All Forum Posts by: Maryrose Matanza
Maryrose Matanza has started 5 posts and replied 11 times.
Post: New Construction in Otay San Diego
- Posts 11
- Votes 3
Thank you everyone for your input! Would love to get a SFH, it was tough to find a 3-4brdroom in my price range that didn't need too much fixing in Otay or Chula Vista. This is why I resorted to the new construction condo. I guess I have a lot more saving up to do, thank you!
Post: New Construction in Otay San Diego
- Posts 11
- Votes 3
Hi all,
Currently came across new construction in San Diego. This is located in Otay, and the condo complex is called "Pinnacle Millenia". Would this be a great investment if I did the buy and hold strategy? The purchase price is around 527k, and I see this as a new development area/high traffic area (high tech high, Otay mall, eastlake high school, I can see them expand the freeway more South and build more communities which could potentially expedite the home value).
Just wanted some honest feedback! Is new construction a good/safe real estate investment opportunity? Any thoughts on the new construction in Otay?
Post: House hacking in San Diego single family
- Posts 11
- Votes 3
Originally posted by @Alejandro Romero:
I live in San Diego and I’m having trouble convincing myself that multifamily is a good investment here in San Diego. For example I saw a single family home in Otay Ranch that is a 3 bedroom 3 bathroom house for 515,000. I could easily rent out the two extra rooms and each roommate would have a private bathroom. I’m think wouldn’t it make more sense financially to house hack a single family then to house hack a multifamily due to the cost? Anyone beg to differ? I’d love to hear feedback, thank you.
Any updates on your experience of investing in SD.
Post: New investor searching for REI club
- Posts 11
- Votes 3
In search for a real estate investing club. Goal is to find potential partnerships, learn, shadow senior investors, and have a community with like minded individuals. Thank you!
Post: Kickstart into real estate investing
- Posts 11
- Votes 3
Originally posted by @Mark Frattini:
Rentals that show well and are priced right usually do not last long in San Diego. Hard to say why a property is still sitting after being available for a few months. Consider renting out your current town home and move into your next property. This would allow you to get in for 3.5% down using owner occupied financing.
Sounds like the best route. Question on pricing rent on the townhome
Details:
3 bd, 2.5bath, 1100 sqft, 2story
Appliances: Laundry, Fridge, Dishwasher
zip code 92139
Is there a website that can calculate the average cost of rent in this area based on location? I wouldnt want to overprice my home, and would love to have renters agree with pricing the first time.
Post: Thoughts on "New Wealth Advisor Club"
- Posts 11
- Votes 3
Looking for some guidance for real estate investing in San Diego. A free webinar on meetup popped on my google search. I believe it is connected to "New Wealth Advisor Club". Does any one have any input/feedback about New Wealth Advisor Club? I believe they require annual fees once registered as a member, but would like to know if its a great route.
Post: Kickstart into real estate investing
- Posts 11
- Votes 3
Originally posted by @Twana Rasoul:
@Maryrose Matanza You have already got a great start. If you can owner occupy the next property then you will still have low down payment options. fha allows you to put 3.5% down on a duplex....you can't really buy 3 and 4 unit properties in San Diego as they usually will not meet the self sufficiency rule of 75% of rents being able to cover the entire PITI including mortgage insurance premium (MIP). For 2-units there is no such rule and with fha you can put 3.5% down on a duplex up to $1M...that's a heck of a bang for your buck. I own rentals in San Diego including in clairemont and usually get my places rented out in 1-3 days
Thank you for your input, this is super helpful! On top of the 3.5% down payment, how much more would I have to save for closing costs/mello roos, etc.?
Post: Kickstart into real estate investing
- Posts 11
- Votes 3
Originally posted by @Dan H.:
The only way to put down that small of a down payment via traditional financing (excluding owner financing, subject to, etc) is to owner occupy. As a non owner occupied, you will need to put 20% down and I’ll get better terms with 25% down.
We have one rental in Clairemont and many through San Diego county. We have never had an issue finding a tenant. However, realize that many/most good tenants have to give their current LL a month’s notice. I will also add that pre covid we would have an open house after advertising a few days. We would get massive turnout and typically get 1 to 4 applications. We have had 3 units that we needed to find tenants since Covid. With covid we scheduled one viewing at a time. One unit rented real quick. The other two I estimate took over 20 hours. About one out of 3 schedule appts do not show even if confirmed the same day. I would allocate over 20 hours of viewings to accomplish what we used to get in a 2 hour open house. Post covid, we will transition back to having an open house as we believe the frenzy results in urgency on applying.
You may only have the money for a townhouse/condo. My issue with condo/townhomes is not the HOA fees, but the power of the HOA. The HOA can dictate whether the unit can be rented, the type of flooring, etc. I do not want an HOA to have this large a say in my investment. I do believe most HOAs are good stewards of the HOA fees and have the advantage of scale for maintenance/cap ex costs to minimize those costs.
Good luck
I agree about HOA, my neighbor had to break down their newly built canopy because it wasn't built a certain way. The roof had to be slanted, rather than flat. In addition, my neighbor had me sign a form to ask me for permission since HOA required them to. Thank you for your input, will go in the direction of occupying the home first.
Post: Kickstart into real estate investing
- Posts 11
- Votes 3
Originally posted by @Kimo Quance:
If I was in your position I would buy a 2-4 unit and occupy one of the units so you can use 3.5% down FHA loan. Then move out of that and buy the next one as you'll have the income to offset your DTI from your current condo and the 2-4 unit you buy. As far as properties renting out there isn't any issue with doing that. There aren't enough rentals in San Diego. Trulia, Zillow, etc. aren't accurate in their status' of properties. Hope that helps.
occupying makes sense, thank you all for your input. Would you know the average cost for a 2-4 unit? Thank you
Post: Kickstart into real estate investing
- Posts 11
- Votes 3
New investor here. I'm 28, and purchased my first townhome at 25 which currently has been my primary home for the last 3yrs. I do have a small idea of what it's like to deal with maintenance issues, and all the 'baggage" that comes with owning a home. After refinancing and learning that the value of my home increased by 15%, I saw an open door to opportunities to invest in real estate. But I would like to do it right. I have enough to put down 3.5% on a condo/townhome, I'd like to start small (is this the best approach?). What I'm worried about is finding renters. On trulia, I see rental listings that are over 1month old. Id hate to purchase a home and not be able to find renters month after month. How is the market right now, and is it that hard to find renters? I'm thinking Clairemont, north park area. Would it be best for me to live in the rental property first, and then rent it out?
Will take all the tips/advice I need to kickstart into real estate investing. I have some money saved up, and not sure how to take the first step.