Issue #206
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Two weeks ago, the San Diego Union quoted me saying that today’s buyer’s market is a great time to buy a home (it is). That prompted a perturbed “bubble blogger” to challenge me about how I could say something so heretical. I got the feeling this “bubble boy” was angry that he’d been priced out of the housing market and wanted someone to pay dearly for it. The idea of buying a home now was contrary to his hoped-for housing implosion (not going to happen.) Many people see today’s slower market as a temporary self-fulfilling creation of the media with little technical basis beyond a small stabilizing correction (already happened). Many people are realizing the sky is in fact NOT falling and it’s safe to go buy a home.
And You Thought Christmas Was Getting Too Commercial…
Take a look at the “home sale kit” you can buy at www.ourfather.com. Tacky.
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch
FREE DVD on 1031 Exchanges: "How to Trade Up Your Investment Or Rental Real Estate & Pay ZERO Taxes"
1031 Exchanges are the key to building wealth in real estate. Learn how to sell your investment property and buy another and pay ZERO taxes. IN this free DVD, you'll discover...
- 1031 Exchange basics clearly explained for beginners & veterans
- How one investor traded 7 apartments for 97 worth $5M
- 1031 "Kiss of Death": Don't let the IRS unravel your exchange
- Save a fortune by legally exchanging into a personal residence
- Why some exchanges fail: 3 deadly mistakes to avoid
- 5 Things you must know BEFORE exchanging
- Can you trade a house for apartments for retail for land for...??
- How those new "reverse exchanges" work
Call (800)748-1340 to have this sent to you FREE via mail. Call 24/7; free recorded message. It should arrive at your home within 72 hours.
ATTENTION Real Estate Investors:
Want a hands-off real estate investment with consistent positive cashflow that you can buy UNDER market value? I've found a great investment opportunity that I'm personally investing a bundle in, as have 25 of my clients. If you have 100K to 3M of cash or equity to invest and want to find out more...Call me at (858)457-KENT or check out the free April 20th seminar below…
Send This Free Newsletter To A Friend
Subscribe them with a quick email to TellAFriend@GaryKent.com with their email address in the subject line.
Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions@GaryKent.com.
Gary's Real Estate Seminars
FREE
SEMINAR April 20th / Thursday 6-8PM
"Discover Exactly Where I'm Investing MY Money In 2006"
...Positive Cash Flow Apartments With Appreciation & ZERO Management
At "Forum Hall" at the UTC Mall in University City
CLICK HERE for flyer, more
info, & sign-up info
Want to build wealth through real estate? Want an easy, hands-off investment
with appreciation and consistent positive cashflow? I've found a great
opportunity that my wife and I are investing in, as have 23 of my clients. If
you have 100K to 5M to invest and want to find out more...
To RESERVE YOUR SEAT at this free presentation now,
click here or call
(858)457-KENT!
Homebuying Question
Hi Gary, thanks for your newsletter. I really
learn a lot from it. I have a question for you. When you sign an offer to buy a
home, do you have 3-day right of rescission?"
***ANSWER:
Contrary to popular belief, real estate contracts do NOT have any rescission
rights for buyer or seller. However, most contracts give the buyer an
“inspection and investigation” contingency period, typically 7 to 17 days.
During this time, you have the right for any reason to decide not to buy the
home and receive your full deposit back.
HomeSELLING Question
"If I sell my home and carry back a note and the buyer doesn’t pay me, I get the house back, right?"
***ANSWER:
Not exactly.
(Quick explanation: to “carry back a note” means the buyer still owns part of the purchase price to the seller and makes payments on it. In a sense, the seller acts as a bank.)
If the buyer doesn’t pay you, then you must file a Notice Of Default to officially start foreclosure proceedings. Three months later you may file a Notice Of Sale. About 3 weeks later the property will go to a trustee’s sale, aka foreclosure sale, for bid (provided the borrower doesn’t temporarily delay the sale by filing bankruptcy).
The high bidder must pay you off in full, including the loan balance, back interest, late charges, foreclosure fees, etc. If no one bids high enough, THEN you get the property.
Investing or Financing Question
"Hello Gary… My wife and I own two rental condos. We want to sell them and buy an apartment building. We know apartment prices are based on rents and cap rates. So if a property is under-rented it may be an opportunity to get a good deal. But it seems apartment brokers always say the rents on buildings they’re selling are low and can be raised. How can I tell if when rents really are low? Is there a rent database of some kind?"
***ANSWER:
Three suggestions for you:
1. Look at the situation in the building. Here are some telltale signs of low rent in a building:
- The property has a waiting list for tenants
- Vacancy rate under 3%.
