Real Estate advice

[jaycee993]

Bought in 97 at a low in the market for 135K in Monrovia. Want to buy in the Lake Arrowhead area. The nice homes go fast up there so I cant keep running up to the mountains to look at every property. One has to jump on the new listings asap.
So, I have about 700K equity where I am sitting now after some home fix ups.
Do I go ahead and sell my place, put my stuff in storage and rent a mountain property so I can jump on all the new listings?
Or do I buy a home with a contingency to sell my existing home?
Thanks for any insight.

 

[Pudly76]

Bought in 97 at a low in the market for 135K in Monrovia. Want to buy in the Lake Arrowhead area. The nice homes go fast up there so I cant keep running up to the mountains to look at every property. One has to jump on the new listings asap.
So, I have about 700K equity where I am sitting now after some home fix ups.
Do I go ahead and sell my place, put my stuff in storage and rent a mountain property so I can jump on all the new listings?
Or do I buy a home with a contingency to sell my existing home?
Thanks for any insight.

Why would someone go along with that contingency if it’s a hot market? I sure wouldn’t.

 

[Alvaro Carrillo]

Bought in 97 at a low in the market for 135K in Monrovia. Want to buy in the Lake Arrowhead area. The nice homes go fast up there so I cant keep running up to the mountains to look at every property. One has to jump on the new listings asap.
So, I have about 700K equity where I am sitting now after some home fix ups.
Do I go ahead and sell my place, put my stuff in storage and rent a mountain property so I can jump on all the new listings?
Or do I buy a home with a contingency to sell my existing home?
Thanks for any insight.

I'm no real estate expert, but I've bought a few properties. Do you have to sell your home? You could rent it out. I'm assuming it's paid off, unless you've cashed out. Rent a house in the mountains. Then I'm sure your rental income would cover most if not all of your mortgage payment. Unless you don't wanna be a landlord. Just a thought.

 

[Pudly76]

 

[3rd Slide]

I'm no real estate expert, but I've bought a few properties. Do you have to sell your home? You could rent it out. I'm assuming it's paid off, unless you've cashed out. Rent a house in the mountains. Then I'm sure your rental income would cover most if not all of your mortgage payment. Unless you don't wanna be a landlord. Just a thought.

Renting (both you in Arrowhead and someone else in your current house) also gives you an escape hatch. It allows you to make sure you like living in Arrowhead - I know a lot of people who have moved elsewhere only to want to come back, so going slow is definitely not a bad thing.

 

[Oldschoolrock]

Rent to illegal aliens get paid by ngos 185 a day per room, go live in arrowhead in rental, it's the liberal way

 

[xuscx]

have a client who buys a lot of real estate, actually has a couple in Arrowhead. His thing is never go with an agent. Always approach the sellers agent, he will get you the deal over the others.

 

[Pudly76]

Rent to illegal aliens get paid by ngos 185 a day per room, go live in arrowhead in rental, it's the liberal way

Yup. Rent to illegal migrants, squat in arrowhead..

 

[4thamp1]

In researching living in the Eastern Sierra, things I did not consider but the locals clued me in on was the high expense for food and daily living items living in the mountains. The other thing is good luck getting a delivery in the winter. One more thing, locals often have 2-3 jobs to survive, like for example, in Mammoth Lakes. It is not an easy life for locals so do not expect a friendly vibe just because it is a beautiful area. Finally, get a long-bed pickup or SUV because you will need to make monthly trips to Reno or the Antelope Valley for big ticket items or stocking up on essentials.

 

[Canyon.usc]

In researching living in the Eastern Sierra, things I did not consider but the locals clued me in on was the high expense for food and daily living items living in the mountains. The other thing is good luck getting a delivery in the winter. One more thing, locals often have 2-3 jobs to survive, like for example, in Mammoth Lakes. It is not an easy life for locals so do not expect a friendly vibe just because it is a beautiful area. Finally, get a long-bed pickup or SUV because you will need to make monthly trips to Reno or the Antelope Valley for big ticket items or stocking up on essentials.

