price would fall? 10%? 30%? 50%?
March 8, 2012 at 2:18 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739588Participant[quote=Wah-Wah]flu & et al
how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447%5B/quote%5Dpoof… it’s gone ( I mean off the market 🙂 )
March 7, 2012 at 8:12 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739453Participantthank you sdrealtor, AN & EmilyHicks for your insightful comments. realistically, it’s a bit above our budget.
March 6, 2012 at 2:05 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739409Participantflu & et al
how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447March 6, 2012 at 8:23 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739353Participantwow… this makes the OP’s Bannister house seems like a great deal for the new owner but we all know “pending” means nothing unless it sold 🙂
March 1, 2012 at 12:33 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739035Participanthi AN,
I read many comments from you ( and others like SD Realtor … ) regarding MM, is it true that in general the further north of MM Blvd the better, and west of Camino Ruiz is better than east ?
Me: I have 2 small kids ( not school age yet ). For me, any SFH less than $400k is affordable.
Thank you.
March 1, 2012 at 8:30 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739020Participant[quote=svelte]
We owned a condo in CV. When we were ready to buy a house, we looked in CV again. It was too expensive! We actually got more bang for our buck in San Marcos!
[/quote]hi svelte,
if you don’t mind, could you share with me which area of San Marcos is a “value” buy? as I stated above, I’m generally looking for a SFH and San Marcos/Escondido/MM/Poway ( maybe Vista) are areas I would consider.
ThanksMarch 1, 2012 at 8:16 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739017Participant[quote=flu]
WW, let me send you a PM… I don’t like to explain stuff to people who don’t want to at least analyze things objectively…[/quote]thanks flu, great info. I’m gonna chew on that info for a little while 🙂
it seems to pencil out nicely with apt/condo. What do you think regarding SFH? For example, the house in the OP, the number seems barely even so its price needs to come down a little more for it to be a cash flow investment?
Would love to hear your (or anybody) opinion.
thanksFebruary 29, 2012 at 4:26 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738967Participant[quote=bearishgurl]I’m confused. You guys say you’re looking for “liveable” 1 br apts in MM but also looking for investments that cash flow.
Describe “liveable.”
flu, are you looking to buy 1/1 condos for cash flow or to rent a 1/1 apt for yourself to live in?
Wah-Wah, what about the 3 listings you brought up? How much monthly rent will they bring in? Are you looking for a <=$300K SFR for your primary residence? Are you both partial to MM only? If so, why??[/quote] BG, agree with you regard briansd post and no, I'm a FT home buyer but I'm always interested in all pov. I look at MM and other nearby area because they're close to where I work. I ran the number on MM and currently it does not make any "economic sense" to me ( this is just my own personal situation).
February 29, 2012 at 3:23 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738957Participant[quote=flu]
BG, why don’t you get out of the office, and go to mira mesa and find me a 1 bedroom apartment under 1100/month, and I’ll show you that it is either a dump that is barely liveable or something equivalent.You can choose to sit at your desk and speculate what you *think* should be. But I (as well as others) are telling you it couldn’t be further from the truth…
I’m out there in the market right now, because I want to make more money… It’s as simple as that. And MM can cash flow now, with these interest rates and with these rental rates, it’s doable.[/quote]
as in poker, to determine who wins the pot players show their hands.
BG, find a $1100 “liveable” 1/1 apt and flu, can you show a MM rental with positive cash flow? as an investor, would you to with 20% down or much less?ps: I’m interested in your pov because I’m a potential FT home buyer. Thank you for sharing info with me.
February 29, 2012 at 10:13 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738914Participant[quote=AN]
Those are not even close to the same league. If you know MM, you’ll know they’re not. Let me break it down.Embry – small, old, not-updated. Original house was ~1200 sq-ft and they added a 300 sq-ft family room. If the Banister house and its direct comp sell for $300k, I expect this house to sell in the low to mid $200k.
Flanders – Have you driven on Flanders? You DO NOT want to be on that street. That alone would be a good reason why it sold at the price it did. Look at its 2003 sold price. You’ll see that because of its location, the discount has always been there. Again, if the Banister like property sell for $300k, I wouldn’t touch this one unless it’s in the low to mid $200k.
Goleta – Same explanation as Embry. I would expect this house to sell in the low to mid $200k as well, if houses like Banister sell for $300k.[/quote]
AN, thanks for the break down. Got to admit that I am no MM expert ( what’s up with the “insider joke” ? )
So, your point is these above are overpriced at least by 20-30%? If this is the case, would you agree that the house in OP post is somewhat overprice?btw, it’s not 10% +/- lost, don’t forget 6% commission + other cost.
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