I'm looking to sell my house and trade it for another smaller one plus a couple of condos. Can 700k get me all of this, and what neighborhood?

Asked by Lesswork, San Diego, CA Mon Jan 31, 2011

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25
Khrystyna Ch…, Agent, Downtown San Diego, CA
Fri Feb 11, 2011
Wow!
Many answers!
I agree with most agents - YES.
You can absolutely do that, as long as you are realistic about the market and what you consider a "good neighborhood".
You can get a nice singe family home in Northpark, Chula Vista, Clairemont, etcfor around $300K-$400K, and then go about purchasing the investment properties at around 150K each. I would recommend 2brs for better cash flow.
Very good idea.
Good luck, Lesswork,
Khrystyna Chorna
Prudential California Realty
516 5th Ave,
San Diego, CA, 92101
tel: 619-808-7064
fax:619-702-9044
http://www.sandiegodowntowncondos.net
http://www.youtube.com/chornarealestate
1 vote
., , 92705
Mon Jan 31, 2011
Hi Lesswork

Careful with the condos!
Condos are priced very attractively right now for a few reasons:

1) Many units do not qualify for FHA status. This eliminate the largest pool of buyers right now who are FHA buyers which puts downward pressure on value.

2) Be sure the HOA is financially sound. If not they will bill the homeowners for building repairs such as a roof replacement or repair. This happened in a couple of condos I was showing to clients. I found out the HOA billed each owner $3,000 due by July 2011 to replace the roof.

3) Condos in general, even in a good market, are harder to sell compared to single family homes.

Think long term. What's your plan for these condos. Are you looking for rental income or vacation homes.
Carefully consider if you had to sell 5 years from now, would you get 100% or more return on your money. Are you willing to risk losing what you paid in exchange for rental income (provided it's rented) or for a couple of vacation homes

If you are looking for rental income consider a duplex. They are not subject to a HOA and are easier to rent (from my experience).

Contact me If you are interested in the LA area.
Monica
1 vote
Joan Wilson, Agent, San Diego, CA
Mon Jan 31, 2011
I'll throw my 2 cents in....did you see the article in yesterday's paper? http://www.youtube.com/watch?v=LBs-k2SzDkI Great area map to understand what prices are doing in the area. Simple answer is, YES you can accomplish your goals and you can be in some great areas, just about any area in San Diego County!

Let me know if I can help you in any way!

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

Blog: http://JoanWilsonRealtor.com

Find Your Dream Home:
http://JoanWilson.PrudentialCal.com
1 vote
Mike Fritz, , Carlsbad, CA
Mon Jan 31, 2011
You have many choices actually. Somewhat depends on where ajnd to what degree of style/comfort your house needs to be. There are condos in many areas of san diego now such as Escondido and east county or chuloa vista etc in the 90 - 150 range. A detatched house can be had for around 280k in the same areas. 700,000 cash will buy you a lot these days. Great thinking by the way

Mike fritz
Century 21
760-695-8505
1 vote
Steve Innis, , Clairemont Mesa West, San Diego, CA
Mon Jan 31, 2011
Downsizing is a wonderful idea. Less maintenance and potentially a larger portfolio. There are many complex financial questions that we would need to explore together prior to helping you identify the properties.

As a certified Seniors Real Estate Specialist I specialize in these types of transaction. Please visit my website and if you like what you see, call me for an appointment.

Thank you,

Steven Innis, SRES
Innis Realtors
1020 Prospect Street, Suite 250
La Jolla, Ca 92037
858-454-5600
Broker's License 00644965 Since 1982
Web Reference:  http://www.InnisRealtors.com
1 vote
Kari Shea, Agent, San Diego, CA
Tue Feb 1, 2011
Hi,

It is important to understand what you mean by trade? If you are talking a 1031 exchange, real estate law allows 1031 exchanges for investment properties only and excludes primary residences.

If you are looking just to downsize and look at a couple of investment properties, there are many factors to consider like the tax effect of such a move, property management, etc. If you have never invested in real estate you would need a good CPA who understands real estate and a good real estate attorney to help you protect your assets.