Bruddah, Lake Arrowhead is located in Southern Calif, San Bernardino Mts, SB county. Yeah, I would think groceries would be costly in Lake Arrowhead as well. But da drive into SB proper is about 45-50 mins depending on conditions and traffic, not too bad.

Mammoth to Bishop is about 1 hour drive and one can get pretty much everything there. Mammoth to Reno is about 3 1/2 hrs & to Lancaster = 4 1/2 drive too far and long.

 

[USCFB]

@jaycee993

You could get a bridge or swing loan. That is a temporary loan on the your existing property, to provide you funds to buy the new property. The bridge/swing loan is then paid off when your existing house sells. Talk to your banker or a mortgage broker.

 

[jaycee993]

Thing that is weird is that the 7.4% rates have really not made the price of homes drop in price much. It's probably not a good time to buy.

 

[jaycee993]

In researching living in the Eastern Sierra, things I did not consider but the locals clued me in on was the high expense for food and daily living items living in the mountains. The other thing is good luck getting a delivery in the winter. One more thing, locals often have 2-3 jobs to survive, like for example, in Mammoth Lakes. It is not an easy life for locals so do not expect a friendly vibe just because it is a beautiful area. Finally, get a long-bed pickup or SUV because you will need to make monthly trips to Reno or the Antelope Valley for big ticket items or stocking up on essentials.

I have an old school friend that is a horse trainer in Bishop. He has 10 acres on Hwy 6 , 23 miles north of Bishop. Everybody knows everybody and everyone's business. I have spent a lot off time up there. Bishop has about anything one would need. Bishop is also a land of temperature extremes...very cold in winter and very hot in summer. Also gets super windy too. That said its a beautiful area and people are friendly....low crime. My buddy used to take me to all the fishing spots that are not public knowledge. It's a nice place to visit.

 

[sctrojan2006]

I have an old school friend that is a horse trainer in Bishop. He has 10 acres on Hwy 6 , 23 miles north of Bishop. Everybody knows everybody and everyone's business. I have spent a lot off time up there. Bishop has about anything one would need. Bishop is also a land of temperature extremes...very cold in winter and very hot in summer. Also gets super windy too. That said its a beautiful area and people are friendly....low crime. My buddy used to take me to all the fishing spots that are not public knowledge. It's a nice place to visit.

Bishop has one of the highest crime rates in America

Bishop, CA, 93514 Crime Rates and Crime Statistics - NeighborhoodScout

Most accurate 2021 crime rates for Bishop, CA. Your chance of being a victim of violent crime in Bishop is 1 in 118 and property crime is 1 in 17. Compare Bishop crime data to other cities, states, and neighborhoods in the U.S. on NeighborhoodScout.

www.neighborhoodscout.com

 

[4thamp1]

I have an old school friend that is a horse trainer in Bishop. He has 10 acres on Hwy 6 , 23 miles north of Bishop. Everybody knows everybody and everyone's business. I have spent a lot off time up there. Bishop has about anything one would need. Bishop is also a land of temperature extremes...very cold in winter and very hot in summer. Also gets super windy too. That said its a beautiful area and people are friendly....low crime. My buddy used to take me to all the fishing spots that are not public knowledge. It's a nice place to visit.

I was thinking north of Bishop between Mammoth Lakes and Bridgeport.
Not much in the way of housing. You're right about the heat but at least Sabrina/North/South Lakes are close and Forks of Bishop Creek run through town.

