Only some areas are 500+. Most good areas are closer to 300.
Less than 20% fall in home prices will destroy the banking system?
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Sounds like a BUBBLE huh?
Yes its crazy!!! Thats what were trying to tell you! LOL
apparently you failed math class ? I said for $1000 you get a dumpy ass apartment and you pull up one that rents for nearly $1700 ?
Such as ?
Quote from traderdragon2:
Sounds like a BUBBLE huh?
Yes its crazy!!! Thats what were trying to tell you! LOL
My friend lives in imperial beach and says 200 sq ft is average out there. Does that sound about right to live in the ghetto ?
TraderD, I don't see how your friend rents that so cheap if it is a 600k house, Just the taxes and insurance on the place would run the owner probably at least 1500 a month. So they are making $200 a month profit assuming it does not have a mortgage when they could sell it and get 5% in a cd or mm and make 30k a year ?
Regardless of which way the "housing" decline works. The players in the Real Estate Game are going to swoop in and purchase "New Homes" , pennies on the dollar. Of course, Location, location, location.
The employment situtation in america is tight and will probably remain tight in certain areas. However, all those bankers, tele-marketers, sales, mortgage officers, 90% of the real estate agents, and all the other paper pushers will be laid off by summers end.
Recession is most likely, not a depression. Nevertheless, there will be plenty of opportunities to make money, both in the Markets and Real Estate.
The ones in trouble are the 9to5ers.....they are stuck between a rock and hardplace.
The employment situtation in america is tight and will probably remain tight in certain areas. However, all those bankers, tele-marketers, sales, mortgage officers, 90% of the real estate agents, and all the other paper pushers will be laid off by summers end.
Recession is most likely, not a depression. Nevertheless, there will be plenty of opportunities to make money, both in the Markets and Real Estate.
The ones in trouble are the 9to5ers.....they are stuck between a rock and hardplace.
I said *that* home (350K) would rent for $1000 in the ghetto. There are no 350K homes here.
I posted a luxury apartment in response to your "high teens" condo claim.
Even better....
Here is a 2 bedroom condo for $895
http://sandiego.craigslist.org/apa/299164064.html
I posted a luxury apartment in response to your "high teens" condo claim.
Even better....
Here is a 2 bedroom condo for $895
http://sandiego.craigslist.org/apa/299164064.html
Quote from volente_00:
apparently you failed math class ? I said for $1000 you get a dumpy ass apartment and you pull up one that rents for nearly $1700 ?
I use to rent an 800K house at the beach for $2600/month
You have to realize there is an effective cap to rents here. Salaries suck here, the economy has never been great, it doesnt matter what the landlords mortgage payment is, people can only pay so much.
The homes were bought long ago when mortgages were much lower and are permanent rentals.
You cant buy a home in SD , rent it out, and make a profit. That game ended long long ago.
You have to sit thru years of red before turning a profit if you buy a home to rent it out now.
$200/sq foot is a poorer area of town in SD
You have to realize there is an effective cap to rents here. Salaries suck here, the economy has never been great, it doesnt matter what the landlords mortgage payment is, people can only pay so much.
The homes were bought long ago when mortgages were much lower and are permanent rentals.
You cant buy a home in SD , rent it out, and make a profit. That game ended long long ago.
You have to sit thru years of red before turning a profit if you buy a home to rent it out now.
$200/sq foot is a poorer area of town in SD
LOL, 1500 covers taxes and "rent" on a 600k home?
Your way off.
If the PV (present value) is 600k, and the IY (intrest) is say around 6.25 and N(time value of the loan) is 360 months (30 years) off the top of my head the cost of Intrest and Principle are around 3200 or so. Not including Tax at 2.5% of more, and or Insurance, depending if they but 5%-19% down.
600k renting for 1500 is not only a HUGE LOSS it would be assnine to hold the home, I would allow repo by bank.
Formula (as all who play with Real Estate Know) is PV(IY)N=PMT
Your way off.
If the PV (present value) is 600k, and the IY (intrest) is say around 6.25 and N(time value of the loan) is 360 months (30 years) off the top of my head the cost of Intrest and Principle are around 3200 or so. Not including Tax at 2.5% of more, and or Insurance, depending if they but 5%-19% down.
600k renting for 1500 is not only a HUGE LOSS it would be assnine to hold the home, I would allow repo by bank.
Formula (as all who play with Real Estate Know) is PV(IY)N=PMT
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