Property Q&A in Omaha>Question Details

Netta, Renter in Omaha, NE

I'm looking for a home to rent and it seems as if all the nice homes I really like are 1050 and up why is that?

Asked by Netta, Omaha, NE Tue Oct 2, 2012

Some of the older homes are even 1050 and up why is that? If I were to pay the 1050 price I would get a newer home.

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This question is about this property: http://www.trulia.com/rental/3097088684-9135-Sprague-St-Omah…

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6
Ok Paul I'll call you soon give me a week or so. I say that because I've made a 6 month commitment of paying 1000 a month to pay a few accounts off on my credit. The last payment will be taken out of my account on Oct 19th and I will be free. I don't want my credit ran until they get all accounts updated and listed as paid. Thanks so much for your time. I really appreciate it. I can't wait to buy so sick of renting.
0 votes Thank Flag Link Thu Oct 4, 2012
First of all glad to see that you have a great coach . And I see that you would rather buy then rent which in my opinion is a great goal. Have you at least tried to get a loan for a home? I recently sold a home to someone in the same situation as yourself. They had a credit counselor and some debt and they told them to pay off all there debt and then apply for a home loan. Well they didn't know their counselor had his own interest in mind 1st, which was to keep them on his payroll as long as possible. Most I know don't work for free!!!. So they don't always tell you what's in your best interest 1st.
Well these people were glad they listened to me and checked with the lender I put them in touch with, and bought a larger home then they thought just because of the interst rates were as low as they are. If you would like to have someone contact you and see if you would qualify and buy rather then rent then I would be glad to do that for you. If you do qualify then I can help you out by helping you find a home to purchase instead of renting.
By the way there is no charge for this except they may charge for pulling your credit report.
If you would like to maybe get a second opinion for your credit here is a place that my wife works and they do credit counseling as well, and there isn't a charge. They also offer advice and classes on home buying as well. Call me sometime if you would like to talk at 402-709-9768

http://www.fhasinc.org/ This is their site you can check it out .
0 votes Thank Flag Link Wed Oct 3, 2012
I just think it's crazy how even some of the older homes 30 years and up some are even 40 45 and 50 years old and landlords are still wanting the amounts of 1100 1200 1300 and some even 1450.00. That's crazy prices when you can basically get houses built a few years ago for that price. I know i would definately go with the newer home. Some homes and the way they look should NOT be the prices they are. I rather get less rent knowing someone would take good care of the home rather than getting 1100 and up and the home was trashed when the person moved out. Most likely the deposit doesnt even cover all the rent they paid upfront. Thanks though Paul. I will finish paying off my credit and will be able to buy real soon. I AM SUPER EXCITED. My financial coach is awesome!
0 votes Thank Flag Link Tue Oct 2, 2012
ok thank you very much for your response. Just can't afford the 1050.00 price range at this moment. Looking more to pay around 900.00 or so. When I contact landlords most are not even willing to negotiate the rent which is fine. But me and my husband both work at the utility company. We have great jobs, reliable transportation to get back and forth to work, great credit history with current landlord never been late not even once, kept the rental property clean and landlord can vouch for that, no pets, no smoking, no drinking, not even wine, no parties. Just a good family of four looking for a nice property to rent for a year or two until we are able to buy a home. My point is landlords rather take risk of someone paying 1100.00 than giving us a chance to pay 900.00 and dont have to worry about us trashing the property or having any issues at all. Just seems as if my honesty gets me no where. I've been looking for a rental property for 2 months now but haven't came across nothing really in our price range that we like.
0 votes Thank Flag Link Tue Oct 2, 2012
Well 1st of all the house is probably not paid for as it takes the avg. person with a 30 year loan,
30 years to pay it off. Which is a lifetime for most people. So the home has to get paid for somehow. For instance the home your speaking of at 9135 sprague looks to have been on the market for sale a couple different times. Then it didn't sell for one reason or another. It doesn't look to me like they wanted to be a landlord since they tried to sell. So in order to make the payments on a 115,000 home which is about what they paid for it back 8 years ago. Depends on the interst rate. If he never did a refi. Lets say an avg. rate for a investment property is around 6%, since these are higher rates then owner occupied loans. The P&I would be approx. 700.00 then you have taxes which you pay even after the home is paid off at $200 month then ins. another approx. 75.00 monthly. For not having 20% equity in the home there is what they call PMI ins , probably 60-80 monthly . So if you add these up you are right at $1050 a month.
Now when this guy has a vacant home he will have to make this payment in addition to his own mortgage, also when there are any repairs this will probably come out of his own pocket, since it doesn't look to me like he is making any kind of extra cash income to make any repairs. I myself have about a dozen rental and am lucky to make on some 100.00 montly. doesn't sound like a lot and really is not because repairs are not cheap. Replacing carpet for ex. after the tenants trash it at 20.00 yd . for this home looks to be about 125 yds carpet at 13.00 yd. for cheap carpet then pad 3.50 and 4.00yd . labor would be about $2500 So 2 years worth of income at 100.00 a month.
Sorry for the long drawn out answer but alot of people think the same way, So maybe this will help them understand as well. As well as maybe will take care of your landlords home so they can refund your deposit instead of keeping it for damages and repairs. that it cost them to rehab to the condition they moved in . Then the landlord won't also get a bad rap for being a slum lord because their tenants left the home in good condition So this is the main reason that rental prices are so high. We have to pay for the home and then hopefully have a small cash reserve to do any repairs needed.
0 votes Thank Flag Link Tue Oct 2, 2012
Excellent reply Paul. I know it took a long time to write all that but it explains perfectly why a rent is what it is. At today's bargain basement mortgage rates it makes more sense to buy than to rent if all the conditions are right.
Flag Wed Oct 3, 2012
Single family home rentals are high in Omaha and the selection is pretty small. For a newer 3BR , 2B property expect to pay between 1,300-1,800 per month. I guess the reason for what you consider high rental prices is the small number of single family homes for rent.
0 votes Thank Flag Link Tue Oct 2, 2012
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