All Forum Posts by: Emy Bernardo

Anyone that is considering or already invested in North Port, the Commission approved an engineering study for the first phase of septic conversion.  https://www.yoursun.com/northp...  The article contains a PDF of the plan that shows a map with the different areas and the proposed sequencing based on cost, density, and pavement age. Fortunately, the house we are building is way down on the list so hopefully, won't get to in the next 5-10 years or more. Something to keep an eye on, as the costs to the homeowner will be significant. 

Here is an excerpt from an update from the SDAR President, Carla Farley.  I encourage anyone against this ordinance to send an email to express your concerns to the supervisors that support it:  

• San Diego County Supervisors Who Supported Item 26 (-)
  • Chair Nathan Fletcher
  • Vice Chair Nora Vargas
  • Supervisor Terra Lawson-Remer

..."The ordinance is set to take effect 30 days after the vote and remain effective until 60 days after the Governor of California lifts all COVID-related stay-at-home and work-at-home orders. We are exploring options to challenge what is clearly a misguided policy and overstep of County authority and are committed to making sure these provisions aren’t extended further or made permanent. In other words, the fight is not over… and we need your continued support."

Well, the meeting went late into the night and despite the hundreds of callers, ecomments, and letters from Mayors opposing - the ordinance was approved. Hopefully, this will be challenged in court so this very dangerous infringement on property rights is not upheld. I know SDAR is a strong opponent, will keep an eye out for any legal action. We know nothing is ever "temporary" in government, once rights are taken away, they are never given back willingly!   San Diego has turned very blue and it's not going to be good for America's not so finest City anymore..

If you are considering reinvesting in San Diego for STRs, you may want to think again. See this thread on a new STR ordinance that was passed, restricting STRs to 1% of the housing stock. https://www.biggerpockets.com/forums/617/topics/946763-san-diego-limiting-short-term-rentals?

As far as DOM for condos, that will depend on the area, but in my area (92117) average DOM in March was 21 days, median sales price $484k.  As far as a discount for tenants, I don't necessarily think that will effect the price, but it may take longer to find the right buyer depending on when the lease is up and if the rent will cover the buyer's mortgage payment.  Sellers' will often offer to make up the difference to sweeten the deal. You could also offer "cash for keys" to your tenants as incentive. With so little inventory on the market, it's likely the condos will sell fast, esp. if priced right. 

I would be very cautious buying any property w/ an HOA for buy and hold. A new a
CA 2021 law does loosen the restrictions to require HOAs to allow up to 25% rentals but they can still place restrictions.  Many HOAs do not allow rentals for the first year. Also, HOA fees are a cash flow killer. Many new developments also have additional tax assessments and Mello Roos for infrastructure, so do you due diligence and run the numbers. I don't see how it would cash flow at that price point. 

My husband and I both used this online exam prep from Real Estate trainers. https://www.retrainersca.com/s...  If you scroll to the bottom of the page, you'll see the online computer trainer for $59.  The questions were representative on what is on the exam, in fact, there were some of the exact questions.  Good luck!  

Here is a link to a page on the Cape Coral website that you can check the utility expansion projects https://www.capecoral.net/uep/...   

Port Charlotte is unincorporated, so check w/ Charlotte County.  From what I've researched, the County is not moving as fast with the utility connections. One property I checked on wasn't even in a 10 year plan.

Also, be sure to check if a property is in a flood zone. This FEMA map viewer is handy. You want it to be in Zone X. https://hazards-fema.maps.arcg...

Some areas, such as SW Florida - Cape Coral, for example,  have additional assessments for new utility connections (water/sewer) as many homes are on well/septic.  Definitely check with the local City or County to see what plans they have to add utilities in the area you are looking to invest or make sure that the existing home has assessments paid or will pay at close of escrow.  Could be a big surprise expense - I've heard in the range of $19k.. 

@Wai Chan   - I don't have any bad things to say about the Ohio market.   The single family rentals we own are halfway between Cincy and Dayton in a little town called Middletown.  We work with an outstanding turn key provider/property manager who takes great care of the properties and tenants; definitely the most "passive" real estate investment we've had to date. We've never had an issue with vacancies and no missed rent during the pandemic.  Our property manager took a very proactive approach working with their tenants to get ahead of any issues with rent payments during the pandemic. Ohio is also landlord friendly.  Property taxes aren't the lowest but definitely less that Texas.  And, since there isn't rapid price appreciation, you aren't getting hit with big annual property tax increases.  Unlike what we experienced in San Antonio a few years ago and now are dealing with in Idaho - which has totally gone bananas!   Thank goodness for Prop 13 in California. These other states need Prop 13!!