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As someone who’s been in San Diego for 4 months I’m still fighting to settle in. San Diego is one of if not the most in demand housing markets like much of SoCal.
I work a ****ty scaffold job but I net about 3200-3600 a month , 4K with enough OT and I still can not for the life of me find a roommate. Move here without somehwere to stay and you’re ****ed. I just looked at a room in Pb in a rundown 3bdrm for 850$ all utilities included. The guy was flexible with the move in date. The next day I told him I’d take it after his open house and no response. I literally would’ve had his deposit ready today and would’ve been in by the end of the month.
With rooms youre fighting with hundreds of other people. Apartments ? try thousands most likely. My recent roommate went back on his word about the deposit being due in full after two paychecks even though he said two months because I didn’t have it when I moved in. I could have paid him literally the next day because I have direct deposit and get paid on Thursday’s. He said “no I have high standards and don’t want you here , I said wendsday.”. I had only been there two weeks.
That’s how the people, both roommates and property owners are. They’re so picky idk how anyone my age lives out here.
I kinda miss the cold shouldered east coast because it was brutal honesty. Here everyone will act sweet or chill to your face and then in the blink of an eye maliciously **** you over like no tommorow and go behind your back.
I’d imagine you are more established in your life than I but if you move out here I’d plan on renting a hotel for months , then getting a sublet , then maybe California will have room for you and you can get a permanent roommate/ your own apartment. Maybe. There’s a long line.
Just being real with you. Maybe you can afford the vacant high rises in dowtown with your salary.
I’m sick of this place and haven’t decided if I want to just move somewhere else or just travel.
Hi! Thanks for sharing your experience. I can only imagine how frustrating it has been for you!! I hope you can find a place you like *and* get accepted soon! Do you have a timeline when you’d move if you don’t find somewhere you like? This (housing) is exactly what I’m most afraid of. I’d like to own eventually but I don’t know if I can do it at SD.
Hi! Thanks for sharing your experience. I can only imagine how frustrating it has been for you!! I hope you can find a place you like *and* get accepted soon! Do you have a timeline when you’d move if you don’t find somewhere you like? This (housing) is exactly what I’m most afraid of. I’d like to own eventually but I don’t know if I can do it at SD.
I can’t Speak as for actual buying but I’ve heard that there’s too many cash offers to compete with. A lot of these rich foreign investors are buying these properties and turning them into rentals.
I’ve read that a lot here so I can only imagine the heartbreak of saving for 20 years for a down payment and getting approved by a bank only to get out bid in cash by people who don’t even live here and enjoy this beautiful place for what it is.
There’s very little vacancy in the whole county btw. I wasn’t talking about just SD central.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,726 posts, read 58,067,115 times
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Quote:
Originally Posted by dg628
I can’t Speak as for actual buying but I’ve heard that there’s too many cash offers to compete with. A lot of these rich foreign investors are buying these properties and turning them into rentals.
I’ve read that a lot here so I can only imagine the heartbreak of saving for 20 years for a down payment and getting approved by a bank only to get out bid in cash by people who don’t even live here and enjoy this beautiful place for what it is.
There’s very little vacancy in the whole county btw. I wasn’t talking about just SD central.
Why not have a plan B... for RE investments?
There is no need to tie up a bunch of capital in a Personal Residence in a HCOL location (SFR is a liability, NOT an asset)
Buy a 10 - 12% cash flowing investment property and use the income to pay rent in Tokyo, Toronto, or Tahiti. (A friend has a NNN commercial building in Atlanta for about the same price as a nice CO SFR, He has never been to Atlanta to see it, and doesn't intend to go. He collects $8,000 / month in rental income, 3 months in advance and has a 7 yr lease. What can you rent in CO for $4,000/ month? and you still have $4000 / month left over.
There are a lot of ways to lock in rents (including shared equity, bartering services (running errands for elderly.. )) My Colorado SIL has 'house-sat' FT for 40 yrs in Hawaii (no apartment / home required). Get a wealthy clientele and network.
