Any areas below rental parity that are "safe"?

NEW -> Contingent Buyer Assistance Program
[quote author="stepping_up" date=1240694850]Are you looking at this for an investment or for your primary residence?</blockquote>


I guess I'm looking to live in it for now. However if I relocate for whatever reason, I can just rent it out and not lose money every month.
 
[quote author="no_vaseline" date=1240754541]Let me answer the question, but make the answer year dependent:



2006: Hell no.



2009: There are a couple here and there, but you'll have to look real hard for them, and they will be awful thin propositions at best.



2012: Sure! There are plenty! And even better, the rental market has colapsed and interest rates have skyrocketed, further depressing prices!</blockquote>


We went looking for open houses today over on that side of town. Pretty thin pickings. Make that really thin pickings. The one open house had a total WTF price on it. Frankly, it's a gut if you want to occupy and technically not a slum-lord if you rent it.



Then we drove back home and went to the neighborhood next door, Newport Heights & Dover Shores. Pricey, but EVERYTHING is for sale. Kings Road seems to have more for sale signs than homes without. Open houses all over the place. Prices to match the sky and I suspect, not long until they start to rival this weekend's blog post.
 
[quote author="financeguy" date=1240661617][quote author="freedomCM" date=1240646818][quote author="financeguy" date=1240641888]Thanks. What do you guys think of this place?



http://www.redfin.com/CA/Costa-Mesa/778-Hudson-Ave-92626/home/3713883



I'm only looking for SFRs. I define unsafe as a place where there is a reasonable change your home might get burglarized.</blockquote>


This area is Irvine level of safe.



But do you really want to live 400 feet from the 405?</blockquote>


Oh, here's another SFR in Costa Mesa under 350K. It's not close to the 405 and has a bigger lot:



http://www.redfin.com/CA/Costa-Mesa/769-W-Wilson-St-92627/home/4564479



If I find something like this for around 300K, I think it will meet the rental parity criteria, no? I guess I'm going to have to wait.



I'm just worried that interest rates will start going up if I wait too long, but that's another story.</blockquote>


I liked the first link you listed better than the second. I know both of these neighborhoods, and the first is alot more quiet, though it is right next to the freeway. The second is also too close to Harbor Blvd. (yuck), plus it says, "BRING YOUR CONTRACTOR."



I personally have my contractor riding shotgun with me at all times in case I randomly feel like buying a house lol



I think you can do alot better, so try to resist the urge to jump on the first thing in your price range. Keep looking every now and then, and it will come to you when the time is right.
 
[quote author="icey" date=1241000392][quote author="financeguy" date=1240661617][quote author="freedomCM" date=1240646818][quote author="financeguy" date=1240641888]Thanks. What do you guys think of this place?



http://www.redfin.com/CA/Costa-Mesa/778-Hudson-Ave-92626/home/3713883



I'm only looking for SFRs. I define unsafe as a place where there is a reasonable change your home might get burglarized.</blockquote>


This area is Irvine level of safe.



But do you really want to live 400 feet from the 405?</blockquote>


Oh, here's another SFR in Costa Mesa under 350K. It's not close to the 405 and has a bigger lot:



http://www.redfin.com/CA/Costa-Mesa/769-W-Wilson-St-92627/home/4564479



If I find something like this for around 300K, I think it will meet the rental parity criteria, no? I guess I'm going to have to wait.



I'm just worried that interest rates will start going up if I wait too long, but that's another story.</blockquote>


I liked the first link you listed better than the second. I know both of these neighborhoods, and the first is alot more quiet, though it is right next to the freeway. The second is also too close to Harbor Blvd. (yuck), plus it says, "BRING YOUR CONTRACTOR."



I personally have my contractor riding shotgun with me at all times in case I randomly feel like buying a house lol



I think you can do alot better, so try to resist the urge to jump on the first thing in your price range. Keep looking every now and then, and it will come to you when the time is right.</blockquote>
Exactly, let the market come to you! Resist the urge to be a sheep!
 
[quote author="usctrojanman29" date=1241002687] Resist the urge to be a sheep!</blockquote>


<img src="http://www.realclimate.org/images/Sheep.jpg" alt="" />
 
[quote author="no_vaseline" date=1241006337][quote author="usctrojanman29" date=1241002687] Resist the urge to be a sheep!</blockquote>


<img src="http://www.realclimate.org/images/Sheep.jpg" alt="" /></blockquote>
OMG, I laughed so hard I almost peed my pants. haha
 
[quote author="usctrojanman29" date=1241007624][quote author="no_vaseline" date=1241006337][quote author="usctrojanman29" date=1241002687] Resist the urge to be a sheep!</blockquote>


<img src="http://www.realclimate.org/images/Sheep.jpg" alt="" /></blockquote>
OMG, I laughed so hard I almost peed my pants. haha</blockquote>


I don't get it. What is so funny?
 
[quote author="Mcdonna1980" date=1241008181][quote author="usctrojanman29" date=1241007624][quote author="no_vaseline" date=1241006337][quote author="usctrojanman29" date=1241002687] Resist the urge to be a sheep!</blockquote>


<img src="http://www.realclimate.org/images/Sheep.jpg" alt="" /></blockquote>
OMG, I laughed so hard I almost peed my pants. haha</blockquote>


I don't get it. What is so funny?</blockquote>
Well, I made the statement not to be a sheep and follow the heard (in terms of the current knife catching buyers) and what does No_Vas post but a picture of a HUGE heard of sheep following each other as a visual aid. Yes, I'm easily amused. haha
 
oh, I thought the sheep formed some hidden picture. I've never been good at optical illusions. I kept staring at the photo thinking "wait I think I see a heart, no it looks like a penis, oh.. I don't get it". Okay, now I'm laughing.
 
<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
[quote author="IrvineRealtor" date=1241011494]<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object></blockquote>
Not again. haha Sheep herding at it's finest (especially the PONG simulation). Where you guys come up with this stuff??? lol
 
[quote author="usctrojanman29" date=1241010258] Yes, I'm easily amused. haha</blockquote>


I made awesome powerpoint presentations when I was in MBA school.
 
[quote author="no_vaseline" date=1241045826][quote author="usctrojanman29" date=1241010258] Yes, I'm easily amused. haha</blockquote>


I made awesome powerpoint presentations when I was in MBA school.</blockquote>
Did any include pictures of bong hits? [winky emoticon thingy]
 
[quote author="Mcdonna1980" date=1241010959]oh, I thought the sheep formed some hidden picture. I've never been good at optical illusions. I kept staring at the photo thinking "wait I think I see a heart, no it looks like a penis, oh.. I don't get it". Okay, now I'm laughing.</blockquote>


How can you not see the image of the holy virgin Mary?
 
[quote author="usctrojanman29" date=1241012236][quote author="IrvineRealtor" date=1241011494]<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object></blockquote>
Not again. haha Sheep herding at it's finest (especially the PONG simulation). Where you guys come up with this stuff??? lol</blockquote>


Considering the alternatives, we should be happy.
 
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