Home Buying in Pacific Beach>Question Details

barry8mansfi…, Home Buyer in San Diego, CA

Hi, I am Australian looking for some advise on whether or not I should buy property in Pacific Beach, specifically Student Accommodation?

Asked by barry8mansfield, San Diego, CA Tue Oct 22, 2013

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19
Pacific Beach is a good rental area for students who attend the University
of San Diego. USD students tend to have the financial means to rent at the beach, pay higher rents and have parents who will consign on a rental agreement. Our experience with these type tenants is they move out in May and allow an owner the option of renting the property for the summer months
1 vote Thank Flag Link Tue Oct 22, 2013
Pacific Beach is one of the most popular areas for young renters; close to great beaches, packed with shops and nightlife. Real estate does very well in this area and communities nearby.

I have details on foreign investing and will gladly take your call to discuss purchasing in San Diego.

No commitment, happy to chat and get you started.
Sarah Scott, 619.840.2767
Pacific Sotheby's International Realty
1 vote Thank Flag Link Tue Oct 22, 2013
I lived in Pacific Beach from 1988 until 2006. Fabulous beach town and seems like everyone at one point lived in PB. Always a proponent of buying at the beach for future appreciation and great rental market. Beach properties will always be in demand!

Happy to answer any questions and find your new beach home!

Alexander Pfleger
Real Estate Broker
858-483-4687
1 vote Thank Flag Link Tue Oct 22, 2013
Pacific Beach is a great rental area, if you are very close to the beach you can also do very well with vacation rentals (but you'd have to furnish it first to do so).

Are you looking into Single family home or apartment?

Your first step is to get approved for a loan, unless you are planning to pay cash. There are several lenders that will do loans with international buyers, you just have to make sure all your documents are ready to go.

PB saw great appreciation in the past year, especially this summer. Now prices are stead and inventory is increasing. This is a great time to consider buying, since you have a little less competition and can get a better deal compare to last Spring and Summer.

Good luck on your search!
1 vote Thank Flag Link Tue Oct 22, 2013
I think it's a great idea. Pacific Beach properties have been trending up for decades, sometimes in big leaps. I know of a home that would be perfect for 3 students. It has 3 BR and 2Bath and full garage. It's has a great view and is located out of the beachfront fray (distractions galore down there for students) Also easy freeway access. Please contact me if you're still looking....
0 votes Thank Flag Link Fri Aug 1, 2014
Barry,

Have you purchased a property in Pacific Beach yet?

Best Wishes,

David R. Indermill

Re/Max Hall Of Fame, CDPE | Since 1998 | Luxury Real Estate Advisor
International Referrals | Bank Owned Assets | Off Market Properties
Large Cash Investor Fast Close Network | B.R.E License # 01232827


http://www.SanDiegoHomeStore.Com

Cell: 858-414-LIST (5478) Texting OK
Fax: 858-430-5544
Email: david@sandiegohomestore.com

http://www.trulia.com/profile/sandiegohomestore/
0 votes Thank Flag Link Fri Mar 21, 2014
Rent during school year and live at home. Prices too high, rent is down and this place is extremely expensive during the summer.
0 votes Thank Flag Link Sat Mar 15, 2014
There are lenders like myself that offer loans for this particular situation. One loan to consider is the Foreign National Loan. These loans are meant for non-residences/citizens seeking a home loan in the United States. Also, this type of loan usually requires about 20% down or more depending on the documents you have available so be prepared for that. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
Hi..please contact me if you are looking for a great rental in Pacific Beach with a Million Dollar View and high end amenities. Thanks
0 votes Thank Flag Link Wed Jan 22, 2014
Hi Barry,

Pacific Beach is a great coastal area to purchase for an investment property. Typically, in Mission Beach and Pacific Beach you can summer vacation rent a property from June to August and from September to May for student or corporate housing rentals. Check out a great lifestyle site of Pacific Beach to give you more insight with lots of photos and general info. The site is http://www.PacificBeachSanDiego.Com.

Thanks Barry

Feel Free To Email Me with any questions.

David R. Indermill david@sandiegohomestore.com
Re/Max Associates La Jolla
858-414-5478
0 votes Thank Flag Link Tue Dec 3, 2013
Welcome to America. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
Pacific Beach is a great area to live and rent! Depending on your goals however, there may be surrounding areas that are a better fit in terms of cost vs. income.

Let me know if you'd like to discuss!

