Rent or Sell San Diego Condo?

Question

I have a 1bdrm condo in 92110 that I live in and will be relocating for work. If I rent it out, then I'd "maybe" have a few dollars of cashflow, but most of that would go to maintenance costs. If I sell, then I'd make $40-50k on the sale after realtor fees. It's an older condo (1969), but is in good condition. I worry if I rent then my engineered hardwood floors and nice blinds will be damaged. Although, those aren't too difficult to repair/replace. I've only had the property for 2.5 years. Now is not a good time to sell or rent, so either could take a few months/not be as profitable.

Anyone will experience in San Diego have an opinion?

I also have a single family buy & hold in Texas that I plan to move into when I move out of the San Diego condo. It's 10 years old and is getting to the point of needing repairs, but no mortgage on that property. Just property tax and insurance.

Anyone will experience in San Diego have an opinion?

I also have a single family buy & hold in Texas that I plan to move into when I move out of the San Diego condo. It's 10 years old and is getting to the point of needing repairs, but no mortgage on that property. Just property tax and insurance.

Christine Kankowski · Answer

REnting a condo is pretty easy at any time of the year.  THere are always people moving that need a smaller place.

I would rent it and when the tenants move out, sell it.  I would propose a 18 month lease to put you up in the summer the following year.  You will have deductions from the rental and get a little (hopefully) appreciation by waiting 18 months.

Best of luck!  WE do property mgmt if you are interested.  HouseMatchCA

Casey Murray · Answer

@Amber A. Now is not the best time to sell. I agree renting it out until next Spring-Summer before selling it. You could always do a HELOC for cash since you have equity in the place.

Amber A. · Answer

Well, I'm transitioning from a W2 job to self employment/contract work. So, I would like the $$ in reserves. Plus, the Texas house will need repairs bc its' 10 yrs old. In the long run (i.e. after I've made the transition and work is stable), I would like to invest in flips in Texas and eventually buy a duplex & live in one side/rent the other. I'll probably keep my current Texas house after I've lived in it for two years (made repairs) and rent it out again (eventually I may sell it), but I plan to hold onto it.

So, yes.... I could "make it" without selling, but I'd be a little nervous about money for a few months. I have a decent amount in savings, but less than I'd like.

Lee Ripma · Answer

@Amber A.

What will you buy if you sell? SD is an appreciation market so if you can break even renting it you'll probably do pretty well in the long run. I don't think you can look at the investment in a vacuum though, you have to compare it to what else you could do with the money and what kind of returns you'd get from doing that vs. holding this as a rental.

Amber A. · Answer

Short term rentals need to be 30 days or more due to HOA rules. I have a property manager I've spoke with about doing a short term lease (i.e. 6-8 months) so it would be selling during the busier season.

Ruben Martinez · Answer

I'm a local Realtor in San Diego. I would hold through till spring at the very least. The market has become somewhat slow. Right now the inventory is building up and there is not the usual frenzy of activity. All the agents  I've been in touch with are slow right now.

Given your area why not consider doing an AirBnB? Short term people perhaps parents or visiting professors could be your target demographic.