Home Buying in Long Beach>Question Details

Shauna Crawf…, Renter in Jurupa, CA

Mother in law not renewing her lease which we pay half of. Hubby great job great credit score don't want to end up homeless,afford 850&down. wanna buy

Asked by Shauna Crawford , Jurupa, CA Thu Nov 8, 2012

Could landlord renew lease with us since she wants to move?Or we want to buy a mobile home where lot rent and mortgage payment is not going to make payments 1000 a month any advice

Help the community by answering this question:


Hello Irishsk8ergirl,
Landlord should be ok with that.
Plus if your credit is good you should just buy a place of your own.
We specialize in First time Home buyers and we're just in the corner of Redondo and Willow.
Feel free to give me a call and we can introduce you to a lender that can do the
1/2% downpayment program through FHA-CHDAP.
In any case, good luck!
0 votes Thank Flag Link Fri Nov 16, 2012
The thing that you may be overlooking is that $1000 or even $1200 a month in Mortgage, Taxes and Home Owners Association (if you buy a condo) could be nearly the same as if you are paying $850 (which I think is what you were saying you would be willing to pay?) because you will have a TAX WRITE OFF ..... and yes there is a way to realize this prior to receiving your tax refunds. Right now every $100K you borrow is roughly going to cost you $460 in mortgage. So borrowing $200K would cost you less than $1000 a month($920 not including taxes etc). None the less you need to sit down or call a tax person and have them tell you what your write-offs will be and how much savings you will make with a mortgage of "X" based on your current tax bracket is key. If a mortgage payment is going to save you $500 a month in a tax bill well that could change things right? You could still buy that mobile home, although I would encourage you to look at condos too!
0 votes Thank Flag Link Sun Nov 11, 2012
Dear Irishsk8ergirl,
Now is a great time to buy. I do not reccomend purchasing mobile homes because the interest rate you pay to buy is high, and you have to pay the space rental to the mobile home park. The space rental can be from $300 or $400 to $700 or $800.

I do recommend that you sit down with a Realtor and/or a loan officer and see what you can afford. Mortgage interest, mortgage insurance and property taxes are all tax deductible, so you can actually afford to make a larger payment than you would renting without impacting your lifestyle. In California there is a first time home buyer program where you can pay as little as 1% down to purchase a home.

If I can help, please call me at 562-212-2345.

Gene Scott
Realtor and Loan Officer
Shore Capital Corporation
0 votes Thank Flag Link Sun Nov 11, 2012
I am not sure I understand your question, but as general rule be very careful extending too much financial help to family. It is great to help family members when you can, but only you know what your true comfort level is. Sometimes you have to make a stand and be the adult in the situation and my advice is to fallow your gut on this one.
0 votes Thank Flag Link Thu Nov 8, 2012
You could approach the landlord and see if the landlord will renew the lease with you. Easiest solution if it works. Unless you found a really small mobile home where the rent for the home was $350-$400 a month it will be tough to keep your rent at $850 as most parks charge park rent of at least $300-$500 a month. If you send me your email address and I see anything that might work I would be happy to send the address to you.

Barbara Robbins-Olexa, Broker
DRE Lic#797560
L B Brokerage
0 votes Thank Flag Link Thu Nov 8, 2012
Hi thanks my email is irishsk8ergirl@yahoo.com
Flag Thu Nov 8, 2012
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