Heres what my typical investor says to me “ Denny, I want a deal. Find me something that the owner paid twice as much as hes trying to sell it for and something that I can cash flow with only 20% down. Well, heres what I have to say to you “ It doesnt happen.
Unless of course, you get lucky and you read my blog and act quickly when I tell you to.
Unit 317 at the Gaslamp City Square is what youve all been waiting for, but cant ever seem to find. Its kind of like the really good looking, intelligent, self-confident-but-not-conceited, athletic, beer drinking, fun woman, who isnt crazy AND who actually likes youif you ever come across something like this, its either too good to be true, or you better jump on it(no pun intended) before anyone else does.
What makes this property such a great deal? Simplethis is the single property that Ive come across in 4 years that is both a great unit and can be rented out without putting you in the red, with only 20% down. At a list price of $399,000, this 2 bedroom, 2 bath, 1,113 square foot condo is a steal.
The poor owner purchased this 3rd floor corner unit, for $700,500 back in December of 2006. Now this is a short sale and while the bank has not yet approved this price, a similar, much less desirable unit just went into escrow at $399,000 in the same building (this is a foreclosure “ yes I realize I said there arent that many Downtown, but I never said they didnt exist).
Here are the numbers:
This unit can rent for $2300“3000/month, depending on whether or not its furnished, as well as the lease length. Another advantage to owning in the Gaslamp City Square is that they only require a 1 month lease length “ other buildings require 3, 6 or 12 month leases.
Aside from that, the Gaslamp City Square is in the heart of Downtown San Diego. This corner unit over looks 5th Ave and Island Ave. The rental market Downtown is very strong and with an estimated 10,000 more residents within the next 2 years, I cant see this changing(especially as the real estate market begins to turn and prices riseyes this will take a while).
Aside from that, I think this unit has a great floor plan and shows very well. And thats that. If you have any questions, like, When can I meet with you to write up an offer, just give me a call.
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Denny Oh 858.243.2092 [email protected]