May is finally here! For us that means that our new office rehab is almost finished, and we can stop meeting you all at Starbucks and we can go back to meeting in our offices. (However, they still make a better cup of coffee than we do, so meeting at a coffee house is still an option!)
Ah yes, May Gray has showed up once again, but remember that that means summer is just two months away! Along with the temperature heating up, the real estate market is doing it’s usual thing. I found it interesting though that the San Diego market began moving again in January this year, a bit earlier than we expected. It goes to show, IT REALLY IS A BUYERS MARKET!
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California Investments
In the local San Diego market, we have just procured one more 1 bedroom condo at 149k and one more 2 bedroom condo at 189k. Both of these units are in North Park and recently fell out of escrow, so the developer asked us to find another buyer for each. In “as is” condition, the condos appraised at 180k and 210k, respectively. Once they are rehabbed, they should really be great properties to own.
As far as foreclosures, as I am sure you have seen and heard, they are everywhere! We have seen some great properties for sale recently, so if you are interested, give us a call and we can go over some opportunities (over a cup of coffee of course!) If any of you are currently searching for a short sale, be very careful! There are a lot of very strict laws about INVESTORS buying equity contracts (short sales.) Let us know if you would like any more information on the subject.
Luckily for you larger investors, we have again found some great opportunities THAT ARE NOT YET ON THE MARKET! They are in beach towns here in San Diego (call for details,) and we think it is a great time to look into these conversions…the purchase prices are very competitive and there are large margins to work with. Congratulations to those of you who have decided to purchase a few of these buildings. Although we are in the beginning stages of the process, I belive it is a great decision to move forward. Luckily you don’t have to take my word for it, those numbers don’t lie!
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Out Of State Investments
We have some new investors who found our website and signed up for the newsletter, welcome! Instead of going over the concepts and benefits of these real estate opportunities here, we will have to send you separate emails with details. Just remember one thing about these projects, the developer gives you the mortgage payments for 1-2 years!
South Island Plantation
The streets are already in, and the subs have begun work on the clubhouse. Remember, these projects are great to buy into anytime, but when they go vertical they really begin to have a LOT of potential. We will have an updated list tomorrow, so those of you who were interested in this project will be receiving emails with what is currently available.
Cannonsgate
We still have some prime lots at Cannonsgate, and this project is also going Vertical. The prior investors are coming to the end of their developer paid mortgage payments, which means two things. One, along with our new affiliate banks, some sellers are throwing in up to 2 years mortgage payments for the buyers. Two, current buyers should be able to sell to “End Users.” This means you won’t have to leave any meat on the bone for the next investor! Adding to all that great news, the marina is now in and the project is looking great!
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Please let us know what your invesment needs are. We have a knack for finding great opportunities!
Sincerely,
Jack Chamberlain and Joe Quinlin
Lincoln Pacific Investments
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