OP mentioned the 'end-game' as CA, so.... why not pursue the 'end-game'? You don't find bargains or options in SD when stuck in a $1700 apartment in CO.
A few friends in SD utilize 'van-living' (easier to do in CA than in CO).
I had a job in SD that allowed me to work (3) 13 hr shifts and I rented a room with elderly couple for 2 nights / week in SD and headed away on my long weekends. (At the time I could buy $19.90 airfare to my 'other' home 1600 miles away).
There is no need to tie up a bunch of capital in a Personal Residence in a HCOL location (SFR is a liability, NOT an asset)
Buy a 10 - 12% cash flowing investment property and use the income to pay rent in Tokyo, Toronto, or Tahiti. (A friend has a NNN commercial building in Atlanta for about the same price as a nice CO SFR, He has never been to Atlanta to see it, and doesn't intend to go. He collects $8,000 / month in rental income, 3 months in advance and has a 7 yr lease. What can you rent in CO for $4,000/ month? and you still have $4000 / month left over.
There are a lot of ways to lock in rents (including shared equity, bartering services (running errands for elderly.. )) My Colorado SIL has 'house-sat' FT for 40 yrs in Hawaii (no apartment / home required). Get a wealthy clientele and network.
OP mentioned the 'end-game' as CA, so.... why not pursue the 'end-game'? You don't find bargains or options in SD when stuck in a $1700 apartment in CO.
A few friends in SD utilize 'van-living' (easier to do in CA than in CO).
I had a job in SD that allowed me to work (3) 13 hr shifts and I rented a room with elderly couple for 2 nights / week in SD and headed away on my long weekends. (At the time I could buy $19.90 airfare to my 'other' home 1600 miles away).
Many options.
Do what is right for OP.
Excellent advice. Bravo.
Where do you find rentals with 10-12% cash return though? Market is tight these days seemingly everywhere...
I can’t Speak as for actual buying but I’ve heard that there’s too many cash offers to compete with. A lot of these rich foreign investors are buying these properties and turning them into rentals.
I’ve read that a lot here so I can only imagine the heartbreak of saving for 20 years for a down payment and getting approved by a bank only to get out bid in cash by people who don’t even live here and enjoy this beautiful place for what it is.
There’s very little vacancy in the whole county btw. I wasn’t talking about just SD central.
I think tiny homes are going to take off for these reasons. Affordable way to home ownership if you can compromise and the models I keep seeing are SUPER nice. $80,000 and some land and you've got a home.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,726 posts, read 58,067,115 times
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Quote:
Originally Posted by Flavia84
Excellent advice. Bravo.
Where do you find rentals with 10-12% cash return though? Market is tight these days seemingly everywhere...
Income Tax free Texas, SD, NV, and FL are a great RE investment market. ...
My left coast props are down to 8% ROE, but they have 10+ % annual equity appreciation (which TX does not, ~5-6% at the moment (Strong market, might change tomorrow)).
TX and SD (and WY) are 'energy states', so many people rent, knowing their jobs can evaporate with the oil market. I have never found bargain prop in WY, so leave it to the CA speculators. + WY RE market can DRY up for 10+ yrs when markets go south.
A few of my TX props are near SA, and 'dad' works oil and comes home 1 week every 6, while kids and spouse stay back in civilization. All have been stable for 7 yrs. ($1800 / month on props I bought for <$150k.
I prefer commercial (no bedrooms), and will 1031 back into some brick and mortar that is safe from 'internet erosion'. (Medical, Auto, Legal, education, gyms... no retail or food joints for me).
To do it over... I doubt I would own a SFR, or if I did, it would be a very inexpensive place to retreat near mtns, with a shop, apartment and RV hookups. (All my props have 'multiple living spaces', so I can stay for free when in the area)). Deductible travel and 50% of food while traveling between investment props. Nice depreciation to offset income, and your renters are building your RE equity, + PAYING off your investment mortgage every month + adding cash flows to your income stream.. (Wish I would have figured that out when I was 16).