Bishop has higher than average crime rate for similar sized towns for both violent and property crimes but then again, the SGV where I reside, is not that great either.
https://www.bestplaces.net/crime/city/california/bishop

 

[jaycee993]

Bishop has one of the highest crime rates in America

Bishop, CA, 93514 Crime Rates and Crime Statistics - NeighborhoodScout

Most accurate 2021 crime rates for Bishop, CA. Your chance of being a victim of violent crime in Bishop is 1 in 118 and property crime is 1 in 17. Compare Bishop crime data to other cities, states, and neighborhoods in the U.S. on NeighborhoodScout.

www.neighborhoodscout.com

Wow, thats shocking, never would have guessed that. I know my buddy who has a ranch in Hamill Valley 23 miles notrh of Bishop had his quad stolen off his property.His son hopped on a horse and followed the wheel tracks until he spotted the quad at a property in a small Indian town called Benton. I guess Benton has its share of crime and drugs.

 

[jaycee993]

I was thinking north of Bishop between Mammoth Lakes and Bridgeport.
Not much in the way of housing. You're right about the heat but at least Sabrina/North/South Lakes are close and Forks of Bishop Creek run through town.

Bishop has higher than average crime rate for similar sized towns for both violent and property crimes but then again, the SGV where I reside, is not that great either.
https://www.bestplaces.net/crime/city/california/bishop

Wow, thats a shocker about the crime rate, I couldnt have been more wrong.The mountains stay cool in the summer. Bishop area is where it gets hot. Mammoth and Bridgeport to me would only be seasonal living....too much snow in winter.

 

[jaycee993]

I was thinking north of Bishop between Mammoth Lakes and Bridgeport.
Not much in the way of housing. You're right about the heat but at least Sabrina/North/South Lakes are close and Forks of Bishop Creek run through town.

Bishop has higher than average crime rate for similar sized towns for both violent and property crimes but then again, the SGV where I reside, is not that great either.
https://www.bestplaces.net/crime/city/california/bishop

South Lake is one of my favorite spots up there. There are some cool homes down below by Haebeggars

 

[sctrojan2006]

Wow, thats shocking, never would have guessed that. I know my buddy who has a ranch in Hamill Valley 23 miles notrh of Bishop had his quad stolen off his property.His son hopped on a horse and followed the wheel tracks until he spotted the quad at a property in a small Indian town called Benton. I guess Benton has its share of crime and drugs.

I found out when my brother-in-law was divorcing his ex, and she was trying to take my nephew from Illinois to Bishop. At the time, there were 28 registered sex offenders within 3 miles of her address in Bishop. My brother-in-law got custody of my nephew.

 

[BlemBlam]

Running Springs is way nicer than Arrowhead. At least it was when I lived there 50 years ago.

 

[Canyon.usc]

I think a big consideration is home owners insurance. Most likely, homes in these forest areas would be classified as fire zones, which would make home insurance very costly. More than that hard to find, many insurance companies have stopped covering fire zone areas in Calif...

 

[CurtC]

That's for sure. Just heard from my ins agent Friday, saying the coverage on my place in Ojai is being cancelled, as the company is leaving the state.

 

[jaycee993]

I found out when my brother-in-law was divorcing his ex, and she was trying to take my nephew from Illinois to Bishop. At the time, there were 28 registered sex offenders within 3 miles of her address in Bishop. My brother-in-law got custody of my nephew.

Thats amazing.....seemingly quiet lil country town

 

[jaycee993]

That's for sure. Just heard from my ins agent Friday, saying the coverage on my place in Ojai is being cancelled, as the company is leaving the state.

I love Ojai...Have stayed at Ojai Valley Inn a few times.....great golf course, beautiful hotel and grounds

 

[jaycee993]

I think a big consideration is home owners insurance. Most likely, homes in these forest areas would be classified as fire zones, which would make home insurance very costly. More than that hard to find, many insurance companies have stopped covering fire zone areas in Calif...

Your right.....I guess there a a few niche insurance companies people use in the mountains but its gotta be expensive

 

[USCFB]

The Ca FAIR Plan provides basic fire insurance for high risk properties when conventional insurance will not.

Home page - The California FAIR Plan (cfpnet.com)

 

[Canyon.usc]

The Ca FAIR Plan provides basic fire insurance for high risk properties when conventional insurance will not.

