In Burbank right now there arer only 5 rentals under 1800 that allow pets. There is only 1 under 1600 that allows a pet and one that states they might allow one. There are no rentals in that price range in Sun Valley at this time. The comments below reflect that it is a tight market right now for renters. People who are losing homes to foreclosures and short sales are having to rent so competition is evident.
The numbers quoted by the first agent are correct. And there are currently no homes in the Burbank area for those prices. However, some other communities such as Sunland or Reseda, there might be a home and there are certainly condo's for the 200k price.
Just a suggestion, try to find something to rent until you are familiar with the areas in Los Angeles. Perhaps you might want to look at other communities once you get to know them better.
Please let me know if you need help.
Thanks for your post.
You should know that most landlords ( who in are fact real estate investors) are very frugal. They only spend what they have to spend to rent their properties. In this area, 67% of people rent, so there are a lot of renters.
What does this mean to you?
First, it means that the landlords know that they can rent out their properties pretty easily. A sign in the yard, post it on Craigslist, other free website (for the landlords), and they can rent them.
Second, on the tenant side, you are going to have to take responsibility to find a home. My suggestions are:
1. Drive around the area where you want to live.
2. Look online
3. Talk with a Realtor
Rent to own - in most cases sellers are not interested in what we call a "lease option". A lease option means that part of your rent (a Premium...meaning if the rent was $1400, you're paying $1600, $200 extra, in order to have the privilege or right to buy the home at a pre-determined price at a set point in the future).
Most sellers in the current market need to sell, and are not going to wait until a future point in time to sell. In other areas of the country where there is more inventory, lease options are more common.
Suggestions for you-
If you want to buy your own home, then talk with a mortgage broker. Ask them to analyze your situation - income, debt, savings, etc. Ask your CPA what the difference would be in your taxes. The Federal Income Tax code is still very favorable towards homeowners. Home ownership makes neighborhoods more stable, maintains the quality of life, that one will not have in an area where everyone rents.
There have been very few if any rent to own properties in the SFV area especially in Burbank or Sun Valley if any. My advise would be to try and get into a home valued in the $200,000 price range. At $1600.00 per month, the price range of $200,000 would put you into the monthly payment amount you desire including principle, taxes, insurance and PMI on an FHA loan with 3.5% down. The down payment can be a gift and you can ask the seller to pay your closing costs. If at this time you do not qualify for whatever reason for an FHA home loan, I would suggest a standard lease until you can qualify to purchase your own home. I hope this info has been helpful.
Should you have any other questions or concerns, please feel free to contact me.