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Home Selling in SoMa : Real Estate Advice

  • All75
  • Local Info9
  • Home Buying27
  • Home Selling4
  • Market Conditions8

Activity 4
Fri Mar 15, 2013
Paul Hwang answered:
Sat Feb 13, 2010
Callista Shepherd Smith answered:
There are so many well-priced condos now...not even much more than the price-range of TICs... I suggest just buying a condo. UNLESS you have an absolutely compelling reason that you need to buy a specific TIC for some reason unknown to me. Buy a condo.

Happy to be your agent if you need one,

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Sat Feb 13, 2010
Ronson answered:
I am in palm springs ca and my dad and his brother have always let people live in his storages/offices. They never have put any money in them. There is not even windows that open or fire alarms. They never have gotten in any kind of legal matters ever. They get a double deposit and make the parties sign a legal document. that they just rent there for work. Trust me we are not going broke like the rest of the USA we never have a vacant unit. I dont know but I think if you donate money to the local PS government and pay your taxes. They dont care. So I dont think people need to be so paranoid. Anyway have money set a side for a lawyer. We are secure in our finances.This property has been handed down since PS became a city. Its who you know. ... more
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Tue Mar 4, 2008
Michael Ford answered:
as i consider this thread i must ask for clarification. is the combined negative cash flow the $20k? and is that ARM of yours "NegAm ing"? if so the deal gets more and more suspect ulness you have a VERY long hold horizon. can we hear from a mortgage broker to advise what sort of loan might be available with a fixed payment for 7-10 years...what are todays rates on I/O products and what LTV might they require.

your first task is to figure out what the depreciable part of the land/structure combo is. you can only depreciate the building, not the land. assuming $400k for the bldg, your first year depreciation is about $14.5k ($400k/27.5 years). this may be a case of the property becoming a keeper just because the thing cannot be sold cannot deduct losses on personal residences so converting it to a "rental" may allow the loss to be deducted. you really need an accountant to treat the several possible outcomes of this situation.

i disagree with home ferret that a year will clean this mess take is end of '09 at best. especially in California where data suggests we are just now seeing the impact of the rate resets in the defaults...until now the foreclosures have been common walk aways and more typical defaultors.
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