We hope this helps,

Mark & Kari Shea
Shea Real Estate
0 votes
Constantine…, , San Diego, CA
Tue Feb 1, 2011
I have unlisted properties scheduled to be unloaded in March. Call me if interested.
0 votes
Sheguina Dra…, , San Diego, CA
Mon Jan 31, 2011
Home Buyer...We would love to apply for the job of selling your home and helping you buy a smaller home and a couple of condos. We definitely need to get together to see what is the most ideal place to buy these properties. Give us a call tomorrow so we can set up a time to meet. 858.222.3054. We look forward to talking to you soon!
0 votes
Alex Saavedra, Agent, San Diego, CA
Mon Jan 31, 2011
Hello Lesswork,

You can definitely meet your real estate goals in this market. You can find a home in a nice area in the $400K range and buy two 2 bed/ 1-2bath condos as investments. The first step you need to do is make an appoinment or speak with a Realtor to find out the current value of your home. This step is crucial so that you will know how much money you might net and have to put toward a new home and investments. The second step would be to contact a lender to make sure that this scenario will work for you financially. Selling your home and finding three new homes will not happen overnight, but will the right Realtor it can be an exciting and pleasant experience. Good luck!

Alex Saavedra
Century 21 Award
619.519.0683
alex@buysdhomes.com
Web Reference:  http://buysdhomes.com
0 votes
Raquel Unger, Agent, Irvine, CA
Mon Jan 31, 2011
You can accomplish your goals in most areas in San Diego County depending on the square footage, lot size, view, bedrooms, baths, proximity to beach you want.. If you want help in selling your homes ..please give me the opportunity to chat with you and show you how I can help you accomplish your goals.
Web Reference:  http://www.homesoncells.com
0 votes
Howard Schwa…, , San Diego County, CA
Mon Jan 31, 2011
Hello - if you would like assistance in knowing the mortgage numbers and payments surrounding this scenario, I would be happy to assist. I am a 10 year veteran mortgage banker, in San Diego, with Primelending. I work with alor of investors and can help you navigate throught this. I live in the College area and would be available to meet with you to discuss.

Kind Regards,

Howard Schwartz
Primelending
619-795-6089
http://www.MortgageProSanDiego.com
0 votes
scott farmer, Agent, Scottsdale, AZ
Mon Jan 31, 2011
Have you considered Arizona? If so, you can purchase a very nice home here and several condos and perhaps live off of your investments. Taxes are low, weather is great and we don't have earthquakes, mudslides, santa anna winds. Just a thought.

Check out my website at homesales411.com to search the AZ MLS to see if this is an option for you.

Good luck in your pursuits!

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference:  http://homesales411.com
0 votes
Amy Kitchens, Agent, San Diego, CA
Mon Jan 31, 2011
Yes, you can. I can list your home for less while giving you full service. Our listing fee is 1.75% At Advance Realty Premiere Properties we specialize in "Savings without Sacrfice". I am also a native San Diegan having lived in several communities. Please feel free to give me a call so I can best see how your needs can be met.

Amy Kitchens, Realtor
DRE#01873494
Advance Realty Premiere Properties
9460-P Mira Mesa Blvd.
San Diego, CA 92126
amykitchens.realestate@gmail.com
Web Reference:  http://buyselladvance.com
0 votes
Jerry Heard, Agent, San Diego, CA
Mon Jan 31, 2011
Lesswork
You can accomplish what you want in many areas of San Diego. You should be able to find homes that are priced from $250,000 to $350,000 that are very nice. There are also several opportunities for condos ranging from the low $100,000s to $250,000. Chula Vista, East County, Oceanside and Vista and parts of San Diego like City Heights, Normal Heights, North Park are a few communities that I would consider.
Are there particular areas of San Diego that you would prefer to live? That is where I would concentrate my search first and then look for the investment properties.
Both of my websites have search engines that will allow you to complete searches to find homes that meet your needs. http://www.yoursdps.info or http://www.thesandiegopropertyshop.com provide free no obligation search engines.
Let me know if I can help you in any way

Jerry Heard
619-920-9796
0 votes
Debbie Bulke…, , San Diego, CA
Mon Jan 31, 2011
You betcha 700k can get you all that in this market! It just depends where you want to live and invest in. Like the catchy "name". I can help and make it easy and fun for you!

Thanks,
Debbie Bulkeley, Realtor, DRE#01815617
Prudential CA Realty
CELL: 858-243-6717
WEB SITE: http://www.DebbieBRealty.com
E -MAIL: dbulkeley@prusd.com
BLOG: http://debbiebrealty.posterous.com
Web Reference:  http://www.DebbieBRealty.com
0 votes
Marcie Sands, Agent, Poway, CA
Mon Jan 31, 2011
Lesswork,

Are you over 55? If so you may want to consider 55+ neighborhoods for yourself as they are less expensive. This would allow your remaining funds to be used for investment. Your best bet would be to work with a REALTOR who can provide you the current market statistics so that you are better educated in what areas to consider and what you can get for the pricing. You will also want to meet with a direct lender to go over the financing details. How far the 700K can go depends upon where you want to live. There are a lot of things to consider!

