All Forum Posts by: TJ P.

I'm in the same boat- Any updates?

If you're OK with barely hitting the 1% rule (KC can get you around 2% from what I've seen), then I would take a few more #'s plug it into the buy & hold calculator on here. 

Good job on the mortgage terms BTW. How's your credit and would you mind sharing which lender gave you that?

 I'm not tech but am in similar boat. Took a job with a good company for above average wages (compared to peers nationally). Wife grew up in this area and most of my family is from here so we are familiar with the benefits of living here- Education, health care, etc. Child is at one of the top-ranked schools and is done in 3 years. My hope is we time the market then to purchase and then ride the organic appreciation cycle to eventually CF rental or sell and invest in the South where we plan to retire anyway. 

Current sales for condos near me 2/1.5s around 500k with rents 2500-3000 = INSANITY. Subjective of course as some idiots are paying that.

Personal that I'm aware of. Not sure if portfolio but assumed they are. I did a search for "what kind of rates..." are you getting and bookmarked many convos then followed up with some of the folks. Based on what we discussed offline, I wanted to see what folks were getting, as many lenders I've spoken with won't give precise #'s without an application on my part.

Wow, that's pretty specific and restrictive. Have seen similar issues mentioned on here. I'm wondering how locales affect this as I know of some folks here in CA that are getting 30 yrs at <5%. 

None are at 30 year now?

 Funny, I was just looking at this thread. I took an article home from one of the papers yesterday that showed confidence levels in this regard. Things weren't as rosy as they have been recently.

I live in Moraga and prices there are IMHO- INSANE. My job is in Oakland and I hope to stick with it a while but if prices don't adjust in the next few years, we will be forced to move out of state or to the valley with a 2 hour commute.

My personal prediction: A major readjustment/ mild bubble burst not as severe as 2008 by 2019.

Exactly. I haven't seen any 1% rules that would CF to my standards with traditional financing. 

Originally posted by @Charles Moore:

My initial thoughts are that I should pass on this, as it barely meets the 1% rule, is in an area with poor quality schools, and lower comps, and only shows a 9% ROI after maintenance and vacancy. But I wanted to see if anyone else has some thoughts?

Thanks

Who's paying utilities?

Was roof done as well? If not, age?