Bargains I've Found: June 2008 Archives

Solid Lender Owned Property in Great Neighborhood!

General: La Mesa, 3 Bedroom 1.75 Bathroom

Con:

What's Wrong With It: The color of the kitchen cabinets has to be seen to be believed. The cooking equipment is basically original 1960. Neither bathroom has been updated since at least 1975, and the floors need to be polished and sealed.

Why It Hasn't Sold: Those kitchen cabinets are the unforgivable sin for most.

Who it's Not Appropriate For: Somebody who has to have it beautiful immediately.

Pro:

Selling Points: All of the rooms have really good light, the living room especially. Everything is solid and even the stuff that needs to be updated is very livable as it sits. The back yard has plenty of room and an excellent view. The neighborhood is solid and desirable. The schools are excellent.

Who Should be Interested: Mostly, people willing to deal with surface cosmetic issues - the kitchen cabinets would be the hardest.

Why it's a Bargain: Priced aggressively to sell, $30000-$40000 below less desirable properties in the same neighborhood.

Financial:

What I think I can get it for: $360,000.

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% Thirty year fixed VA financing at 5.875% for the same cost.

With no down payment: VA 30 year fixed rate loan at 5.875% (FHA 97% financing) payment $2129, (APR 6.015)

With 20% down: Fully amortized payment of $1703 (APR 6.027).

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 $360,000 the property would be worth approximately $580,000. If you held it those ten years before selling, you would net about $280,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2000 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $250,000 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

 



Buy My Science Fiction Novels!
Dan Melson Author Page

The Man From Empire
Man From Empire Cover
Man From Empire Books2Read link

A Guardian From Earth
Guardian From Earth Cover
Guardian From Earth Books2Read link

Empire and Earth
Empire and Earth Cover
Empire and Earth Books2Read link

Working The Trenches
Working The Trenches Cover
Working the Trenches Books2Read link

Preparing The Ground
Preparing The Ground Cover
Preparing the Ground Books2Read link

Building the People
Building the People Cover
Building the People Books2Read link


The Invention of Motherhood
Invention of Motherhood Cover
Invention of Motherhood Books2Read link

The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
What Consumers Need To Know About Mortgages Cover
What Consumers Need to Know About Mortgages Books2Read

The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
What Consumers Need To Know About Buying Real Estate Cover
What Consumers Need to Know About Buying Real Estate Books2Read

Dan Melson's San Diego Real Estate and Mortgage Website

↑ Grab this Headline Animator

About this Archive

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

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

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

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 4.21-en
******

Enter your email address:

Delivered by FeedBurner


Copyright 2005-2017 Dan Melson. All Rights Reserved