Bargains I've Found: April 2008 Archives

Needs a Little Shining Up

General: La Mesa, 5 Bedroom 2.5 Bathroom

Con:

What's Wrong With It: The back yard needs some landscaping, and the pool needs refurbishment. The carpet needs replacing, walls need painting, and everything needs cleaning.

Why It Hasn't Sold: That's a good question, given the neighborhood, but most people can't see how easy it would be to improve something like this.

Who it's Not Appropriate For: People looking for something turn-key.

Pro:

Selling Points: Nice sized back yard, has great views of the neighborhood, and sits in an excellent school district. Public areas have nice open lines of sight, and the kitchen would be very nice once cleaned. This is a great place for entertaining, and there's even an upstairs retreat if you get tired of your own party.

Who Should be Interested: If you're looking to house a large family in a great neighborhood for a reasonable price, this is it! Alternatively, it'd be a good prospect for a college rental.

Why it's a Bargain: What needs to be fixed isn't expensive. Smaller properties in the same neighborhood are commanding higher prices..

Financial:

What I think I can get it for: $440,000.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.75% with just over one point, or 100% VA financing at 5.75% for the same cost.

With no down payment: VA 30 year fixed rate loan at 5.75% (FHA 97% financing) payment $2568, (APR 5.852)

With 20% down: Fully amortized payment of $2054 (APR 5.900).

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 $440,000 the property would be worth approximately $710,000. If you held it those ten years before selling, you would net about $350,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2400 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $310,000 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, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

Showplace Needs a Little Finishing!

General: San Diego, 4 Bedroom, 2.5 Bathroom (1 full, 2 3/4)

Con:

What's Wrong With It: The owners ran out of money and it needs another few thousand dollars to shine! Roof is getting old.

Why It Hasn't Sold: People can't see how easy it would be to finish!

Who it's Not Appropriate For: People with very young children. People who need grass.

Pro:

Selling Points: Very low maintenance yards. Once finished, the property will be low maintenance inside as well. Nice large combination room with good lines of sight. The back yard has a nice pool and spa, and a deck with views over the entire area. Second story separates the master suite from the other bedrooms, and itself has a nice observation balcony. 4th bedroom downstairs would be ideal office, and is insulated enough to be good for day sleepers.

Who Should be Interested: People who love pools, or love entertaining, or both!

Why it's a Bargain: This is a great neighborhood, and with prices such that I would expect properties like this to be selling for about $40,000 higher than the asking price.

Financial:

What I think I can get it for: $410,000.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.875% with one point, or 100% VA financing at 5.75% for the same one point

With no down payment: VA 30 year fixed rate loan at 5.75% one point (FHA 97% financing) payment $2427, (APR 5.883)

With 20% down: Fully amortized payment of $1940 (APR 6.020).

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 $410,000 the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $320,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2400 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $280,000 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, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

Lender Owned with Panoramic Views!

General: La Mesa, 3 Bedroom, 1.5 Bathroom

Con:

What's Wrong With It: Stained Carpet is the only thing I can find.

Why It Hasn't Sold: New on the market, and I wouldn't expect it to last!

Who it's Not Appropriate For: People who can't handle stairs.

Pro:

Selling Points: The view looks out over the city and goes all the way to the ocean. Good sized back yard, nice and private! Large family room. Two car garage with inside access!

Who Should be Interested: This would be a great place to live! Good schools for families!

Why it's a Bargain: The view is fantastic!

Financial:

What I think I can get it for: $410,000.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.5% with one point, or 100% VA financing at 5.75% for the same one point

With no down payment: VA 30 year fixed rate loan at 5.75% one point (FHA 97% financing) payment $2427, (APR 5.883)

With 20% down: Fully amortized payment of $1862 (APR 5.642).

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 $410,000 the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $325,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2150 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $270,000 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, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

 



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About this Archive

This page is a archive of entries in the Bargains I've Found category from April 2008.

Bargains I've Found: March 2008 is the previous archive.

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

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