Pick Apart My Deal (San Bernardino, CA)

6 Replies

I found a 4 bed 2 bath 1083 sq ft SFH in San Bernardino, CA. I pulled comparable rent data from rentometer.com. Here are the numbers I got below in my analysis. Let me know what you think?

@Bruno do you leave in the area or have you drove it at night? Is it North of San  Bernardino High School? I think the average Rent is high for that area.

If you were North of the 210fwy by Cal State I could see someone paying that. 

Also is your Down payment correctly calculated? For an investment property you should be looking at 20% down.

1000sqft house is not very large you can get an Apartment by Cal State San B with the same square feet for $1400.00 

$2100 month in rent in SB? You may have the bedroom count, but sqft is very low for that rent, your probably closer to $1700-1800 than over $2000 in that area, maybe north of 210 Shandon Hills, maybe the Del Rosa/Sterling area, San Grogonia area, close to Highland or casino area might get closer to those rents.

It looks like your trying to Finance with an FHA loan, watch out for mortgage fraud, SB has been a hotbed of mortgage fraud in the past and it is much more of an issue today than in the past, not saying they are looking to lock people up but occupancy fraud is one of the most common forms of fraud and lenders do look for it. With good credit you might find 85-90% financing for non-owners occupancy.

@Clifford G. & @Ryan R. , I have not lived or driven in the area. I'm just using the MLS map to find deals within 15 miles of my current residence in Upland. Yes, the sq. footage doesn't match the comps so $1700-1800 is probably more accurate. Ryan, thanks for the warning regarding the FHA loan. Do regular banks and credit unions do 85-90% non-owner occupied loans often?

@Bruno A.

For investment properties with conventional you can go as high as 85% LTV for a SFR. A multi-family is going to be 75% LTV. Some lenders may overlays requiring lower LTV's.

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