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
760-644-1562
0 votes
Rosemary Jol…, Agent, La Mesa, CA
Mon Jan 31, 2011
Hi Lesswork,

I believe you can.

You could purchase a $400-500K single family detached home in most San Diego County neighborhoods.

Neighborhoods that you could invest in a condos for around $120K or less 2 bedroom 1 bath minimum would be the following:
Alpine, Chula Vista, Imperial Beach, Lemon Grove, Spring Valley, El Cajon, Escondido, Lakeside, Oceanside, Santee, Vista, College area, and periodically in the San Carlos, Del Cerro area.

Hope that helps you and good luck!

Rosemary

Rosemary Joles
Pacific Sotheby's International Realty
619-405-7673
Homes@InHarmonyWithYourDreams.com
0 votes
Tony Francoe…, Agent, San Diego, CA
Mon Jan 31, 2011
There are many neighborhoods and options that could get you what you want for the 700k. I currently have a great short sale listing in Ocean Beach. A 2 Bedroom, 1 Bath condo nicely upgraded and in a quiet complex for under 200,000. Feel free to search for properties on our website and let me know if you have any questions. Good luck on your search.

Tony Francoeur
Coldwell Banker Residential Real Estate - La Jolla
CoastalTony@gmail.com
858-688-1177
Web Reference:  http://www.katieandtony.com
0 votes
Deb Burgess, , San Diego, CA
Mon Jan 31, 2011
Dear Mr. & or Ms. Lesswork,
There's a few questions/factors. Where are you currently working? How marketable is your current home...and equity, etc. Find an agent who cares about and can facilitate ALL those things to make it a great experience!

Thanks for the great question!! :+)
Deb Burgess
619-818-6033
Prudential California Realty, La Mesa
dab59@att.net
0 votes
Homertsimpson, , San Diego, CA
Mon Jan 31, 2011
Yes, there are several neighborhoods you can do this in. Go to my website and on the left side click on "Home Search"; you'll be able to search the San Diego MLS for FREE and see for yourself which areas you can afford to purchase in.

I hope this information was helpful!
Web Reference:  http://www.HomeInfoToday.com
0 votes
The INDRA Gr…, Agent, Rancho Santa Fe, CA
Mon Jan 31, 2011
Hello Lesswork,

Have you looked into Oceanside? You could get a nice single family home plus 2-3 condos.
We've sold a lot of investment condos. Oceanside is a great place to rent out because of quality renters from Camp Penalton. It is also close to Orange County for commuters. Oceanside is also named the most affordable beach town by Forbes. It is up and coming and has some great communities (like Arrowood or Rancho Del Oro, or Mira Mesa Collage area) for single family homes a few miles to beach.

If you need more options, you can send me an email.

Melia
melia@prusd.com
769 681 9960
Web Reference:  http://www.theindras.com
0 votes
Bob Davis, Agent, Escondido, CA
Mon Jan 31, 2011
Lesswork,

We are woking on several condos right now that are excellent investor properties...$200-$400 month positive cash flows...sale prices between $90K-$150K.....so that means less than $300K...and $400K left for a home

Which areas do you like?

San Carlos is possible, most of Escondido....Parts of Mira Mesa....all depends on what you like....will you be living in a condo or the home?
0 votes
Patty Haynsw…, Agent, San Diego, CA
Mon Jan 31, 2011
I just sold two detached units in City Heights for a bit over $250,000 with very good rental income and long term tenants already in place. This is something you could purchase and still have several hundred thousand to purchase a home for yourself. I like the North Park/ University Heights areas for nice community, central to all and the walkability to many restaurants, parks and shopping. Let me know how I can help!
Patty Haynsworth
Willis Allen Real Estate
2904 Canon Street
San Diego, CA 92106
(619)804-1972
Patty92106@cox.net
0 votes
Diane Conaway, Agent, Escondido, CA
Mon Jan 31, 2011
Phil's suggestion is a great start. The investment properties could be located anywhere but you should decide where you want to live first. Great deals can be found in condos. One of my investors just bought 2 one bedroom condos for $80,000 each and a three bedroom for $159,000.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Mon Jan 31, 2011
Lesswork;
There are many factors to consider.....some of them are your personal tastes and preferences.
I would start out by contacting a local professional real estate agent to list and market your home for sale. Your agent will advise you on what you can expect from the sale of your home. You should then have a checklist of what you would be looking for in your smaller home/condos....such as price range, location, and your criteria for your new properties.
Good Luck!
Web Reference:  http://www.321property.com
0 votes
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