I predict that one will go fast! Hope you get it.
That one looks like there’s a lot of potential. One of the backyard shots shows a neighboring house has spiral stairs to a rooftop deck. If someone added a second story would it have views?
It could possibly have some peek a boo views of the downtown buildings in San Diego Harbor. Haven’t inspected it yet.
Bigger problem is trying to find money to buy it. I don’t want to make an offer without knowing I can follow through.
S o u t h e r n Wood
The tract like home on the street named above just closed escrow. It was listed $995k and it sold for almost $200k over asking price!!! $1,175,000 and closed in 21 days.
Yikes… no wonder she didn’t even bother to acknowledge my offer
Wow. Someone must have been desperate.
The new listing sounds perfect. Hope the investors can come up with $$ for you!!
Oh cb – how frustrating. A good potential comes along, just when you don’t have your main investor.
Go inspect it anyway, and meet with your smaller investors; hopefully they will step up. Also, now that you have a good track record, could you get loans from a bank? Or is that a bad idea for some reason??
I can probably start working with the private money lenders (hard money lenders), but their funds are very expensive. 2 points up front, some closing costs about $1,000 and 10% interest rate. It creates very expensive carrying costs which mean that I have to be even more cautious with my offer price. It puts me in a really bad position. I may be out of business for awhile here… a really difficult position.
I wish I could invest in you!
I have an appointment to inspect the new listing this afternoon. But, she told me there already is an offer submitted so I probably cannot compete for this one.
Flip #7
I am going to pass on the Catalina property. Besides the fact that I don’t have any guaranteed funds to purchase it, I didn’t like the house because it was near a busy corner and it was noisy. Very terrible inside and it needs a lot of work. Also, there was a young family at the house very excited. I don’t want to compete with them, but I sure hope they know what they are in for.
Do they need a designer to help them out with renovations? I surely would have liked to have one! 
How are young families buying million dollar properties? I guess with help…
$800k - needs about $650-700k mortgage. At the current rates, the payment on that would be about $4k (including insurance and taxes). Two professionals making $100k each are technically able to afford it. Not saying they should…
A $4k payment on $200K of income is only 24% of income. That’s not that bad. That’s probably about where we were when we bought our house 25 years ago.
24% is still a lot more than I would want to spend on a mortgage, esp if there are children/daycare/one parent stopping out of paid work in the mix.
@notrichenough - The thing is that 25 years ago people weren’t paying for cell phones or internet service. That kind of stuff adds up quickly so while 24% might have been ok back then I’m not sure it would be now.
Personally, I don’t think it is the right kind of house for a young couple (with it appeared 1 child about 6 years old). The house had crumbling cast iron pipes, kitchen that is not functioning because of major leaks under sink, disintegrating roof, etc. But, it is none of my business what they want to get themselves into.
This morning I went to look at
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This is a end unit condo in a good complex in Point Loma. The reason I like the unit is because it is end unit, on a cul de sac, on edge of complex. It has a lot of natural light. Also, it has a coveted long driveway which would allow cars to be parked in driveway. Most of the units don’t have a driveway and there are parking issues with very few ‘guest’ spots
It has been on the market for over 90 days and they haven’t had one offer because an elderly gentleman is living there and it doesn’t ‘show’ well. I can see past all of that. I think it is a perfect project to target young first time homebuyers with children. The listing agent has sold many units in the complex and he said that is the target audience for the unit. There might be a way that I can carve out a 4th bedroom out of a very large bedroom upstairs and that would be golden.
So, I am going to make an offer this afternoon. I’ll keep you posted.
Not to mention taxes! Where I live that would be about $25k a year.
Plus, this house needs a lot of work so add that in too - not that one needs to do it all at once. We’ve put approx $190k in improvement over the last 16 years (we did very minimal the first 10 years we lived here.) I just now finished the bathrooms (one big-ish and one powder room.) It was $42k for that. We are finally done - except for a patio I want to add off the deck. Looking at doing that next summer since I’m tired of living in a construction zone right now.
We wanted our house to be move-in ready when we were buying. We looked and looked and looked and finally bought one at the upper range of our budget. In fact it cost so much relative to our disposable income we couldn’t move in for a few years and had to stay in our cheap rental while saving up so we could reroof and I stalk hardwood floors. The basic place was great tho and if we hadn’t needed the hardwood floors we could have kept the sheet vinyl flooring theoyghout.
I think we were likely paying about 35-50% of our net income toward the mortgage and house initially. Fortunately eventually our salaries went up while the mortgage stayed the same.