“My wife and I have been looking for a home since December. And we’re getting frustrated. Every home we see is too small, in poor condition, or priced too high for our budget. Can you give us some advice?” ***ANSWER: Sounds like you’re stuck in a holding pattern and need to make some changes. Assuming

“Hi Gary, If someone’s household income was around 85K and they wanted to buy a house valued at 570K but only need a loan for $410K, are there lenders who would touch this and bring in a house payment for $1,925 or less? ***ANSWER: For a 30-year fixed loan at 6.5% rate, they’d be looking

“I’d like to sell my Clairemont condo and buy a little house in P.B. An agent said I could do a tax-deferred exchange and buy another home without paying any taxes. Is that correct?” ***ANSWER: A little knowledge can be dangerous. The agent was trying to help, but applied rules for investment property (“tax-deferred exchange”)

“Gary, do all homes have to be tented for termites before you buy them?” ***ANSWER: No. It depends on a few things: 1. What does your contract say? There’s no law that says a home must be free and clear of termites when it’s sold. Most people buying a home expect it to be and

“Hi Gary. We sold our home last year and were able to avoid paying any capital gains taxes. Now we’ve moved into one of our rental houses and plan to do the same thing this year. Is there any limit to how many times we can do this?” ***ANSWER: Congratulations. You’re taking full advantage of

“We’re planning to buy our first home and are wondering, do we have to use an agent?” ***ANSWER: Why wouldn’t you? Some first-time buyers think they have to pay their agent, so they avoid working with one for as long as possible. But the seller pays both agents 99% of the time. And a buyer’s

“How much under-market do I need to buy a home to make money on a fix-and-flip?” ***ANSWER: There’s no simple formula, because of all the variables: – Financing – Fix-Up Cost – Fix-Up Time – Added Value – Market Time – Negotiation – Transaction Management – Appreciation – Financing – Obviously, you want to get

“I just got a letter in the mail from someone who says he wants to buy my home. I’m a little suspicious. Do you think it’s legit?” ***ANSWER: Probably not. Odds are it’s an investor looking to buy your home way under value or a dishonest agent posing as a buyer. A client called me

“How much deposit am I required to make to have a binding contract?” ***ANSWER: This may surprise you and many readers, but you’re not legally required to make a deposit at all. While contracts require what is called “consideration” to be valid, that doesn’t mean you need to have a deposit. Per the good attorneys

“Hi Gary. We have a pretty nice house in UC, worth around 850,000. We want to scale down and buy a condo. Do you think we should keep the house as a rental?” ***ANSWER: Expensive homes make no financial sense as a rental in San Diego. Your cash on cash return will likely be 2-3%.