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Home Buying in San Joaquin County : Real Estate Advice

  • All39
  • Local Info1
  • Home Buying30
  • Home Selling1
  • Market Conditions0

Activity 901
Sun Feb 2, 2014
Sarah G answered:
First consider what will happen if your tenant stops paying rent or gives a notice to vacate.
Every month the house is vacant is an EXPENSE to your budget. So how to you make money off of a rental when you need to make MONTHLY timely mortgage payments and property tax payments/

You do what the big banks do. YOU PAY CASH> Also when you pay cash you pay much less for real estate so you can afford to LOWER the minimum rent so you can be competitive with your local competition....all other similar properties that are for rent in your market.

On the surface it looks like an investment/property manager would make more profit on a higher monthly rent. But if you look at the possibilities as a prospective tenant you are looking for maximum rental value with the lowest amount of rent costs.

Never having to worry about QUICKLY finding good and honest tenants saves TONS of aggravation.
How do you find good tenants? You do NOT find them by over charging on monthly rent . It can help, all things being equal, that tenant LOYALTY should also be a goal. A LOYAL tenant will pay on time and not cause trouble. How do I find a loyal tenant? Run the same tenant credit checks, interviews etc but remember THEY are thing about how much the rent will be as number one or number two priority. Once you make a proper tenant selection, THEY WILL BE FORCED TO BE LOYAL to you because of you comparatively LOW RENT. Once a tenant gets comfortable they will start spending money which will pout them in debt. Your biggest threat from good on time loyal tenants is when they start looking for a house to buy. If they have low rent and spend money on "toys:" you will have a continuing loyal tenant who is stuck paying you as their number one debt.
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1 vote 8 answers Share Flag
Sun Feb 2, 2014
Sarah G answered:
I think your best area is on the east side of Lodi. They are very supportive of undocumented residents. I also recommend that you save 6% on the price of the property by going directly to the seller. You can find FSBO's For Sale By Owner or listings that are ready to expire. In most cases, when a listing expires the sales agent can no longer get their 6% commission. This is $6,000 for every 100K of the selling price. On a two hundred thousand dollar house that is $12,000 of YOUR money you have to pay. On a 300K dollar house the typical 6% agent sales fee for "both sides" of the transaction can be $18,000! The sales commission will be more than your down payment using an FHA or GSE type financing! if house prices go down, you will be left owing more money than the house is worth.
Of course house prices can always go up. Please remember when mortgage interest decreases, the amount you can pay for monthly PITI ( Principal, Interest, Property Taxes and Home owners fire insurance) will also decrease! This meas that in most cases you can afford to pay more for a house. The downside is as mortgage interest rates INCREASE, like they are today, there is a concomitant decrease in the amount of mortgage you can get and/or your monthly PITI payments will increase.

If you think that interest rates will increase, be very careful and try to keep your PITI as low as possible in the event house prices drop again forcing you to be "underwater" or owe more for the house than it is worth. Three groups get their money FIRST no matter if house prices go up or go down: Used house salesmen, County property taxes, and Escrow-Title insurance fees.
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0 votes 7 answers Share Flag
Sun Feb 2, 2014
Sarah G answered:
Yes, Tracy, Stockton and Lodi are loaded with low priced Group Homes! There are gangs in Lodi which keep the Group Home business very competitive. The East side of Lodi ( anything East of Ham lane) and The "Tortilla Flats" development along side the West side of highway 99 and East of Cherokee Avenue should have what you are looking for. Big houses, low prices and a "hood" that is understanding and supportive. Its walking distance to Kmart and El Mercado and Bilingual clerks will ease transition to either Spanish only or English only cultures to meet your goals. ... more
2 votes 2 answers Share Flag
Mon Jan 27, 2014
answered:
I would sell it, take the profit and use it to put a down on 2 rental properties. Stay out of Utah and Oklahoma City because you already have a good market here, good luck!
0 votes 4 answers Share Flag
Mon Jan 27, 2014
Monica Anaya answered:
First step pull your credit report. It's free on creditkarma.com . I am experienced in the Stockton area and would love to help you in this process.
Monica Anaya
2092697122
Manaya@c21mm.com ... more
1 vote 15 answers Share Flag
Sat Jan 25, 2014
Alleane Tiffany-Mouloua answered:
The current development map doesn't show anymore condos coming to the new "Neighborhood C" area. There will be single family homes built closely together much like the Lennar homes in Altamont Village.
http://www.lennar.com/New-Homes/California/San-Francisco-Bay-Area/Mountain-House/Creston-Park-at-Mountain-House
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0 votes 3 answers Share Flag
Sun Jan 19, 2014
Thomas A Hug answered:
Fri Jan 17, 2014
John Arendsen answered:
Please! Once is enough. We get it.
0 votes 2 answers Share Flag
Mon Jan 13, 2014
JR Thrasher answered:
You can call or email. Scroll to the bottom of any page and click on the help link.

