Home Buying in San Diego>Question Details

S.shelechi, Home Buyer in San Diego, CA

Buying rental property in UTC ( 2bed/2bath)

Asked by S.shelechi, San Diego, CA Fri May 24, 2013

I would like to buy rental property as investments in San Diego. Specifically in UTC area ( Verano , lucera condos) as its close to UCSD and there seems to be in high demand. I am looking mostly for 2 bed/2bath condos with prices around 250-300K with positive cash flow. Is it a good decision? What do you think about Verano and lucera ? ( I know Verano was converted and some of them have issues with their pluming).
Any other areas that looks attractive for investment?

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Hi there,

As you can see, prices one going up, so be sure you have a formula you're using to determine whether a property will bring positive cash flow. Are you factoring in property taxes, insurance, HOA fees, Mello Roos, maintenance, vacancy, and property management if you'll be using it? My suggestion is to make a list of all of the areas you would like to own. Then have an agent send you listings in your price range. You'll quickly see which areas have the type of property you want, and if they'll cash flow. I can help you with monthly payments for each property that you can compare with market rents. Your monthly payment will also depend on the interest rate you get and the down payment required for your loan.

For any complex, you'll get copies of the HOA documents, including meeting minutes.Those often show current and/or ongoing issues with the property.

Please let me know of you have any other questions, and if you would like listings in your price range.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
0 votes Thank Flag Link Fri May 24, 2013
You need FBS. Rentals are what we do. Rentals are all we do. Rentals are who we are in San Diego for more than 4 decades. We currently operate rental properties in 69 zip codes throughout the region. We have become the best center for resources essential to renters by choice as well as independent rental owners. We bring industry Best Practices to both. I appreciate the nearly 10,000 Trulia visitors that keep up with my profile as well as the 50,000 that follow Neil Fjellestad's blog. However, my perspective is only one thing that makes FBS the industry leader it is. Our unsurpassed team, our systematic approach to leasing & rendering service to our renters, our daily incorporating technologies that others are just talking about are all reasons for our leadership. But our leadership only matters when it matters to you. First, visit our website http://www.fbs-pm.com then contact our Metro Office. 619-286-7600 Start by speaking with Melissa. If you would like you could reach out to Pam in our North County Office. 858-487-4004. Either will direct you from there. Let me know how you make out. Neil
Web Reference: http://www.fbs-pm.com
0 votes Thank Flag Link Fri May 24, 2013
Good Morning,
You may also want to consider Villa La Jolla in La Jolla and/or Villa Vicenza (which was Verano's sister project.) Both are still at about the $350K price point for a 2 bedroom. I would be happy to assist you further, just contact me using the information below.

​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
License 01366009
858-205-5215 CELL
brokermcallister@gmail.com EMAIL
0 votes Thank Flag Link Fri May 24, 2013
Both the complex are good and others as well. You are little late for the price you want to pay for 2/2 for up to $300k. There could be hope depending on various factors. I have been helping my clients in the area.
Should you need any help. please contact me directly.

Manju Gupta
0 votes Thank Flag Link Fri May 24, 2013
Both Ludera and Verano are converted condos.I happen to like Verano - location is also more desirable for students and others who rely on public transportation.

Lucera is also fine...That said...getting any 2/2 unit in UTC for your price is going to be near impossible right now. There are two Lucera units on the market right now for $306K & 329K. There is one 2/2 in Verano right now at $348K.

So....you need to re-evaluate your price point.

Please let me know if I can help you. I know each complex quite well.

Cindy Davis, Broker
0 votes Thank Flag Link Fri May 24, 2013
Just like the most important things are location, location and location ... there is a high demand for the area. I will tell you what is a BAD decision: NOT BUYING because it's a condo conversion
0 votes Thank Flag Link Fri May 24, 2013
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