All Forum Posts by: Emy Bernardo

If it were me, option 1 is by far the best choice.  You will have a solid cash flowing rental with your condo and can harvest the equity to invest in another property to add value to here in San Diego which will always be a strong rental and appreciation market. 

I think the mountain resort idea is risky, STRS are oversaturated in many markets, and you have to deal with other issues - out of town property management, higher than normal maintenance costs, STR rules, potentially cost prohibitive fire insurance costs, etc. If we go into a recession, the vacation towns tend to get hit very hard as people scale back on travel and vacations.

The house looks beautiful, I'm sure you will find someone soon. Just curious, since I will be in a similar situation soon (renting our main house out that has an attached ADU), how private is the main living space from the ADU? Is the yard private? Are they highly qualified applicants not renting because they don't want to share the space or give up privacy? Did you adjust the rental rate down to compensate for the shared living space w/ the ADU? We figured we would discount the rent slightly to compensate for the ADU even though it's very private and you hardly notice that it's there.

Selling before you buy is definitely going to make it easier for you but as far as timing the next purchase, no one has a crystal ball as to what housing prices and interest rates are going to do.  I personally don't think that prices are going to go down significantly here in San Diego- too much demand and not enough inventory.  The higher rates could soften the demand a touch and maybe the bidding wars will calm down a little over the next year or two.. I wouldn't try to time the market but instead, decide on your budget, get pre-approved and start looking. It can take months before you find the right home and are able to get your offer accepted.  

@Joseph Antwi Check with your agent to see if there are any cash buyer programs available. The agent would need to take a short training class (most are about 1hr) to be eligible to offer to you. I did the training with Flyhomes and it looks really promising. It's one of the few cash buyer programs I've found that will lend on 2nd homes and investment property.  They pre-approve you and then give you a short term loan to buy the property cash w/ a quick close, no appraisal contingency. After closing, you can refinance with them into  30 yr fixed and waive the 1% service fee or use your own lender.  I don't see that they are in NY yet but I would imagine there is a similar solution there. Hang in there! 

FYI - Here is the reply to my email from the office of Council President Sean Elo-Rivera who is proposing the no fault-just cause eviction moratorium :

"Thank you for reaching out to our office. As the State moratorium only pre-empts local eviction moratorium with respect to non-payment of rent, our proposed eviction moratorium would not be subject to pre-emption, as it only covers no-fault just causes for eviction.

Our proposed moratorium would not prevent you from being able to provide care for your mother or your family. An eviction for owner or relative move-in would still be allowed under our proposed moratorium, although it would require sufficient notice so as to mitigate housing instability for the displaced tenant in our unaffordable and inaccessible housing market. Since month-to-month leases are also covered under our moratorium, long-term leases will not be “eliminated”. Removal of units from the market is covered under our proposed moratorium, but would require significant notice to affected tenants, in order to preserve their long-term housing stability.

Please let me know if you have any further questions or concerns.

Brett Weise | he/him

Senior Policy Advisor and Community Representative

Office of Council President Sean Elo-Rivera  "

To further complicate matters, I see that the state is trying to pre-empt local gov'ts from passing their own eviction laws.  

https://caanet.org/bill-would-...
"The bill would maintain the state’s preemption against newly approved local eviction restrictions through the end of June.

The approval of AB 2179 would maintain a consistent standard for eviction protections across California, preventing a hodgepodge of local rules for tenants, landlords and courts to navigate. "

It would be nice if there was a online database of all of the various laws by state/county/city and we could easily sort through and see what applies. Probably the reason for this bill - maybe it's getting to confusing to even sort out in the courts..

@John Underwood.  It's scary.  We are considering renting our primary here in SD when we relocate out of state but now having second thoughts. Really don't want to sell, though.. All of our other investment properties are in landlord friendly states. 

Here we go again folks!   Landlords and property owners cannot catch a break here in California and San Diego.  

 https://caanet.org/votervoice/

The City of San Diego will consider a “no-fault” eviction moratorium on April 4. The proposal announced by Council President Sean Elo-Rivera is expected to outright ban or limit:

An owner or their family members from moving in.

Substantial remodels or rehabilitation of a property.

Withdrawal of residential rental structure from the rental market.

Please voice your concerns  - this will become the status quo - if you think they are going to end this "emergency" anytime soon here, think again.  

This is why you need a good agent that would have advised you to write specific terms in the offer about how much of the appraisal gap you would cover and you should not have removed the appraisal contingency for exactly this situation.  The San Diego market is extremely competitive and this is the status quo right now. Unfortunately, you will need to negotiate or try to make up the gap somehow.  

Keep it!  You would be hard pressed to find the cash flow combined with rent and resale appreciation in the mid-west markets.  We have two properties in the mid-west and the market is much more stable there - no where near the rent appreciation and price appreciation as here.