What Exactly is the Mello-Roos Fee?
Tuesday, 12 April 2011
“We’ve been looking at homes in North County and sometimes we see an extra fee called Mello Roos for a few hundred bucks a month. I wouldn’t want to buy a property with an extra fee. What is that?” Answer: In California’s “taxpayer revolt” of 1978, voters passed Proposition 13 that: 1. Limited property taxes
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Downsides of the Auction Trustee Sale
Saturday, 09 April 2011
“What do you think of buying at a sheriff’s auction trustee sale?” Answer: It’s only for the faint of heart. While there are some deals to be had, here are the downsides: 1. Generally can’t see the home before bidding It would be more than awkward to casually knock on the owner’s door and say,
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Determining Your Principal Residence
Thursday, 07 April 2011
“Hi Gary. I inherited a house 4 years ago and haven’t lived in it for awhile. I want to sell it but am concerned about paying taxes. I’m not sure if it’s still my principal residence for tax reasons. I’m not sure how to proceed…” Answer: I’ll share my thoughts, but you should talk to
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When to Inspect When Buying a San Diego Short Sale
Monday, 04 April 2011
“I want to buy a short sale. Should I inspect now or when the short sale is approved?” Answer: Great question. Here are the two perspectives: 1. Save TIME / Inspect NOW It could be months before you know if the short sale is approved. Inspect now and find out what defects the home has
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Getting Positive Cash Flow on San Diego Properties
Friday, 01 April 2011
“Where can I buy and get a rental property and get positive cash flow?” Answer: Technically, the answer is ANYWHERE…if you’re willing to put enough money down. But I’m guessing that’s not the answer you’re looking for. If you buy smart, in some San Diego neighborhoods you can get a positive cashflow with 25-30% down.
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Stretching the 1031 Exchange’s ID Process
Tuesday, 29 March 2011
“Hello Gary… We’re interested in selling our investment properties. We like the 1031 exchange concept. However, we are scared off by the 45 day identification process.” Answer: I understand the hesitation due to the 45-day period you have from closing your sale to “identify” the property(s) you want to buy. While everyone has this same
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How to Choose a San Diego Real Estate Agent
Saturday, 26 March 2011
“I’ve been interviewing agents to sell my mother’s home. After talking with five, I’ve come to the conclusion I really have no idea how to tell who I should hire. Help!” Answer: The best predictor of future performance is… …Past performance! Think of it this way: If you needed brain surgery, do you pick the
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The Downsides of “Buy and Bail”
Wednesday, 23 March 2011
“We’re very upside down on our home and are considering buying another home, then letting this one go. Any advice?” Answer: You’re talking about what we call “buy and bail.” As I’ve said before, it’s not my place to judge. If I was in your situation, who knows what I’d do. Some challenges and things
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Why San Diego Home Sales Fall Through
Sunday, 20 March 2011
“Gary. My wife and I really enjoy your newsletter. Question- Why typically do home sales fall through? We’re curious for when we sell our home next year.” Answer: Based on my 26 years and 4,000+ home sales, here are the reasons home sales fall through, in approximate order: * Buyer gets cold feet or finds
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HOA Fees on Condos
Thursday, 17 March 2011
“Perhaps you can help settle an argument. I want to buy a nice condo in a safe area, but my husband wants a house, even if it’s a little dump in a slummy area. He says he’d never buy a condo because they just keep jacking up the fees and the fees are a waste
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