Home Buying in 92129>Question Details

Finalgears, Home Buyer in 92129

Where in San Diego can I buy a house that can rent out easily?

Asked by Finalgears, 92129 Tue Nov 16, 2010

Looking to start paying a mortgage instead of rent. Am told by mortgagiers that I can afford a $350k-$375k house. Will live in one room and rent out the others. What neighborhoods or areas in SD can receive high rent while the house price is still affordable (must be some ratio for this somewhere)? Multi-unit housing OK also. Thanks in advance for your help/advice.

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Answers

13
For that price point on a single family house you probably won't be in a prime rental area. But you could do OK in South County and East County.
0 votes Thank Flag Link Wed Aug 27, 2014
Stay close to a major college. SDSU or San Marcos State. Most rents are paid by parents. As for multi-family, any units you purchase will rent.

Please let me know If I can help you get approved for your purchase.
0 votes Thank Flag Link Thu Feb 6, 2014
The bulk of the current multi- family residential units, $375,00 and under, in the MLS right now are located in central San Diego zip codes such as 92105,92115, etc. As far as single family detached homes around the area you are currently living, there are a few homes available in the Mira Mesa area. This area might not be a bad choice because you might be able to attract a member of the military who would be interested in renting. For more detailed and up to date information, please feel free to contact me. I would love to help you meet your goals! The market is moving very fast right now and its important to first get educated and then move quickly when making decisions.
Web Reference: http://www.sdhomeowner.com
0 votes Thank Flag Link Sat Feb 1, 2014
The rental market is very strong county wide so a rental property can be very attractive. Depending on your price range there are many options. Its important to carefully analyze current rental rates in an area along with the type of loan structure and price range you want so you can find a property that has the best chance to keep you profitable.
Web Reference: http://www.sdhomeowner.com
0 votes Thank Flag Link Sat Feb 1, 2014
It really depends on how much you have to invest. School districts effect long term rentals quite a bit. Poway, Torrey Pines, Carlsbad, San Diguito... Are all areas that have a higher rental occupancy and the price per square foot is higher, as well. In addition to that, renting to families tends to put less wear on your property.

Is there an area that you are interested in? I could show you some options.
0 votes Thank Flag Link Fri Jan 31, 2014
San Diego is a great place to buy to live or rent it out. 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
If you want $800 pre room and willing to live with students I would take a look at school areas near San Diego State, UC San Diego, and USD.

Rents are going up everywhere in San Diego so my rule has always been that if you are willing to live somewhere so will others.

just doing a quick search, your price range comes up around 252 listings (2 Bed 2 Baths).

East Village, North Park, and Mission Valley just to name a few.
0 votes Thank Flag Link Fri Nov 1, 2013
I live in the Southbay area here in San Diego. . Homes in your price range are still available . Decent location as well. If you are not working with any agent at this time, you can give me a call anytime. I am dependable and up on my feet all day long...I maximize my showing and time is not an issue. Should you decide to give me a call, we can discuss this further......Appreciate it.


Thank you very much.

Cordially,


Tessie Salazar
Prime Time Realty
(619) 243-9961
teresitasalazar53@yahoo.com
0 votes Thank Flag Link Fri Apr 19, 2013
Room rental rates are different from rental rates for the entire house. If you're looking for areas that have high demand for roommates I would suggest the college areas - SDSU, CSUSM, Palomar, etc...
San Marcos might be your best bet at this time. Currently, I have 16 houses that meet your search criteria.
Do you need to have a signed rental agreement to show the income from the tenant in order to qualify for your loan?
Thanks
Janet McCarthy
Connect Realty
jmccarthyhomes@gmail.com
858-243-5719
0 votes Thank Flag Link Thu Aug 16, 2012
Finalgears,

There are many areas that could meet your ratio, however don't forget that you want to live there too, right? How familiar are you with San Diego and what area do you want to spend most your time in? I'm located in North County, SD and am more familiar with that area. Contact me if you need more specific advise.
Web Reference: http://www.oliverindra.com
0 votes Thank Flag Link Thu Dec 2, 2010
There are a number of areas in San Diego. Is staying near Penasquitos important? Room rents are going to depend upon the area you are in. I used to rent rooms in the college area and got $650/room. Craigslist is another good source of info on room rent.

I can tell you more about it offline if you are looking for someone you can trust and want to contact me.

BeachBrokerBill
DRE#01775528
(760) 525-8698
bill@coastalhomesbybill.com
0 votes Thank Flag Link Sat Nov 27, 2010
UTC is a good area with a lot of students
0 votes Thank Flag Link Sat Nov 27, 2010
Lenders will qualify you for any loan amount up to you maximum limit based on your total income and monthly debts. You do not want to go to your maximum limit at all. You can qualify yourself by taking your gross annual income and multiplying that by a factor of 3. For instance, if you are earning 35k annually, x 3 = $105,000. This is the loan amount you can comfortably pay on. You can push this to a factor of 4 as your ceiling and still be in a safe margin. The great thing about 2-4 unit properties is that you can use some of the rent to qualify you for the purchase. The bad thing about them is that they typically require a lot of work to bring to a good standard of move in ready status
Some questions you might want to ponder upon are; 1) Am I cut out to be a landlord, 2) Do I really want to be living with my tenants, 3) How much do I value my privacy most, 4) Can I live comfortably in these types of neighborhoods, 5) Would I and my family be safe in these types of neighborhoods, 6) Do I have money to fix up these places since most of them will be run down. Ask yourself a lot questions before you decide. Keep in mind that most of these types of homes are in very old communities and most are less desirable than others. MOST IMPORTANT OF ALL: DO NOT GET ANY LENDER TO OVER LEVERAGE YOU.
0 votes Thank Flag Link Sat Nov 27, 2010
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