jmail, Other/Just Looking in San Jose, CA

How is San Diego market doing now? Is it good time to buy investment/rental properties? I'm

Asked by jmail, San Jose, CA Wed Jun 11, 2008

in newer SFR and TH.
In addition, what zip codes have best potential if I plan to keep the properties for long term (5/10 years).


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1 vote Thank Flag Link Thu Jun 12, 2008
Our market here in San Diego is struggling, and certainly from an investment standpoint. Along with other investment saavy Realtors who have watched the investment market in San Diego, I believe that now is not the time to invest for rentals here. It is, however, a time to buy in other market areas, and if you'd like to talk about getting cash flow now, then perhaps a call or email to me would be of value.
1 vote Thank Flag Link Wed Jun 11, 2008
Lots of home buyers had asked me the same question since early this year. Is it a good time to buy now? My answer is it really depends on the deal. If the deal is good, buy it before anybody else. If the deal is ok, or not really that hot, you can wait a little bit. There is a very good talk about this topic by Donald Trump posted at http:// Donald Trump bought a building at $1 Million, now that building worths $700 Million
0 votes Thank Flag Link Wed Jul 30, 2008
We are working with several investors. Most are buying and flipping right away. I think the bulk of investors will come in and buy when it hits bottom. When is it hitting bottom - I think 2009. Foreclosures are getting multiple offers especially in the $300k - $400k range. In some areas homes have reached their bottom in that range. You need to know these areas. The upper end - even coastal still has to make the big drop - it's coming.

0 votes Thank Flag Link Sun Jun 29, 2008
Do a home search for properties in the 92057 Zip code, here on Trulia- keep them to under $225,000- Most of these properties sold north of $400K, in 2005. While that was overblown, you can see that there is a lot of room there.

Now, click the link below- Marine Corps NCOs have about $1,500-$1700/month for rent (and they spend it).

$20% down on a $200,000 home will have a PITI of about $1,550
0 votes Thank Flag Link Tue Jun 24, 2008

I answered last night telling you the best areas fo houses are the south bay area and clairemont for houses and condo's.
I own 4 homes and am currently looking to buy 2 more houses for rentals in the south bay area as the rent will cover my mortgage.
If you have any questions please e-mail me
I am an owner/broker Symbolic Realty

0 votes Thank Flag Link Thu Jun 12, 2008
The San Diego market is doing ok, some areas are doing much better than others, but in general sales are up and we have seen investors coming back into the market. The areas’ struggling the most are mainly due to the increased number of foreclosures and to some extent short sales. Buying a short sale can be an extremely long and frustrating process while purchasing a bank owned home tends to be a much easier process and many bank owned props are extremely good deals!!!!! There are many newer bank owned homes in the Chula Vista area, many of which are awesome deals. Chula Vista is just an example of an area with many bank owned homes. There are bank owned homes scattered across the County, you might also want to look at Central/Metro San Diego because homes in these areas are close to most everything and therefore attractive to a greater number of buyers and tenants. It seems to me that you may want to focus your attention on bank owned homes, because they tend to be a good value and when buying investment properties you want to put down enough money so that you are not caring a monthly payment. Because prices have come down across the County, in some areas, if you are able to put 20% you can get certain properties to pencil, which we have not seen in recent years. Good luck with your search. If you have further questions please feel free to contact me. San Diego is an amazing place to live and I think if you decide to invest in SD you will be happy you did so.

Filly Gaines
0 votes Thank Flag Link Thu Jun 12, 2008
The San Diego market is feeling some pain at the moment in many area due to the massive increase in foreclosures and short sales. Short sales, as of this writing, seem to be more prevalent than foreclosures and much more difficult to get accepted offers with the banks. As time passes the majority of these short sales will most likely turn into bank owned foreclosures. The foreclosures really have been the best value for the money across the board in San Diego. My advice to you as an investor is to focus your energy and time on bank owned foreclosures in the San Diego Metro and North County areas. As gas prices continue to rise along with economic inflation people will be forced to live closer to jobs and commerce. The outter areas of San Diego will thus be less desirable.

A "good time to buy" is when you can reasonably afford to do so. My parameters for a "good time to buy" is when you can finance a property with 10-20% down and have your expenses of ownership and management be covered by the market rent. That way you are not relying on appreciation to cover up a poor investment like many of the so called investors who got burned in the current mortgage debacle.
Yes, there are areas of San Diego that are cash flow with 10-20% down, something we haven't seen in a long time. So, yes, it is a good time to be buying up real estate... as long as you've got staying power, money in reserves and solid property management.

Look at Mission Valley and Mira Mesa for cash flow condos.
Look at Clairemont and Linda Vista for houses and duplexes that cash flow.

Use this site to find FORECLOSURE ONLY MLS Listings:

I'd be happy to strategize with you for appropriate investments to add to your portfolio.

Travis Houston
0 votes Thank Flag Link Wed Jun 11, 2008
Hi I am currently working with 3 investors who are buying bank owned properties for long term investment 5 years at least.
We are buying in the Chula Vista and La Mesa areas.
Please contact me if yu would like me to send you some great properties that are available.
Lee Symbolic Realty Owner/Broker
0 votes Thank Flag Link Wed Jun 11, 2008
Hi - I'm an REO agent and see it is a great time to pick up properties to add to your portfolio. Keep in mind that many areas are still experiencing depreciation and most likely will for a while. If you plan on keeping the home for 5-10 years you would most likely be in good shape. Neighborhood is everything as you are most likely aware of. You didn't mention what price range or life style you are interested in investing in. Are you looking for something close to beach, schools, Downtown San Diego, or North County, Inland or coastal? I am located in North San Diego County. Oceanside, certain neighborhoods in Vista, San Marcos and Escondido all have great potential for you. Those zip codes are 92054,92056,92057,92084,92083,92081,92025,92026,92027,92029,92069 for starters.
Birgit Anglin
0 votes Thank Flag Link Wed Jun 11, 2008
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