usctrojanman29_IHB
New member
[quote author="BLUE FIRE" date=1227690135][quote author="cran" date=1227685009][quote author="usctrojanman29" date=1227257763][quote author="ipoplaya" date=1227253503][quote author="usctrojanman29" date=1212580615]Ok, be honest and brutal if you have to be. I picked up a 3bed/2ba condo (1,120 SF) over in the South Coast Villas (Bristol/MacArthur by South Coast Plaza on the board of Santa Ana/Costa Mesa) for $215k and used a 90% 7-yr ARM I/O loan @ 5% on it back in March. At the peak the property was purchased for $400k in May 2006. I have it rented out for $1,650/month which results in a rental multiple of 130x. My hold period will be 7-10 years and hope to sell for $275k - $300k then. Here's how the numbers shake-out:
$1,650 rent
$275 HOA
$1,110 (Interest, Prop Tax escrow, PMI)
= + $265 cash flow (does not include the tax advantage from the active real estate tax loss)
What do you guys think???</blockquote>
<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-31/home/5518952">Is this your same unit SC</a> listed for $170K and not moving? Not sure which complex you bought into...</blockquote>
Same complex. The reason that unit isn't moving is because it's a short sales. There's been a handful of 3bedroom closings in the past 3 months and the prices ranged from $195k to $210k (50% off the peak) with one even going for about $3k over list price.</blockquote>
A similar condo was listed today for 125k
<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-95/home/5519304">http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-95/home/5519304</a></blockquote>
With an HOA of $330! WTF, could that be correct?!</blockquote>
Unfortunately see, but at least it includes water and gas.
$1,650 rent
$275 HOA
$1,110 (Interest, Prop Tax escrow, PMI)
= + $265 cash flow (does not include the tax advantage from the active real estate tax loss)
What do you guys think???</blockquote>
<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-31/home/5518952">Is this your same unit SC</a> listed for $170K and not moving? Not sure which complex you bought into...</blockquote>
Same complex. The reason that unit isn't moving is because it's a short sales. There's been a handful of 3bedroom closings in the past 3 months and the prices ranged from $195k to $210k (50% off the peak) with one even going for about $3k over list price.</blockquote>
A similar condo was listed today for 125k
<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-95/home/5519304">http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-95/home/5519304</a></blockquote>
With an HOA of $330! WTF, could that be correct?!</blockquote>
Unfortunately see, but at least it includes water and gas.
