Buy in High Cost Per Square Feet Areas of San Diego and Expand in 2021
(Please note: This is (not the best) word for word transcription below...)
Hey, what’s going on?
It’s Scott Taylor, with sandiegorealestatehunter.com.
Licensed in the City of California, for both real estate in mortgages, with an emphasis on San Diego.
Now, if you're looking to buy a home right now or if you own a home and looking to sell that and stay in San Diego, you're looking around, you're saying, “There’s a pretty low inventory”; very, very true.
And things can cost a lot for what you get.
Unfortunately, it's kind of true.
When you look at the inventory that we had up to the last boom in two thousand and seven, our inventory today as compared to then, is down something around seventy to eighty percent less homes available to buy today, than ten, eleven, twelve years ago.
So, I’ll give you a strategy guide.
What are some things even though it's not like buying in Texas or in Georgia or Alabama or Idaho or some other place, what are some things that you could do smartly to possibly buy a home that you’re going to live in, to expand it, but make sense or possibly be a real estate investor, maybe put some money?
What’s something that you can do?
Unless you're going to call the strategy, maybe buying at a high cost per square foot areas, but here is a fantastic opportunity that you can do.
And I’m going to throw out a couple areas, it could you work in any high cost per square foot area.
But some very, very hot areas right now, are places like Normal Heights and North Park and Mission Hills and parts of Talmage, of course.
Here's the strategy;
The cost per square foot there, could be easily be five, six, seven, eight hundred dollars per square foot Kensington, right.
Per square foot.
So, here's what you do;
You buy that one bedroom, one bath house or that two bedroom, one bath house to Normal Heights, that six hundred square feet and you know what you can do?
You could expand.
So, imagine this, imagine that you can buy something cost per square foot [and I’m making up a number], six hundred dollars per square foot.
Now imagine, if you can get an architect and general contractor and permits and maybe do a cost per build up, two hundred or two fifty or three hundred or three fifty per square foot.
You're doing it for three hundred dollars a square foot, it's worth six hundred dollars a square foot.
You see that gap, that gap is your money.
Buy a two, one and make it a three, two.
Buy one, one and make it a two, one or a two, two.
Now, of course you have to be smart about this, but that's an easy, awesome strategy that you can use right now in San Diego.
If you have some money and you're looking to buy something like this or maybe you're starting out, it’s a fantastic strategy.
So, think about this;
Buy in areas that you want to be, that have higher cost per square foot than it would cost to actually build or add on and that's a great tragedy you can use.
Where can you go for this information?
Head on over to my website: sandiegorealestatehunter.com.
Over 500 articles on things like this; in mortgages and deal structure and how to smartly buy and sell in San Diego, especially in times like this.
Get signed up to get real estate listings and see what's available and let's go out and buy something.
You want to get started right now.
Go to scottsloanapp.com.
In twenty minutes or less, you can fill out an online application from your phone or smart device or computer.
As soon as you’re done, I get a text alert, I’m going to pull your credit, you don't pay for that, I will pay for that. I will call you up, make sure that your credit report is accurate, talk to you about some options and strategies and things that you want to do.
And based off of that, I'll send you a list of supporting documents that you're going to need, things that you already know that you need; driver's license and social security and last two years tax returns and last two years W2s, last two months bank statements, all pages, last four months’ paychecks.
Then if you have a stock, bond, or IRA or mutual funds. And then of course, depending on what you’re credit report says, maybe short sale or foreclosure paperwork or Chapter seven or Chapter thirteen or child support or alimony.
You get the idea.
There's a lot of opportunity in San Diego right now.
If you think smart and you know where to go.
Head over to scottsloanapp.com to get started.
Leave me a comment below – or, contact me here.
Your Real Estate Insider,