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Considering second home in Downtown San Diego, CA

I really like the lifestyle and the close proximity to LA (where I live) that San Diego offers.  I like the combination of city life and the laid back beach community together.  I really like the downtown high rises that offer great views.

My question is how much of an investment would this be?  It seems the HOA fees in many bldgs. would eat up most of the appreciation.  Also what would I be looking at with a $50,000 down payment and keep payments not over 3000. a mo.?  I was wondering if looking for a foreclosure would possibly be a better investment. This would be a second home or vacation home.

Thanks
Julie
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November 24 2013 - Los Angeles
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Answers (4)

Hi Julie,

I would suggest to talk to a lender to see how much you can be pre-approved for. I would be happy to recommend a few good lenders to you if you would like.

Feel free to contact me directly and I will send their contact info over to you.

Best,

Jamie Tian
Rodeo Realty
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November 30 2013
As you may know second homes usually require a higher down payment and interest rate. Since it is riskier for a lender to fund a second home, we must balance out the risk by these higher down payments and rates. The best thing for you to do is to speak with a lender directly. There are lenders like myself that would be glad to speak with you. Well I hope this helps! If you have any further questions or would like a loan, feel free to contact me.

Good Luck!
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November 25 2013
Contact Eric Elegado. Google him. He's been in business for over 2 decades.
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November 25 2013
In many scenarios 2nd homes and vacation homes require a larger down payment I would suggest to speak to a lender ahead of time, as foreclosures go not as many out there as you might think very far and few in between, and HOA's do drive up the price in many ways you can look at HOA's as being your gardener, sprinkler systems and any other outside expense you may have in a traditional home it just depends how involved you want to be in a yard.
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November 25 2013
 
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