All Forum Posts by: Christopher Gallardo

@Dan H.

You definitely bring up some valid points about the area. 

Even though you can get property really close to a southern CA beach, its not exactly what most people would imagine as a desireable beach due to the polution in the area. Traditionally, beach towns generate money and tourism due to the beach, if polution is such a large concern how would this impact IB?

One of the big demographics in the area that also seem to impact the potential for growth is the household median income. With IB being so geographically isolated I question the room for employment growth that will bring opportunities to the area that would facilitate the change into a trendier beach town. I know IB has the image of the last true sleepy southern california beach town, but this image could be negativily affecting the area as an investment opportuinity in the future.

BP San Diego,

Is anyone familiar with the Imperial Beach Market? My wife and I are looking at purchasing a SFH in the IB area to live in for 3-5 years before renting it out. We currently own a MFH in Logan Heights so I am new to the IB area. I am speculating it will sustain some growth in the future with the addition of the Navy Special Warfare compound, but is anyone else investing in IB right now?

I have been looking at the properties currently on market and was quite surprised how much house you can get for the price within 2 miles of a beach. I know Imperial Beach has some mixed reviews based on location and current demographics but it seems like purchasing a value-add property might not be a bad idea. Any thoughts on what the IB market might do in the near future?

@Dan H. I think we are on the same page that even the rough parts of San Diego are mild compared to some of the larger cities, I just don't want people thinking Logan Heights is anything like some of those areas you mentioned.

I feel pretty optimistic about the potential in the area, you should check out the San Diego City revitalization plan for Southeast San Diego if you want to see what might be in store for some of these areas. 

@Dan H. I think you are over selling how bad Logan Heights is. I currently live in the area and feel perfectly comfortable living here.

Logan Heights carries a bad name because of how it use to be, but it has come a long way. Many of the families living here are honest hard working people, it will take some time and money for it to come around completely but I have faith it will happen. I won't deny that its not as nice as areas like Southpark and Golden Hill that are within the 92102 area code, but we enjoy living here.

Casey,

I currently own a MFH in the 92102 area and am pretty familiar with market rents. I would be curious to see what your plans are, I think the Logan Heights area will be the path of progress in the future. 

Mia,

My wife and I live in one of these "sketchy" neighborhoods you're talking about (Grant Hills) and I would just say don't judge a book by its cover. People that have lived in San Diego a long time know how bad these areas were compared to what they are now and unfortunately they carry a bad reputation because of that. I won't pretend like its the best neighborhood in San Diego, but it has good and bad parts as to be expected.

Some mentioned it already, but its just a working class neighborhood with good people. If you check out crime statics for the area, the crime rate is actually higher in "fancy" areas like North Park than in some of the "sketchy" neighborhoods.

If you're planning on living in the property I would say the most important thing is to spend some time in the neighborhood at different times throughout the day/week in order for you to feel comfortable where you will live. If you want to know more send me a message and we can talk about the area.

@Bryce Baker

I recently stumbled across REI and BP as well. I devoured information for probably 6-9 months before i pulled the trigger on my first property. I bought a 4 unit MF in San Diego so I could fix it up while living there. The high price-point was definitely my concern because the numbers aren't great, but with my rental income from the 3 other units I pay less for my mortgage than I would for a comparable property. Not bad for a 1200 sqft home in San Diego with a huge yard.

My property wouldn't be cashflow positive if i were to move out immediately, but I am looking at opportunities to add other units and utilize the space on my lot (roughly .3 acre lot) to help offset that. Luckily I had the VA loan to use, so raising the money for a down payment wasn't an issue.

Good luck,

Chris