Home Buying in San Ramon>Question Details

, Home Buyer in San Ramon, CA

I am exploring 2nd home investment opportunity in San Ramon and vicinity.

Asked by , San Ramon, CA Sun Mar 30, 2008

Are there cashflow ve or breakven opportunities including SFR, condo, multiplex ? Assuming I can put 100-125K$ as down payment. Please include property tax (heard Windermere is more than other places), HOA cost as that would be helpful. Any info on going rent for 2,3 4 bedroom and the current occupancy rate will be helpful (is it difficult to find tenant in that area?) I live in Mountain view and am looking to buy in the next 6 months.
Also appreciate going interest rate for 2nd home. I have excellent credit score.

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Per my understanding, in order to qualify for a second home loan under the temporary conforming loan standards ($729k) in our area, you would have to put 40% down, aka a CLTV of no more than 60% if this will be your secondary/investment home. See more information from the web link below. In addition, you have to show that you have enough funds to pay for six months of PITI. If this is your first home loan, then it is 10-15% down and two months of PITI in the bank.
1 vote Thank Flag Link Sun Apr 6, 2008
You can check craigslist for some ideas. Dublin's Dublin Ranch area has similar rental prices and communities as San Ramon's Windemere. Around Dublin Ranch, 2000sqft has been listed around $2500/mo. Lower listing seem to go within a couple wks. I've seen 3500 sqft listed for as low as $2800, but the posting was removed within a couple days--probably found a renter very quickly.
1 vote Thank Flag Link Sun Apr 6, 2008
Dear S.Kumar,

There are some good opportunities in the San Ramon area. Most of the Windemere prices are over $600K and the property taxes in Windemere are 1.75%. HOA is going to run you between $100-$300 per month depending on the property.

As long as you can provide verification of you income and assets, you should be able to take advantage of the new Jumbo-Conforming loans, which in our area (Contra Costa as well as Alameda) is at $729,750. Most of the banks will go to 85% CLTV, therefore, you would have to come up with at least 15% of a downpayment. If you are planning on putting $100K as your downpayment, then you would be looking at a purchase price of around $665K. Without knowing your full financial situation, I have to make a number of assumptions about your credit score (which you state is excellent), and Debt-To-Income (which should be no more than 45%). Given today's rates, you would be looking between 6%- 6.5% for a 30-Year Fixed loan as well as 2-3 upfront points that some banks charge as part of the new Jumbo-Conforming program.

Have you thought about Dublin? Regarding rent, I have some investment properties and also help with property management. For example, my 2br/2ba condo in Dublin (1500 sq.ft.) is rented out for $2,100/month. A 4br/3ba SFH in San Ramon (2,300 sq.ft.) has just been rented out for $3,450. Rent is pretty strong in this area.

I would be happy to help you crunch some numbers and point you in the right direction. Please feel free to e-mail me at ochernyak@upgfinancial.com

Warm Wishes,
Oleg Chernyak
1 vote Thank Flag Link Thu Apr 3, 2008
find a bank owned property
wait a year or so
it will be cheaper

see what it would rent for
crunch the numbers
you will probably find
that it will be very difficult
to have positive money
at the end of the month


good luck
0 votes Thank Flag Link Thu Apr 3, 2008
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