Let me know if I can help you. I have dozens of letters of recommendation here on Trulia. These will give you a feel for the level of service that I am able to provide my clients.
I wish you the best and hopefully we can talk soon.
Coldwell Banker Star Realty
DRE Lic#01456982 http://www.AlexMontelongo.com
The Best Compliment that I can receive is a Referral from a Customer or Client.
First questions I ask sellers interested in renting out their home are:
1. How do you feel about being a landlord, getting calls at night because something broke or water is all over the floor?
2. How about spending time showing the home to prospective renters, checking out their credentials, handling late rent payments?
3. How would you handle a non paying tenant, or doing an eviction?
Being a landlord is not just collecting the money at the end of the month, it also entails unforeseen headaches, and legal problems. I know, I have been a landlord for many years, and even when you dot your Is and cross your Ts, things happen.
Talk to a certified public accountant to see what may be best for you financially, then make a decision.
Some people sleep better at night knowing that they have their money in the bank, and no tenant headaches.
Any questions, ask here on the board, or call me, I'm in LA's Westside and just a few minutes away from Valencia.
Realtor, Certified HAFA Specialist
There are some more details that I need if you want more clarification call me (562) 673-0943. I hope this helped a little bit,
Lesley Harris, Realtor
Cal Tex Properties & REO
I understand your ties to the home you inherited. I just sold a home where the original owner bought it 52 years ago. She past away last year. It took her daughter a full year to even bring herself to sale it. She was comforted by the fact that the buyers were a young family with a toddler and one on the way. They plan to raise their family in the home. The seller did not want to sale it to an investor.
As for the secondar part of your comments: The decision to pay cash or finance your new home is one best answered by your financial advisor, but I will give you my two cents worth anyway. If you plan to live in the home for a VERTY VERY long time, and you get a DEAL by paying cash, and you have the cash it may be a good idea to pay cash. If you are like many Americans and will move in five to ten years why spend YOUR cash. In this case you can finace the home with todays' low interest rates, and maybe invest some of your cash in another way
(of course after carefully consulting a financial advisor, not a REALTOR)
Kawain Payne, Realtor
John Zimmerman - RE/MAX Real Estate Specialists 562-706-1406.
CA DRE LIC # 01052025
If you are considering renting, I would recommend you become familiar with California Landlord and Tenant laws. You can find these online at http://www.dca.ca.gov. If the home that you inherited has minimal upkeep costs you can do well with a rental. It's possible the rental will help you pay part of the mortgage on your new property which would be nice for you.
I love the idea of paying cash for a property if you can do it, but there are tax benefits to financing a loan that you should discuss with your tax professional or CPA.
To be honest I would have to dig in deeper in a sense to really compare all of the variables. It would also be a great asset and need to have your CPA involved so that we can put together a make sense plan. I have been involved in the Real Estate and Lending field for many years and this is a very interesting time in which you could leverage the market with the involvement of us all to make your future a make sense plan. Please Let Me know what you think, I would Like to make this a make sense move for you!
We have record low interest rates in the 3% right now so you would have low interest on your purchase. You could do a 30 yr mortgage and pay an extra mortgage payment annually towards your principal and pay your 30 year mortgage off within 17 years. This way you are not obligated to the higher payment that a 15 yr mortgage requires and can pay the principal down at your leisure.
You may even consider pulling some cash out to apply towards your down payment and closing costs. You also have options of many low down payment loan programs from half percent down and up. Of course you want to apply a minimum 20% down to avoid the mortgage insurance with conventional financing and minimum 22% down with FHA financing to avoid mortgage insurance. It all depends on what your fico scores are and what funds you have available to you right now. It only takes a few dozen questions to discuss the various options and which one will benefit you the best financially. You only need a minimum 580 fico score for FHA financing and minimum 660 fico for conventional 20% down or minimum 620 fico with 25% down. So you see it all depends on what your credit profile debt to income ratio is and how much you currently have to invest towards your new purchase.
You could sell the home and have it in escrow within one week at top market value but you can gain more equity as each month passes too. It only takes a few dozen questions to qualify you for a mortgage and determine options from there. I could give you an idea of what properties rent for in the area as well as what prices and payments of another home purchase would be and future equity. Also the scenario of refinancing and pulling some cash out and having a rental income to pay your new mortgage. I am available from 9am till 9pm 7 days to discuss any questions or options you have.
If you have fico score issues, I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as neccesary. You need to evaluate the value of the home you have now and what the home prices are that will interest you and rent and mortgage payment and go from there. I can have that information to you in one day as well as go over loan programs, interest rates and terms. Here are some various loan program links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
9am till 9pm 7 days
I'd be happy to help you figure it out. Good luck!
Good luck to you!
Or sell, take the cash, buy your dream home With Financing & buy a 2nd home in the same area to rent out & manage it yourself & watch the equity grow in both homes as the market rebounds.
I live right next to the 90808 area & would be happy to talk to you more about how much your home could sell for right now & discuss with you buying with cash vs. leveraging with financing & making it work in your favor.
Shoot me an email directly if you'd like to talk about this further, I don't look back on this same Trulia thread for answers posted after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
Talk to other folks in your community about how easy or hard it is to rent out their property, etc. Consult with a local property management company. Then, make your decision.