Best Regards,

Max Folkers
619-977-8364
0 votes Thank Flag Link Wed Oct 23, 2013
Pacific Beach is a perfect place to buy an investment property. It's located close to UCSD and USD and has decent transportation out to SDSU for students. The area has everything a discerning student would be looking for...the beach for relaxing and plenty of bars and restaurants for blowing off steam. If your looking to live on the property yourself and rent out units to students there are plenty of 2 and 3 on ones that may be worth looking into.
0 votes Thank Flag Link Wed Oct 23, 2013
Will this be an investment property you will be renting to students or one you wish to live in?

Lots of variables and options.

Loved my time in Coogee and Bondi.

If you what to chat my toll free number is 866-473-7356

Chris Townson
San Diego Bank Homes - RE/MAX Associates
0 votes Thank Flag Link Tue Oct 22, 2013
Yes that is a very good place for rentals. And give today's interest rates it is the time to get into a mortgage.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Tue Oct 22, 2013
Whether you should buy in Pacific Beach or not comes down to a couple of key factors:

1) Are you able to buy from a financial and mortgage standpoint? Pacific Beach, while popular among young and old alike is not inexpensive.

2. How low do you plan to hold the property?

Those are the big issues...I would love to speak with you and explore whether buying is the right way to go for you.


Cindy Davis, Broker
SD Home Source Realty
Phone: (619) 379-8616
Email: cindydavishomes@gmail.com
Web: http://www.1sandiegohomesales.com
CA DRE #01363537
0 votes Thank Flag Link Tue Oct 22, 2013
Hi Barry,

Great that you got the loan question answered, if you do not plan to pay cash.

It seems you have some knowledge of the PB area, are you looking to rent to students?

If so, you have to take many things into account.
1. Rental turn over as students tend to move about as they are in school 9 months out of the year.
2. Maintenance as they can be hard on properties.
3. You would most likely want to employ a property management company.

Please let us know if you have any other questions.

Best,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA BRE License 01713506
0 votes Thank Flag Link Tue Oct 22, 2013
Barry8mansfield,

Obtaining a loan for a Foreign National or a Non-Permanent Resident Alien (NPRA) is not much different than doing a loan for a US Citizen or for a Permanent Resident. We require credible documentation for 2 yrs. + year-to-date Income, credit report or alternative credit to demonstrate ‘A’ quality credit worthiness, and seasoned funds in a known financial institution (does not have to be seasoned in a US bank account). Translation of documents may be necessary if the originals are not in English.

Foreign Nationals:
You have no Green Card and no VISA.
No Credit required…but four credit references required – alternate credit from country of origin is okay…international credit reports are also acceptable. (We usually Google your Country of Origin to determine if they have credit reports & tax filing).
Max 50% Loan-to-value.
Minimum loan amount of $300,000.
Barry,

Income:
We require 2-years income verification history but it is not necessary to have U.S. tax returns…Tax documents from country of origin are okay. If your country of origin does not require to file the equivalent of tax returns, then we need an employment letter on your company's letter head explaining compensation. If the employment letter is in a language other than English we need to get a statement from a tax preparer or equivalent that can provide evidence of your credentials by translating the documents…it must be on letterhead so that we can verify the company through 3rd party sources.

Assets:
We must be able to source seasoned assets in a known verifiable worldwide financial institution (i.e., Credit Suisse, HSBC, UBS, Bank of Tokyo)…the funds may not be in an Institution which cannot be verified. The main reason for sourcing the income and assets is for OFAC (Office of Foreign Assets Control) which monitors foreign countries, regimes, known terrorists, etc.

Tax Preparer or Equivalent – Financial Analysis:
If the income and asset documentation is in a foreign language, we might have to hire an Accountant/CPA (tax preparer or equivalent) to analyze, interpret, convert and present the information in such a way so our Underwriter can easily understand. That is, have a comprehensive summary and accounting of your financial position. (Tip: All U.S. Embassies provide translation services).

You must have a Social Security Number or Tax Identification Number (TIN) which can be easily acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. As long as you have applied for the TIN, we can proceed….
Passport and second form of ID required.
Power of Attorney (POA) is not allowed. You, if not present in the US, will have to go to an American Consulate to sign and have loan documents notarized.
Verification of existing Mortgage/Rent is required for previous 12 months.
Reserves of 12-months full debt service required (including all payments, cars, etc.).

Feel free to call me;

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Tue Oct 22, 2013
Hi my name is Tammy Kuyenov. I am a Realtor in San Diego. I would love to help you find the right home. Please call me at your convenience and we could go over your options.

425 773 7141

Thank you,
Tammy Kuyenov
0 votes Thank Flag Link Tue Oct 22, 2013
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