J.R. Thrasher
www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes 2 answers Share Flag
Mon Jan 6, 2014
Annette Lawrence answered:
Sarah in Lodi,
I'm confused.
In your question you state, "agents refuse to return calls to Buyers agents ON NEW LSITINGS"
however in your expansion you state, "he will not complain to the association about these "pocket listings" because.... "
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Both of these statement CAN NOT BE TRUE at the same time.
If it is a "Pocket Listing" it is NOT in the MLS therefore, by choice, not being offered to EVERYONE via the MLS.
This was a choice the SELLER made, not the agent.
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So, Sarah, I'm obligated to ask, "How did you find out about this property?" Do you have a link?
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Finally, I rely on pocket listing HEAVILY. Guess what, these homes sell fast and fair.
You would be well advised to connect with a multi-dimensional professional who has conduits into the four invisible markets that PRECEDE the MLS.
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Be aware, this action is being driven by the irresponsible behavior of web sites like Zillow and Trulia. The best way to maintain control of the homes data, and not create great peril for the new owner (and eliminating potential litigation) is to rely on the network of MOTIVATED buyers and agents who wish to protect both the buyer and seller and bypass the anarchy of misinformation created when control of the data is lost.
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No one doubts your qualification to buy. However, that has little bearing on finding the best homes for sale. That depends on privilege of membership. Sign up with a LODI REALTOR and you too will get a "FIRST LOOK."

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://FirstLookHomes.us
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0 votes 9 answers Share Flag
Fri Jan 3, 2014
Randy Elliott answered:
Hello Ashley,

There are many great answers below, but I'd like to reverse the answer so that you actually pick your Realtor you'd like to work with 1st.

I suggest this because your Realtor can recommend 2-3 great local lenders for you to choose from that they've worked with before with great results. Unless you already have a great lender you've been referred to, or already know through other ways, your Realtor is a fantastic source to connect you with a great team of experts to assist you in your home-buying process.

Either way you go, I wish you great success in your home-buying adventure.

Randy
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0 votes 10 answers Share Flag
Fri Jan 3, 2014
Randy Elliott answered:
Hello Maricela,

Are you referring to commercial or residential? And are you referring to Stockton?

Please provide a little more information in your question in order to provide a more thorough answer here on Trulia Q&A.

Thank you,
Randy
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0 votes 2 answers Share Flag
Wed Dec 11, 2013
Dorene Slavitz answered:
Dear Sytha,
Yes you need a "Pre-Approval" letter from a lender. This will involve looking at all your financials, W-2, Tax Returns, Pay Stubs and Debts. Your credit is important as well.
Your Realtor can help you with this, by a referral to their in-house lender. You can also go to your bank and get this from a loan officer there. It's the first step in the Home Buying Process.
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0 votes 9 answers Share Flag
Tue Dec 10, 2013
Brian Nguyen answered:
Yes it's possible! VA loans do not have restrictions towards foreclosure. On the other hand, every house has to follow the guidelines and has to pass the inspection. Some foreclosure homes may not be able to follow the guidelines or pass the inspection, that is a problem that may occur. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 13 answers Share Flag
Fri Dec 6, 2013
Dennis Evans answered:
No matter where you live, crime is a very important question... My advice is always the same....
If you are truly concerned? If you want to really know about crime and exactly what you can expect...
There is truly only one thing you can do! Please... Call local law enforcement!!!
they know exactly what the story is in your area and they have nothing to hide or any hidden agenda, etc...
I know it might sound too simple or your afraid to call.... But please call!
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0 votes 10 answers Share Flag
Sun Nov 10, 2013
Fred Herman answered:
I know the question is old, but others may currently be in a similar situation.
problem if you buy?? not if you buy it for market value. but according to what you stated the mortgage is greater than what the home is worth. so unless the bank will approve a short sale, the full amount owed will need to be paid. However, you cannot buy the home as a short sale.

if you buy the home, do you plan on occupying a portion of the home with your parents???

if the amount owed is greatly more than the home's worth, sometimes foreclosure may be best.

options: shot sale, foreclosure, pay down the principal then buy the home if the amount owed is only slightly above the home's value, assist your parents with the mortgage payment, rent out the home if it will cover the mortgage payment and buy a home for you and your parents.

good luck
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0 votes 11 answers Share Flag
Thu Nov 7, 2013
Brad Young answered:
I would like you to meet with our local Manteca lender, Curt Daggett of Scenic Oaks Funding. There are many loan programs and many different situations depending on your income, credit score etc. If you could talk to Curt on the phone or make an appointment and come into our office (1600 Yosemite #1 across from Kaiser) then you could sort it all out and get pre approved so we can start looking at homes. Just contact me and I will get you started. - Brad

Brad Young
PMZ Real Estate
1600 W Yosemite Ave #1
Manteca CA 95337
209 814-2470
byoung@pmz.com
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0 votes 7 answers Share Flag
Tue Nov 5, 2013
Brad Young answered:
Patricia:

There is a home at 4369 Aplicella asking $455,340, 2876 sf, on the lake.
There is another home at 4377 Aplicella asking $432,930, 2400 sf, on the lake.
There is no home at 4379 Aplicella.

Call me and I can schedule a private viewing for you of these homes. We can also check on what else is available on the market when you come.

Brad Young
PMZ Real Estate
1600 W Yosemite Ave #1
Manteca CA 95337
209 814-2470
byoung@pmz.com
Lic No 01345941
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0 votes 5 answers Share Flag
Tue Nov 5, 2013
Ali Qureshi answered:
Mountain house is an excellent place to live. It is a close knit community where people are extremely friendly and willing to be helpful. It's a great town to raise kids. Schools have a 9+ over all rating with an API of 900+. It is a bit far from the bay but the where can you get a big house and great place to live for the price you pay in Mtn House. ... more
0 votes 10 answers Share Flag
Tue Nov 5, 2013
Ali Qureshi answered:
Sandra,

7 years is a long period of time. Everything else on your application seems to be very strong for example you income etc. considering other variables are in place for example you didn't miss any payments in the last 12 months or any fireclosures in the past 24 months, you should be fine. ... more
0 votes 4 answers Share Flag
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