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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
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 firstname.lastname@example.org
I am an owner/broker Symbolic Realty
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 areasâ€™ 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.
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.
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