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Rent vs Buy in San Francisco : Real Estate Advice

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Activity 6
Fri Jun 13, 2014
Ryan Rudnick answered:
I believe there are a few rental properties available on Treasure Island in SF. I'd be happy to help you find some, but I would warn you that your budget is a bit low for what you're looking for, and you might need to raise it in order to get what you want.

Hope this helps!
-Ryan
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Sun Jan 27, 2013
Kevin Birmingham answered:
Hi Alison,

Great question. The people in infomercials make a lot of money, but not in real estate. They are in the business of selling books, plans, seminars, etc. It’s easier selling you those crazy schemes than it is for them to actually do what they are advocating in their programs.

If it was so easy, they would be buying real estate that way, not putting out infomercials. Consistently making money in real estate requires a lot of hard work and a lot of hours. It isn’t a “get rich quick” scheme, though sometimes the market turns at just the right moment and you can get lucky enough to make a quick buck.

As others have said, unless you are a Veteran, FHA loans require a minimal 3.5% down to purchase. Feel free to contact me if you have additional questions.
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Fri Sep 28, 2012
Teresa Grobecker answered:
As I'm sure you've seen, rents are sky-high right now. If you have some cash to put down, buying could be a very savvy investment right now. Not all loans require a 20% down payment. If you're a first time home buyer there are loans that require a lot less. Also, if your needs change in the future, you can always rent out your property. San Francisco is a great rental market from landlords. This has been my family's strategy for quite some time so I walk the talk, so to speak. These properties can be a great investment for your retirement plans as well to generate long-term cash flow.
I provide some great calculators on my website. Here's the one for mortgages:http://www.grobeckerco.com/home/listings/mortgage-calculator/

If you need assistance with finding decent neighborhoods and investments in SF I'm always happy to help. I'm a chartered retirement planning counselor and also a short sale/reo specialist.

Happy house hunting and best of luck! :)
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Fri Sep 28, 2012
Teresa Grobecker answered:
Hi SF Dad,
I have looked at this same predicament as well. If your home still has a mortgage, the interest and any expenses and taxes are deductible from your rental income.
Here's some more information on the IRS rules on rental income http://www.irs.gov/publications/p527/index.html

Hope this is helpful. If you'd like help with renting your property out, I offer property management services for a flat rate ($50). If you would like to list your property, I can help with that and only charge a flat fee of $500 which includes listing to the MLS, taking photos and hosting open houses.

Best of luck,
Teresa Grobecker
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Fri Sep 28, 2012
Teresa Grobecker answered:
Hi Elizabeth,
As I'm sure you've seen, rents are sky-high right now. If you have some cash to put down, buying could be a very savvy investment right now. Not all loans require a 20% down payment. If you're a first time home buyer there are loans that require a lot less. Also, if your needs change in the future, you can always rent out your property. San Francisco is a great rental market from landlords. This has been my family's strategy for quite some time so I walk the talk, so to speak. These properties can be a great investment for your retirement plans as well to generate long-term cash flow.
I provide some great calculators on my website. Here's the one for mortgages:http://www.grobeckerco.com/home/listings/mortgage-calculator/

If you need assistance with finding decent neighborhoods and investments in SF I'm always happy to help. I'm a chartered retirement planning counselor and also a short sale/reo specialist.

Happy house hunting and best of luck! :)
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0 votes 9 answers Share Flag
Mon Jun 27, 2011
Lance King answered:
Erica,

Not all Real Estate Pros are self-serving dealmakers as 1 rusty seems to be saying. We have "lost" a lot of money as a firm over the years by frequently recommending buyers DON'T purchase for a number of reasons. Sometimes it's because they have a short window before selling, or as back in the crazy days because properties were selling at prices that made no sense, especially when buyers were putting in non-contingent over ask offers. One axiom will always remain true: the law of gravity applies to Real Estate as well. Most of our buyer clients are still good on value because of our approach to the business.

Foregoing said, it's probably not a good idea to buy ANYtime if you're "Scrounging up" money for mortgage payments. The business is different now, and there is nothing that indicates to me that there is any huge rise in the market coming (disclaimer that I, like everyone else don't have a crystal ball), so the decision to buy or not needs to be well-though out.

When you take in to account raw land, houses, and multi-unit buildings, I have personally bought and sold over 100 properties and NEVER lost money, even in the last couple of years, because I apply business principles to purchases even if I'm going to live there. We use the same approach with our clients, and this has served them very well. We have a large contingent of folks are eternally grateful because we advised them not to buy a particular property or at all.

In San Francisco there are still some opportunities but they are fewer because of market dynamics. If you're thinking of buying you need to look at long-term and short-term needs, and find some trustworthy professionals who really know their stuff to guide you. There are lots of ways to figure out who these people are, and I'm happy to go into that offline.


Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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