What would this rent for?
- Thread starter stepping_up_IHB
- Start date
southoctracker_IHB
New member
This doesn't answer the question, but I can tell you that property is REO and was bought for $500k in 2006 using 100% financing.
freedomCM_IHB
New member
I've seen ones with views on CL for ~$1700, iirc
wow, it was for sale for a year in the $400ks range before it got REOd. was bought a few years ago for $500k, so that is a 40% haircut.
but even at $300k, it sounds as if the renovations are incomplete. you might have to put in another $100k, plus deal with the condo board.
wow, it was for sale for a year in the $400ks range before it got REOd. was bought a few years ago for $500k, so that is a 40% haircut.
but even at $300k, it sounds as if the renovations are incomplete. you might have to put in another $100k, plus deal with the condo board.
stepping_up_IHB
New member
5 days listed and the bank accepted one of 5 offers on it today. Not sure how much, but it sounds like either at list or just above.
graphrix_IHB
New member
Nice Townhome that was in the process of being remodeled. Kitchen Needs appliances. Some permits were pulled yet not completed. Good potential yet will need more than just common basics. Several nice accents started yet need to have a contractor to complete.
Translation: The foreclosee took everything they possibly could, counter tops, kitchen sink, stove, toilets, etc. So, getting a loan on this place would be tough, unless the bank that was selling it would be willing to give you a loan. I would hope you would know a contractor to get you a "friends and family" priced deal, because it would probably not be pretty. Especially if the previous "contractor" screwed things up.
Rent on this place might fetch $1500, maybe more at a low inventory time of year. Two things that make this a bad rental deal: 1. There are a lot of condos for rent right now, and I think inventory will only increase. 2. I know of three investors who own in this complex and the surrounding complexes. They bought in the mid to late 90s, and owe nothing or very little on their places, and rent them below market because they want good tenants. This makes for some tough competition, especially if they have available units when you need to get $X rent to make the place cash flow. Costa Mesa has a high amount of rentals, and will only have more as more and more "investors" try to swoop in on "deals" like this.
Translation: The foreclosee took everything they possibly could, counter tops, kitchen sink, stove, toilets, etc. So, getting a loan on this place would be tough, unless the bank that was selling it would be willing to give you a loan. I would hope you would know a contractor to get you a "friends and family" priced deal, because it would probably not be pretty. Especially if the previous "contractor" screwed things up.
Rent on this place might fetch $1500, maybe more at a low inventory time of year. Two things that make this a bad rental deal: 1. There are a lot of condos for rent right now, and I think inventory will only increase. 2. I know of three investors who own in this complex and the surrounding complexes. They bought in the mid to late 90s, and owe nothing or very little on their places, and rent them below market because they want good tenants. This makes for some tough competition, especially if they have available units when you need to get $X rent to make the place cash flow. Costa Mesa has a high amount of rentals, and will only have more as more and more "investors" try to swoop in on "deals" like this.
No_Such_Reality_IHB
New member
graphrix said:
I agree, depending on state of the interior, $1200-$1800 but tending towards $1400 if it isn't a pit. Higher if you are lucky. Parking in that area is a bear though.
no_vaseline_IHB
New member
I think $1500 rent is about right. You might get lucky and get $1700 and you might have to get to $1350 to get good tennants.
$1500 mo x 160 = 240,000 LESS the cost of the remodel (30K-80K) = who cares it's not even close.
Every time I've looked since 2001 at a deal like this, the result has been the same. It doesn't work. I want more garage space and RV parking bad, but not that bad. I can get my post tax dollars to go further every time I look by renting, time and time again, which should scare anyone who's a knife catcher looking for the bottom. We aren't even close.
$1500 mo x 160 = 240,000 LESS the cost of the remodel (30K-80K) = who cares it's not even close.
Every time I've looked since 2001 at a deal like this, the result has been the same. It doesn't work. I want more garage space and RV parking bad, but not that bad. I can get my post tax dollars to go further every time I look by renting, time and time again, which should scare anyone who's a knife catcher looking for the bottom. We aren't even close.