Home page - The California FAIR Plan (cfpnet.com)

Thank you USCFB. Very good post & valuable info. Did not know anything about the Calif FAIR Plan.

 

[sctrojan2006]

Thats amazing.....seemingly quiet lil country town

We were shocked. It is pretty scary, and it is definitely not the place to raise a family.

 

[Canyon.usc]

Bishop has one of the highest crime rates in America

Bishop, CA, 93514 Crime Rates and Crime Statistics - NeighborhoodScout

Most accurate 2021 crime rates for Bishop, CA. Your chance of being a victim of violent crime in Bishop is 1 in 118 and property crime is 1 in 17. Compare Bishop crime data to other cities, states, and neighborhoods in the U.S. on NeighborhoodScout.

www.neighborhoodscout.com

Shocker. Passing thru or stopping at Bishop, looks like a nice, clean, friendly, safe town. What's causing all da crimes? Are they drug or gang related?

 

[dblwall]

Shocker. Passing thru and stopping at Bishop, looks like a nice, clean, friendly, safe town. What's causing all da crimes? Are they drug or gang related?

Only 2 things we ever stopped for in Bishop was gas and sheepherders bread from Schat's Bakery

 

[Pudly76]

Only 2 things we ever stopped for in Bishop was gas and sheepherders bread from Schat's Bakery

Coffe shop was alright too..

 

[4thamp1]

Coffe shop was alright too..

Jack's Omelets worth the stop.

 

[Redondo Beach SC]

Thing that is weird is that the 7.4% rates have really not made the price of homes drop in price much. It's probably not a good time to buy.

Yeah that was always the pendulum. I've read remote work has played a big part in over demand of suburban housing. It's keeping prices high even with interest rates.

There's also people like us sitting on a 2.5% mortgage. I couldn't move unless we were willing to lose between 1-2K of disposable income per month.

 

[Redondo Beach SC]

Why would someone go along with that contingency if it’s a hot market? I sure wouldn’t.

Only if they overpaid.

 

[jaycee993]

Only 2 things we ever stopped for in Bishop was gas and sheepherders bread from Schat's Bakery

Lots of great fishing there also.

 

[Pudly76]

Lots of great fishing there also.

I liked fishing better a bit north of bishop myself.. but you’re not wrong

 

[jaycee993]

I liked fishing better a bit north of bishop myself.. but you’re not wrong

Buddy who is a horse trainer in Bishop raised 3 kids on his ranch there. He would take me to all these fishing spots only the locals knew. One was off Benton Crossing Hwy 120. Out in the middle of no where you would turn off onto a private dirt road and drive a couple miles into a valley used for sheep herding. Small spring fed lake there with wild brown trout just boiling in mornings and late afternoons. There's a lot to see on back roads in the eastern sierra.

 

[dblwall]

As a kid in the early 60's every summer my parents would go on vacation to Lake Tahoe every summer. Travel up 395 and always made 1 stop, at the West Portal of the Mono Basin Aqueduct Project where my dad worked before entering WWII.

 

[4thamp1]

I liked fishing better a bit north of bishop myself.. but you’re not wrong

Good times fishing North Lake with a USC buddy back in the late 1980's. Caught our limit fishing the inlet in about an hour. Came back the next morning and did it again. Sadly, he passed away in 1998 after a traffic accident.

 

[Pudly76]

Buddy who is a horse trainer in Bishop raised 3 kids on his ranch there. He would take me to all these fishing spots only the locals knew. One was off Benton Crossing Hwy 120. Out in the middle of no where you would turn off onto a private dirt road and drive a couple miles into a valley used for sheep herding. Small spring fed lake there with wild brown trout just boiling in mornings and late afternoons. There's a lot to see on back roads in the eastern sierra.

Been to Benton. Hunted sage hen around Bodie too. Hunted and fished most of the eastern Sierra since the 70s. Love the whole place. Just for me personally, I like the elevation a bit more.