- Long-term tenants
- Tenants doing their own fix ups to avoid rent raises.
2. Check with the San Diego County Apartment Association (www.sdcaa.com) as I believe they have rental stats by zip code. You’ll probably have to join to get the data.
3. Do your homework. Check “for rents” in the San Diego Union as well as rents of comparable buildings that are currently for sale or recently sold.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Harbour Heights Home! Quiet cul-de-sac in North Pacific Beach neighborhood.
Spacious Master bedroom, with a balcony with a view |
|
For more information on this beautiful
Pacific Beach Home
Contact me. | |
"COMING SOON"
(Click Contact Me to be contacted BEFORE these properties hit the market!)
- Lemon Grove – Remodeled 1700sqft home on over 1/4 acre. Quiet street,
2-car garage, stunning kitch. 480-520K
Contact Me
- North Park – Duplex: 2BR + studio. Ideal to live in one & rent the
other. Should be under $500K…
Contact Me
- Spring Valley – 2BR+2BR duplex fully renovated 2004: baths, electr,
plumb, windows, etc. $2500/mo rent. 575K
Contact Me
- University City – Stunning & spacious “west end” home on quiet street
w/ lovely views. Details & price to follow.
Contact Me
- USD/BayPark – New 3BR/2BA condo conv, 4 available, owner will remodel &
decorate to you specs! 499-549K
Contact Me
NEWLY LISTED (Your Home Here!)
- Clairemont – Customized 3BR/2BA home w/ expanded upgraded kitchen, fam
room, big yard, rooftop views, xtras: 529K-579K Contact
Me
- Pacific Beach - 5BR/3BA “Harbour Heights” home on culdesac. Family &
bonus rooms, a/c, FPL, 3-car garage! 960K to 1.06M Contact
Me
- Pacific Beach – Renovated 3BR house: new hrdwd floors, new carpet &
paint, remodeled kitch & BA’s. Must sell: 495K-530K Contact
Me
- Bonita area – 2BR/2.5BA condo a short stroll to Plaza Bonita! Offers
oversize garage, in-unit laundry, FPL, tennis. 355-375K
- Carlsbad – Spacious 1766sqft, 3BR/2.5BA townhome in “Harbor Point” near
the beach. 695K-705K
- SOLD/Clairemont - Spacious 3BR/2BA home w/ HUGE 580sqft family room/ "great
room"! Quiet street, 2-car garage. Reduced: 575K
- La Jolla – Cute 2BR/2BA condo end unit. Offers hardwood floors, new
carpet, xtra windows, security garage: 430-470K Contact
Me
- La Jolla – Newer 2BR/2BA condo, heart of downtown La Jolla—walk to
shops, restaurants! Marble, granite. 650-725K Reduced! Contact
Me
- Mira Mesa – Sunny 2BR/2BA top-floor corner/end unit w/ redone kitchen,
dbl-MBR floorplan, large patio, quiet location: 315-335K
Contact
Me
- Mission Hills – Build your dream home on this 9500 square foot
buildable view lot. $395,000.
- Mission Hills –6251 square foot view homesite! Ready for you to build
your custom home. $345,000.
- Mission Hills - Attention Contractors / Developers / Investors! Build
10-11 homes on this canyon view lot. 950K-1.15M!
- Oak Park – 3BR/3BA house w/ ocean & fireworks view deck, remodeled
kitchen, hardwood floors: 450-490K
Contact
Me
- Pacific Beach - Development Opportunity! 3BR home, approved plans to
build 2 condos. Resell or rent. Reduced: 775-850K
- Phoenix, AZ - 30 apartments, large 3BR & 2BR units, well-maintained
complex, Mesa area. Do a condo conversion? $2.1M.
- Phoenix, AZ - Cashflow apartments, zero management, 15% under-market!.
1031 exchange OK. $100K to $2M down.
-SOLD/Rancho Bernardo- 2410sqft 4BR+bonus house on huge 1/4-acre culdesac
lot, 3-car garage, no Mello-Roos! 675-745K Contact
Me
- Vista – No Payments ‘til 2007!
Seller makes your payments! Secluded hilltop 4br/3ba, 3000sqft, home on big lot:
790-820K
Call me at (858)457-KENT to find out more or arrange a private showing...
Thank you Sal B. for referring a
friend to buy a home…
Thank you Bill H. for referring a client to buy a home…
Thanks again to Terry for referring a neighbor to sell a home—it goes on the
market next week…
Thank you Tom & Jen N. for referring someone to buy a home…
Have a great week!
GARY KENT
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
21 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
