MrsFin...
We do property management so I have an idea of what you are talking about.
When we accept an application, that's not an approval. As a matter of business practice we don't take in a deposit unless we have approved the new prospective tenant. Other companies will take a deposit, but it's not the norm.. at least in my circle of folks I know that do management.
I don't know the sequence of events in your case, but as Ute said, even if they approved you and then got a "rental verification" from a previous landlord which contradicts what you said, they could refuse to rent to you.
What most property managers do now days is send to the previous landlord(s) a "rental verification" which has certain questions such as:
Has the tenant paid rent late..?
Have you had to give the tenant a 3 day notice to pay or quit..? if yes, how many times.
Has this tenant ever had a check returned for insufficient funds and if so, how many times.
Did the tenant get served with any other kind of notice... if so how many times and for what reason.
Did the tenant give you a written notice to they were moving...?
and finally I love this one...WOULD YOU RENT TO THIS TENANT AGAIN...?
That's what you are up against when you are trying to rent these days... especially through a professional management company.
If that's what happened to you, my suggestion is to contact the folks you put the application through and the previous landlord. if you owe the previous guy money or you left it in bad condition, be prepared to "make amends" as they say.
I hope this helps.
Make it a great day...!... more
Great question.
As lenders, we all essentially adhere to the same guidelines.
Deposits are the same.
As far as qualifying, the max for a rental is 90% loan to value (10% down payment).
PMI is required on loans above 80% loan to value.
Conventional financing offers you the best rate.
You will need a 660 minimum Fico score.
Also if you are putting down less than 30% then the lender cannot use any of the rental income (on the new property if you had a tenant for example). You would have to qualify based on your income and your debts and with the new mortgage as well on the investment property.
Homepath is another good option. Same Fico and down payment requirements; however there is no appraisal nor mortgage insurance on the homepath product. Rates are higher because of this. Typically .50-.75% higher in actual rate than conforming 30 year fixed rate loans.
However, once you factor in not having mortgage insurance and given the fact that you cannot deduct mortgage insurance from your taxes, typically the homepath pencils out quite nice.
For more information on how to qualify, simply give me a call at 916-813-4003.... more
Go get a pre approval letter from a lender banks are not all the same then contact a real estate agent to help you through the process of finding your home.
If you need any help or just want to talk give me a call.
Phone 916-745-2093
website www.hcox.golyon.com
email hcox@golyon.com... more
Earlier in my carrier I did three owner-occupied loans for a young couple about 2 to 3 years apart. First they bought a 4-plex and lived in one of the units. Then they bought a duplex about two years later and rented the other unit and all the units in the 4-plex. Three years later they were expecting their 2nd child and wanted to move into a single family home. The 4-plex was generating a very good cash flow and the duplex was about even. They had about $100,000 in equity in the two properties. Not too bad for a couple of 24-year-old grocery store clerks.
Buying a home to live in and buying a home to rent are two very different transactions. Everything from the laws that pertain to the loan to what rights you have as an owner are different. If you buy the home and live there for a full year, it is unlikely that you would have any problems with an owner-occupied loan. HOWEVER, if you state that you will occupy the home and then turn it into a rental in less than 1 year you could be in some serious trouble.... more
I think most investors are finding that those areas are renting well. If you are obtaining a mortgage then you can calcualte whether or not it makes sense financially. Many people are losing their homes so renters are abundant. If you have a nice home at the right price it should rent. Consult with a Realtor and you will quickly see that buying a rental in this market makes sense!... more
I lived in the newer part of Natomas (95834, 95835) for a while and it's grown so much since I lived there a few years back. The homes are newer so you'll (hopefully) have less issues with the property, and there should be rentals available. There is everything you'd want nearby - restaurants, stores, etc - and it's close to the freeway to get to work. If you're a runner or walker, there are miles and miles of homes out there and parks and schools to walk or run around.
Here's some of my recommendations for Sacramento property management companies:
Homepointe
www.Homepointe.com
SacDelt
www.sacdelt.com
Also keep on eye on Craigslist - there's always lots of listings for rentals there.
As for safety, feel free to check out the local crime reports / statistics on sites like crimereports.com or something similar. They'll be helpful in your search.
Good luck and thanks for your service to our country!!
Please let me know if you have any questions!
Lauren Schenke
Better Homes Realty... more
Phtokat....
They can ask your landlord questions like these... and our property management folks will send a "rental applicant reference form" to your old landlord to fill out...
We require you to sign it and authorize us to check you out... the questions are as follows:...
***Move in date... Move out date...
***Did applicant live at your property during the period indicated above ( the dates you told us)...?
in no... from when to when...
