Home Buying in 94582>Question Details

Ravi, Home Buyer in San Ramon, CA

What is the current rental situation in windermere ?

Asked by Ravi, San Ramon, CA Mon Sep 13, 2010

How do I go about renting my house in Windermere after I purchase it ? Can I get $3200 for
2500 sq. ft and >8k lot size built in 2006 ? How long will it take to rent it if its available to rent from
Oct'10 - June'11 ? Is there a Property Management outfit that you can recommend ?

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Answers

4
Ravi,
Steve made a comment about buying the home as OWNER/OCCUPANT and then renting it out:

You should take this very, very seriously; we have heard of Lenders reacting to this tactic; They are very aware of what people are doing.
I have heard of people being arrested for FRAUD and there might even be clauses in your contract that allow the Lender to Foreclose on your house for violations.
Be very careful.

Good luck and may God bless
1 vote Thank Flag Link Tue Jul 19, 2011
I heard the something as Ron mentioned. Not really worth the risk.
0 votes Thank Flag Link Mon May 28, 2012
Hi Rajesh, you can also use the following sites to determine whether a specific rent is appropriate:

http://www.rentometer.com/landlord
http://www.rentalhomesplus.com
http://hotpads.com

Obviously, the more competitive the rent, the faster you will be able to rent the property.

Note: Be very careful about buying a home under the auspices of "owner occupied" terms only to turn around and rent the property out, which may convert the property to an "investment property". Lenders have become much more "attentive" to this type of situation within the first year of ownership.

I would refer to Bernard's suggestion as far a property management.

Best, Steve
0 votes Thank Flag Link Tue Sep 14, 2010
Hi Rajesh:

Check out the rentals on Craigslist. That is your competition. If you want to rent out a home, use that as a guide for pricing.

I would recommend Sunny Thiara of Bay Area Propert Managers. 925-260-1260. He will tell you what is feasible.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com
0 votes Thank Flag Link Tue Sep 14, 2010
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