Bargains I've Found: November 2007 Archives

Older Home, Beautiful Inside, with a Large Lot!

General: La Mesa, 3 bedrooms plus 1 optional, 2 FULL bathrooms!

Con:

What's Wrong With It: The front yard and facade are not attractive.

Why It Hasn't Sold: No curb appeal as it sits.

Who it's Not Appropriate For: People who need a garage. There isn't one right now.

Pro:

Selling Points: Central to everything, two minutes to the freeway. Served by some great public schools. Once you get inside, it's nice. The kitchen is modern, as are both bathrooms. The yard is large enough for a garage and a pool, and you'd still have plenty of room for the kids to play.

Who Should be Interested: People looking for a place to raise a family.

Why it's a Bargain: It's been on the market quite a while, and it really is worth the money - but the front yard keeps scaring people away.

Financial:

What I think I can get it for: $370,000.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.

With no down payment: fully amortized payment $2218 plus $299 temporary PMI based upon $370,000 loan. (APR 7.110 includes temporary PMI)

With 20% down: fully amortized payment of $1775 (APR 6.152)

Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.

Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $370,000 the property would be worth approximately $600,000. If you held it those ten years before selling, you would net about $285,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $190,000 ahead of the renter, after the expenses of selling.

To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!

Contact Information:

Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

Lender Owned on Large Lot with Great View!

General: Santee, 2 Bedrooms + 2 optional, 1 bathroom.

Con:

What's Wrong With It: Lots of Stuff, starting with settling and foundation trouble. Truthfully, the value is in the land, less demolition and haul away.

Why It Hasn't Sold: It will take significant cash to fix it

Who it's Not Appropriate For: People who want a turn key property. This is definitely not that.

Pro:

Selling Points: Location has a great view, and the schools are pretty good also. Central to everything.

Who Should be Interested: Investors with the cash or people looking for a good lot for their dream home..

Why it's a Bargain: The lot is twice the size of most stuff built in the last few years, and the view will add a major chunk to the value of any livable property. Plus, you can get residential housing financing on it because the house isn't condemned.

Financial:

What I think I can get it for: $210,000 or maybe a bit less.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.

With no down payment: fully amortized payment $1259 plus $170 temporary PMI based upon $210,000 loan. (APR 7.146 includes temporary PMI)

With 20% down: fully amortized payment of $1007 (APR 6.176)

Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.

Investment potential: This is a great property if you're looking to build a new custom home or if you have the ability to get multiple unit housing approved.

To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!

Contact Information:

Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

Solid Top Floor Condo in Great Neighborhood

General: La Mesa, 2 Bedroom 2 FULL bathrooms.

Con:

What's Wrong With It: Entryway is narrow.

Why It Hasn't Sold: Kitchens and bathrooms are original. Wall covering from the book of "What were they thinking?"

Who it's Not Appropriate For: People who have difficulty climbing stairs

Pro:

Selling Points: Location is a nice clean complex with a pool and clubhouse. Served by great schools. Central to everything. Larger than most 2 bedroom condos.

Who Should be Interested: Smaller families and single parents. People looking for great investments.

Why it's a Bargain: The unattractive surfaces tend to drive most folks off, and it's lender owned.

Financial:

What I think I can get it for: $160,000 or maybe a bit less.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.

With no down payment: fully amortized payment $959 plus $129 temporary PMI based upon $160,000 loan. (APR 7.172 includes temporary PMI)

With 20% down: fully amortized payment of $784 (APR 6.202)

Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.

Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $160,000 the property would be worth approximately $260,000. If you held it those ten years before selling, you would net about $120,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $90,000 ahead of the renter, after the expenses of selling.

To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!

Contact Information:

Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

Lender Owned With HUGE Bedrooms and Basement!

General: La Mesa, 3 Bedroom 2.25 bathroom.

Con:

What's Wrong With It: Floor needs resealing and a divider needs removing.

Why It Hasn't Sold: Kitchens and bathrooms are original from the 1950s.

Who it's Not Appropriate For: Flippers

Pro:

Selling Points: Location is on a quiet street close to a public park. Great schools in the area. Yard is good sized. 2 car detached garage with bonus room.

Who Should be Interested: Families with children who need room. People with home based businesses.

Why it's a Bargain: It's lender owned and the construction appears solid, if dated. The smallest bedroom is 13x14. You could be happy here for the rest of your life.

Financial:

What I think I can get it for: $400,000 or maybe a bit less.

Monthly Payment requirements and income requirements: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.

With no down payment: fully amortized payment $2722 based upon $400,000 loan. (APR 7.107 includes temporary PMI)

With 20% down: fully amortized payment of $1919 (APR 6.137)

Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.

Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000 the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $180,000 ahead of the renter, after the expenses of selling.

To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!

Contact Information:

Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 115

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About this Archive

This page is a archive of entries in the Bargains I've Found category from November 2007.

Bargains I've Found: October 2007 is the previous archive.

Bargains I've Found: January 2008 is the next archive.

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