Canadians Wanting to Purchase in San Diego (National City, Paradise: bank owned, real estate)

[FlyGuy_ca]

Good Day,

We are located in Canada and have been looking at purchasing a investment property for some time. We have been watching the Phoenix area as San Diego was out of our price range, even though we love the city. But with the falling prices in the city and the rising Canadian dollar, it appears that a condo/townhouse may be possible (from what we have seen on the internet).

Our intention is to purchase a place, rent it out to locals, have a property management company look after it, and then several years down the road spend our winters there. We have been looking for 2/3 bedrooms, 2 baths, 1000 or more sq ft. We are looking at spending $125,000 to $175,000 (more or less). Our timeline for purchasing is probably in the fall as it appears that housing prices are continuing to decline.

We have tried to contact some local real estate agents, but they all don't seem to want to take the time to answer our questions, they just put us on their e-mail lists. So who better than to ask than the friendly people of San Diego the following:

1. Is this a crazy idea or is this "do-able"?
2. Which areas in the San Diego area would have good rental potential?
3. Which areas are safe?
4. Which areas should be avoided?
5. How much on average is rent?
6. Any recommendations on real estate agents who would be willing to take the time guiding us Canadians through the processes?
7. Any recommendations on reputable property management companies who can take care of the place while we are 2,000 miles away?
8. What other things are there that we don't know about that we should?

Appreciate your time, comments, and suggestions.

Cheers......
Crazy Canucks

[cnkad]

I am not trying to discourage you at all....but it has been my experience that there are not any condos for that size for under 250. Anyone.....am I wrong? And if they are going for the price you are looking for I would be very wary...of the condition and area that they are in. Also, one thing about san diego is that prices of real estate are very high (which I assume you already know) but homes rent for proportionately lower than they sell for. Also with a condo watch out for HOA fee's. Ok I guess those are the bad things...the good things is that a lot of people in san diego cant afford to buy a home so a lot of us rent. So it seems there is always a market for rentals. And there are not too many areas in san diego that are really bad areas...most areas in san diego are fairly safe I would say. well....good luck is what im gonna say.

[kettlepot]

At least within the city of San Diego, a condo that is in the 125k-175k range would not be located in an area that I would recommend to Canadians who are likely to be on the Dudley Dooright side of the urban situational awareness index. In my opinon, if you want a condo in a more middle income area, you should be looking at least in the 300k range as your minimum. However, if I'm stereotyping too harshly and Canadians aren't the naive young waifs we Americans picture you as, and whom we feel must be protected from the harsh realities of American life, you might find something acceptable for as little as 200k. This would be a condo conversion of a building probably first built in the 1970s (the universal nadir of good taste).

1. This is not a crazy idea if you adjust your financial parameters, and are prepared to be cash flow negative for the first 5 years at least. Of course don't forget the tax benefits which are probably considerable if the costs of American property can be deducted against high Canadian taxes.

2. There are many areas that have good rental potential, too many to list. However, if you want a good middle of the road starting point, try Mission Valley. Lots of condos built AS condos, sterile anytown USA feel. A good place to start your search. If you want a different vibe, you'll have to provide more details. Otherwise, try areas around the universities, such as the College Area and University City.

3. Most areas are safe, too many to list.

4. San Ysidro, City Heights, Logan Heights, Sherman Heights, for sure are not good areas. Oak Park, Valencia, Encanto, Paradise Hills and several more areas, such as National City. It becomes a bit taxing to run through the list of them all, just as it's too much to list all of the areas that are safe.

5. Rent varies greatly. I've seen people post on these boards that you can't rent a 2 bedroom for anything less than $1300, but then have seen non-internet advertised two bedrooms for $975 in decent neighborhoods. Craigslist would be your best bet to price rental property.

6. There are lots of hungry agents out there, I'm surprised they aren't biting. It might be because you are so early in the process that you seem completely unserious at this point.

7. I do know of a management company that managed a property I rented 15 years ago. If they are still active I would recommend them. They seemed to be totally by the book, ethical agents. If you actually get to the point where you will need a property agent, I'll do some leg work to see if I can track them down.

I haven't really said anything about suburban North County. If the suburbs are your thing you might find something there.

[austin_or_sd]

It seems a lot of people on the board asking the same quesiton about investing in a condo in San Diego. I paid close attention to a few condos in UTC and Carmel Valley area. They are santched by investor pretty fast, especially those that are owned by bank.

[rsfpages]

Hello there. I couldn't help but read your posting that you're interested in buying property in San Diego. Are you still interested?

[sav858]

I think the only way to get a condo at the price in a decent area would be by buying a foreclosure/bank owned property or through an auction. I've heard of people getting great deals that way but don't know too much about it.

[nlauer]

Hello All, I am a Realtor (c) from San Diego and have this property in Pacific Beach/Bay Ho area, which I think is a great deal matching what you are looking for 4064 Huerfano Ave #150, Pacific Beach, CA | Powered by Postlets
Feel free to contact me about it or any other properties and questions any time.
Best,
Natalie Lauer
310 951-9363

[cruitr]

Originally Posted by nlauer

Hello All, I am a Realtor (c) from San Diego and have this property in Pacific Beach/Bay Ho area, which I think is a great deal matching what you are looking for 4064 Huerfano Ave #150, Pacific Beach, CA | Powered by Postlets
Feel free to contact me about it or any other properties and questions any time.
Best,
Natalie Lauer
310 951-9363

You just answered a question that was posted over 2 years ago. Time to turn in your realtor license (just kidding).