***How many times during the past 12 months did applicant pay the rent late...?
***Was any check from Applicant returned due to "non sufficient" funds (NSF)..?
***Did you ever file for an unlawful detainer against Applicant for unpaid rent...?
***Does Applicant owe any amount for delinquent rent, utilities or damage to unit..?
***Did Applicant provide notice for ending tenancny according to the terms of the agreement>>?
***Did you ever serve a "3 day notice" to Applicant...?
and one more...
***WOULD YOU RENT TO THESE TENANTS AGAIN...?
If you have a pet... I ask folks to bring their pets with them so I can see how well behaved they are...
I hope this helps...
Make it a great day...... more
A few tips I like to give in this day of renting are:
1. Research the property address to ensure the homeowner is not in any eminent foreclosure danger. You can't guarantee the homeowner won't go into default, but if the tax record shows they are behind on their mortgage, or purchased the home with a loan between 2005-2008, that's certainly considered a red flag.
2. Check sites such as Craig's List to see what the "going rates" are so that you know you are looking in an area affordable for you, and you have an idea of what true rent should be giving you a tool for negotiating.
3. Make sure everything is in writing - If it isn't written down, it never happened. All of the terms of the lease must be in writing for your protection, your deposit, first and last, walk thru, release of deposit at the end of the lease, etc. Get it all in writing!
4. Maintenance and repairs - Get this in writing as well, showing how your landlord will deal with repairs and what repairs they will/will not make.
A book I love to refer to tenants and tenants to be is California Tenants - A Guide To Residential Tenants' & Landlords' Rights & Responsibilities (http://www.dca.ca.gov/publications/landlordbook/catenant.pdf)
Hope this helps!
Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
The Short Sale Lady(sm)
Century 21 Landmark Network
(916) 370-1803
keisha.mathews@century21.com http://www.SheSoldItForMe.com
lic#: 01439130... more
Prospective renters can get listings of available rentals.
Some PM companies advertise their rental houses online, some in the newspaper, some in both media.
Your profile, Blitz, says you are home owner. so you confused the Trulians as to why you are asking this question. Either you clicked the wrong box, or ?... more
Any Realtor can help you if they are willing. Send me the address of the property, and I can try to help you. Also, i can look up the address and see if it is on the Metrolist as a home for sale (possible to be on MLS and no sign on the property).
Good luck!
Kylee
www.sacramentorealtor.info... more
I think we've discussed part of these circumstances with you before?
They can't 'evict' you if the current owners are in foreclosure, however they can terminate your lease with the proper notifications. If they are doing a short sale while in the foreclosure process, you can notify the listing agent that you would like to be considered as a tenant if the new buyers are going to be renting the property. However, a short sale can take quite a bit of time, where will you be living during that interim?
The same with the home if it goes to foreclosure. There will be quite a time delay in turning it around, putting it back on the market, closing the escrow with the new buyer....... more
Usually your rental history is not reported to your credit report (unless you use a company like http://www.rentreporters.com - tip to anyone looking to build some credit scores using rental history), however when you default on your rental/lease agreement, you can be evicted, like you are asking about, and eventually the money (which is a debt) you owe could be sold to a collection agency, or the landlord could potentially file a eviction judgment against you, and that would appear on your credit report, but may not appear right away.
Now other items can happen to you to that will not appear on your credit report, one is that you could be put into a database such as CoreLogic's SafeRent - http://www.residentscreening.com - which landlords can enter you into and other landlords can cross reference.
The additional screening services aren't use as widely as checking a prospective tenant's credit, so if it at all possible I'd work with them on making sure it doesn't get reflected on your credit. Private landlords (vs. apartment complexes) are less likely to use screening services as well.
Just because you have an eviction on your credit report, or in a landlord/renter database, does not mean you cannot rent again, there are situations beyond your control and people are reasonable and will hear you out, so there is hope.... more
Some say 1% some say 1.25% :: Why the difference? Well, the base is 1%. Landscape and lighting, junior college district, mosquito abatement and other stuff is added to to the base which raises it up a little bit. Not by a full quarter though unless you have a CFD (communities facilities district) aka Mello - Roos - thrown in which can add even more than a quarter. For example, I pay about 3600 in property tax based on my assessment and I have anothe $1440 added for mello roos so my tax rate on my own house is about 1.4% . It is different for every house, every buyer, every situation.... So for advice column purposes a range of 1 to 1.5% makes sense. You will want to get an estimate for the property in question at the price you are buying it at when the time comes to do due diligence on your accepted offer.... more
If you want out.. you're stuck...
However the landlord has to make an effort to re-lease the apartment, but until he does you are on the hook for the rent and the costs to get a new tenant.
This is still America... you have free will to move, but you have some legal consequences for the change of heart in your lease...as the nice ladies ahead of me told you....
Talk to the landlord... stay in touch with them and make sure they are putting it back on the market and actively pursuing a new tenant...
I hope this helps...
and in the mean time....?
Make it a great day...!... more