Rent or Sell ? It is a tough question for me....

[fcb2011]

There are two bathrooms, the upstairs 2 bedrooms share 1 bathroom and the downstair "office" has another bathroom...

Bedroom is on the second floor but the full bath is downstairs with no bedroom down. The occupant of the second bedroom has to use a bathroom not on the same level?

Actually it is good for a young family especially the downstair room as office... and also there's a full bath downstairs.

Your Vientos plan 2 may have a tough time competing with Woodbury Place. When 2 bedrooms share a bath that limits your pool of renters such as roomates. Newly weds may rent from you but what are they going to do with the spare bedroom or the office lounge downstairs? I guess they can turn the spare bedroom into an office.

This scenario sounds the best: Target the single or divorced parents with a partime child or teenage kid to sleep in the second bedroom then use the lounge as the teenagers living room where he or she will  not fight over the parent's TV upstairs. Even at best conflict over a single bathroom may be an issue because kids are messy with the bathroom. If the kid spend limited time there then the parent may tolerate it for a shorter duration. Good Luck!

 

[irvinehomeshopper]

A full bath down without a bedroom on that level is tough. A master bedroom without an attached bath is even tougher.

 

[IndieDev]

I bought it 2 years ago around 380k and my mortage is 2.875%. Also PS lowed HOA to 248 and MR is also lowed to 3400.  That's why my monthly cost is around 2200.

Vientos Plan 2? Weren't those selling in the mid-400s back during the bubble?

If that's the case, there is no way you can be cash positive for a long time when you include HOA and taxes.

That's a lot better than buying one at $460,000. Still, I don't think it's a great investment property by any means (at least if you wanted to make money).

Is this your primary residence?

 

[irvinehomeshopper]

Not anymore after I found out the jail is in my backyard!

Is this your primary residence?

 

[funkychalupa]

I bought it 2 years ago around 380k and my mortage is 2.875%. Also PS lowed HOA to 248 and MR is also lowed to 3400.  That's why my monthly cost is around 2200.

Vientos Plan 2? Weren't those selling in the mid-400s back during the bubble?

If that's the case, there is no way you can be cash positive for a long time when you include HOA and taxes.

That's a lot better than buying one at $460,000. Still, I don't think it's a great investment property by any means (at least if you wanted to make money).

Is this your primary residence?

This math doesn't sound very attractive to me. 1st is your negative cash flow. 2nd is your high upkeep. Is your mortgage 380k or is your whole condo worth $380k? @2.875%, you can't go much lower in this economy so forget refinancing. You also have to think about what you plan to do after you move out of this place. Are you going to buy/mortgage another property or rent?

If you currently carry a 380k mortgage, it'll be very very tough to get another one for the 2nd place especially if your debt-to-income ratio deteriorates due to your negative cash flow.
If you pay off the condo and rent it out, your cash flow improves and you might consider. However, with HOA/MR, these portola properties still don't give you a great return to be considered "good property investment" location.

Just my regular Joe 2 cents. I'm no professional personal finance consultant but I do have investment properties so I can spot some bad news if I see them...

 

[irvinehomeshopper]

This math is for you and me. FCBs are exempt from debt to income ratio. Have you noticed all the passengers on Cathay Pacific coming to America carrying a goose.

I bought it 2 years ago around 380k and my mortage is 2.875%. Also PS lowed HOA to 248 and MR is also lowed to 3400.  That's why my monthly cost is around 2200.

Vientos Plan 2? Weren't those selling in the mid-400s back during the bubble?

If that's the case, there is no way you can be cash positive for a long time when you include HOA and taxes.

That's a lot better than buying one at $460,000. Still, I don't think it's a great investment property by any means (at least if you wanted to make money).

Is this your primary residence?

This math doesn't sound very attractive to me. 1st is your negative cash flow. 2nd is your high upkeep. Is your mortgage 380k or is your whole condo worth $380k? @2.875%, you can't go much lower in this economy so forget refinancing. You also have to think about what you plan to do after you move out of this place. Are you going to buy/mortgage another property or rent?

If you currently carry a 380k mortgage, it'll be very very tough to get another one for the 2nd place especially if your debt-to-income ratio deteriorates due to your negative cash flow.
If you pay off the condo and rent it out, your cash flow improves and you might consider. However, with HOA/MR, these portola properties still don't give you a great return to be considered "good property investment" location.

Just my regular Joe 2 cents. I'm no professional personal finance consultant but I do have investment properties so I can spot some bad news if I see them...

 

[akim997]

I bought it 2 years ago around 380k and my mortage is 2.875%. Also PS lowed HOA to 248 and MR is also lowed to 3400.  That's why my monthly cost is around 2200.

Vientos Plan 2? Weren't those selling in the mid-400s back during the bubble?

If that's the case, there is no way you can be cash positive for a long time when you include HOA and taxes.

That's a lot better than buying one at $460,000. Still, I don't think it's a great investment property by any means (at least if you wanted to make money).

Is this your primary residence?

This math doesn't sound very attractive to me. 1st is your negative cash flow. 2nd is your high upkeep. Is your mortgage 380k or is your whole condo worth $380k? @2.875%, you can't go much lower in this economy so forget refinancing. You also have to think about what you plan to do after you move out of this place. Are you going to buy/mortgage another property or rent?

If you currently carry a 380k mortgage, it'll be very very tough to get another one for the 2nd place especially if your debt-to-income ratio deteriorates due to your negative cash flow.
If you pay off the condo and rent it out, your cash flow improves and you might consider. However, with HOA/MR, these portola properties still don't give you a great return to be considered "good property investment" location.

Just my regular Joe 2 cents. I'm no professional personal finance consultant but I do have investment properties so I can spot some bad news if I see them...

based on what he's said, quick math says he owe somewhere in the $300-330K range on the mortgage.  So what is the place worth today?  It's a leveraged investment at this point.  For me, I would get into a leveraged investment only if I thought there was a good probability to receiving a nice payoff at the end of a holding period (let's say 5 yrs).    If no return, why take the risk?  Unless you want to be in the "other class" of people who utilize (govt) capital to invest in real estate, and when it doesn't pan out, exercise your put option and stick it to the American public (ultimately)...