Deja's View

There's always a cr**load of houses for rent out there in SD. The paper is your best source for comparisons. 2.5 long years ago I lived in Mira Mesa (yuck, I know) and paid 1350 rent for a 2/1 with 2 car garage house. 1800 would have gotten us something nicer and larger in Scripps Ranch or Poway. Of course, there are much nicer houses for much more but it seemed that 1800-2500 would get you something pretty dang nice to rent. 3150 seems way out of whack unless the house is in LaJolla or similar Look in the paper for that area, and be sure the comps are really comparable. They sure can change a lot in a short distance. And, enjoy where you live for me! I miss SD so much! (someone play me the violin) Thank you that's great info. and San Diego misses you!! I will check the newspaper on rents in the area. I know what you mean about things can change in a short distance. I was just looking at a house to rent that was MUCH larger and more goodies and they only wanted $2400 it was about 6 miles away!!!

Cool daddy'O I'll approach it from the CA being that this is my first deal and see what happens. All he can do is say no right? Then it's, NEXT!!! Oh, is there a link that you know of that gives good FMR? And what do you think about me sending him a short offer form? This is what I found on FMR in SD County for a 3bd. it's $1976!!! hmmmmmm now this brings other questions to mind don't it?

Just a guess, Deja, but you're not from Manhattan, are you? With that out of the way, I have a few concerns with this deal. The first being you're brand new and this owner is an experienced Agent/Investor. That puts you at a disadvantage. Problem two: he wants $5K down. Leaving what for you? Problem three: he owes $430K. Is there enough room in this deal to add at least $10K option consideration and another $19K in rent credits? In other words, if you market this property at $459K will there be any takers? Problem four: he wants to cover his $3,150/mo payment. Will the market accept that? He may be motivated, or he may be trying to pick your brains to understand what you do and how you do it. Again, you're new, so be wary. I'm not trying to dampen your enthusiasm, bro. Just sharing some advice and experience with you. And by all means, the minute this guy asks to see your contracts, listen to the alarms that should be going off in your head. Man this is great!! Okay, I'm not from Manhattan I'm from San Diego. 1. This guy is not firm on the $5,000 and I feel that I can dismiss it all together. 2. From what I'm seeing (via property proflies) in this neighborhood its a good chance that I could market this property at $470K and get takers. He has empty porperty and it's very costly now. 3. He's not asking what I do and how I do it he just wants help in moving his property. 4. As far as rents I'm going to get info. on FMR in the area to see if it can stand $3,150 but this is CA and people are use to paying that and more to rent a house in this area. I'm not that new to real estate but I'm very new to L/O's I've bought severals homes but this my first attempt at L/O's. Maybe I'll just do CA's and call it a day!! Make a few grand and go find that strip club I've been hearing about in here ha ha ha ha ha ha. This is wonderful information.... please continue

Hello everyone!!! I can't tell you how much I have enjoyed all of the posts I've learned soooooo much. I've laughed and laughed so more on certain post. Okay, down to business. I'd like some advise and suggestions on my very first deal. I'm as excited as a tick on a ole fat hound dog. Here's what I have so far (play by play) 1. A sign was posted in the yard: FSBO (seller financing) 2. I made my very first call after talking to myself for a couple of days (ha ha ha ha) 3. The home owner answered and I asked him the 5 Q's. 4. I explained that I was not a realtor but in fact "I own a property management company (as I was taught too) 5. Here is the info. I was able to gather from that conversation: Q: Why are selling? A: It was an investment and I'd like to sell my properties. Q: Asking price? A: $440,000 it was built in 1978. Q: How does that compare to others? A: Others of like homes are selling for $450 - $525k Q: How did you come up with that price? A: I checked comps in the area. Q: What do you do for a living? A: I invest, I'm an agent Q: How long have to owned it? A: Since Jan. 07 I paid $430k. Put about $35k of upgrades. It's a 3/2/2 1359sq.ft. lot 6,316. It's available now. I'd like to be able to lease it for a yr. and if the t/b can't refinance then I'll extend it for another yr. (gotta love that) I still owe about $430k there is a first and second mortg. I just want to be able to cover the PITI $3,150 a month. With maybe $5,000 dwn. Okay, after all that I have read and learned I'd say that this type of deal don't come along too often for a newbie! This is a very motivated guy and he loves our concept. And he would like to give me more of his property to sale through L/O I just need help in putting this together being that this is my very first rodeo! If there is someone that would be willing to walk me through this so I don't fall on my face. Thank you in advance family!

I'd have to agree with Doug, write you a nice letter and state that you are NOT a real estate broker/agent. And that anything that you do is a private matter. However, if that doesn't surfice and you feel that you need to have your questions answered by an attorney for review those types of letters and you can't afford one then my suggestion is to protect yourself and your business with a Pre-Paid Legal Self Employed Legal Plan it's only $58.97 a month and it's a tax write off. I use it and it has saved me thousands. I can also use it for personal matters as well nation wide. www.prepaidlegal.com/biz/anthonymitchell Best to you and yours

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