One of my OLD friends in Colorado had a very nice commercial building (~10,000sf) that he rented out and he had an apartment attached (not legal in most Commercial Zoning). His was in a private industrial park with vast views of Front Range. Made for a great life for him for over 50 yrs.
Another CO friend moved his family to Front Range (from Long Beach) in 1960. He retained the business building in Long Beach and has rented it out for nearly 70 Yrs, (currently $16000 / month income to his heirs. NNN, so no expense for maint, no repairs, no taxes, just incoming cash flows!
Bought my first CO home for $16,000 (for my disabled dad). Thought I was gonna die making $128.84 payments for 30 yrs on $1.50 / hr. Gas bill was $8.60 during cold months. The bathroom was 'built-on' (Pre plumbing), so toilet would freeze if you did not use RV antfreeze. Feet froze to the cast iron bathtub...
Retire early, retire often!
I suggest OP sticks with SD! COMFORTABLE! many opportunities for employment. Close to Ocean
Last edited by StealthRabbit; 06-28-2019 at 05:37 PM..
I wouldn't go to Tokyo and then say it was "sad that Tokyo is a very asian city"...
I guess to me Americans are not necessarily only white, but African Americans, Asian Americans, etc. but when I think about Tokyo, I think about mostly Asian population, if that makes sense.
There is no need to tie up a bunch of capital in a Personal Residence in a HCOL location (SFR is a liability, NOT an asset)
Buy a 10 - 12% cash flowing investment property and use the income to pay rent in Tokyo, Toronto, or Tahiti. (A friend has a NNN commercial building in Atlanta for about the same price as a nice CO SFR, He has never been to Atlanta to see it, and doesn't intend to go. He collects $8,000 / month in rental income, 3 months in advance and has a 7 yr lease. What can you rent in CO for $4,000/ month? and you still have $4000 / month left over.
There are a lot of ways to lock in rents (including shared equity, bartering services (running errands for elderly.. )) My Colorado SIL has 'house-sat' FT for 40 yrs in Hawaii (no apartment / home required). Get a wealthy clientele and network.
OP mentioned the 'end-game' as CA, so.... why not pursue the 'end-game'? You don't find bargains or options in SD when stuck in a $1700 apartment in CO.
A few friends in SD utilize 'van-living' (easier to do in CA than in CO).
I had a job in SD that allowed me to work (3) 13 hr shifts and I rented a room with elderly couple for 2 nights / week in SD and headed away on my long weekends. (At the time I could buy $19.90 airfare to my 'other' home 1600 miles away).
Many options.
Do what is right for OP.
Never thought about that, thanks for the input! You seem so knowledgeable in investment, I’d better get some learning going!
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,726 posts, read 58,067,115 times
Reputation: 46190
Quote:
Originally Posted by sunshineandcookies
I guess to me Americans are not necessarily only white, but African Americans, Asian Americans, etc. but when I think about Tokyo, I think about mostly Asian population, if that makes sense.
If you can swing it... Add Vancouver BC to your list or objectives.
It is quite diverse and very interesting and great QoL (Mtns and ocean, GREAT skiing, great views, low pollution, superb camping and hiking.
Just met a 32 yo guy who was sponsored to BC 8 yrs ago and is now a PR = *Health Care!!! and access to many jobs. (Hint: find an employer who has offices and growth plan for Canada).
I started saving for retirement at age 15, worked 3 jobs, put 100% of FT job into investments and lived 100% off PT income until age 28.
I started my own kids with Roths at age 12. They are doing much better than I did. (But they are not caring for / supporting their parents, as I needed to do from age 18)
Life is a process, use each step as a learning opportunity.
*Health Care!!! = USA version grew to $3200 / month as we aged.. forcing us to go without, or... Leave the USA (Acceptable Idea!) 15 million leave the USA annually to seek affordable HC (FT and PT)
Hi Op - i have lived in Orange County and now Denver. if you want diversity, California is your best bet. Have you visited the coastal areas of Orange County? It’s beautiful, and the job market is better than San Diego. Purchasing a condo will be expensive in Orange County, but Denver also is not cheap. Perhaps you can get a roommate at first. 😊.
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