Rentals in San Jose>Question Details

Almostready2…, Renter in San Jose, CA

Would like to rent at Plant 51 or City Heights. Does anyone know if this is possible?

Asked by Almostready2buy, San Jose, CA Sat Jun 18, 2011

I would love to buy, but I don't have the down payment. Monthly payments are not an issue, it's the down payment. So I'll have to rent for at least another year and then I'll be ready to purchase. Until then, anyone know of it is at all possible to rent these units? Thanks in advance

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I actually found the sales floor reps very helpful as far as what might be for rent at City Heights. It's probably worth going once or twice a week (they have that parking right to the right of the building facing the front) and letting the sales reps know you are looking.

I'd go to both places and sign up as a potential buyer down the line. Let them know your intentions. It's good to be pro-active, that way if an owner chats with them about wanting to rent, they can have your business card handy. Plus they'll want to email you (they have lists) special offers for when you are ready to buy.

Erica Nelson
Investment/Schools and Education Specialist
0 votes Thank Flag Link Fri Jun 24, 2011
There is no rental restriction on either HOA and so you can rent from existing owners. Check out Craig's List. If you don't find any available for rent now, an alternative is to checking out the sales listing. If there's any unit that has been for sale for awhile, the owners may be interested to rent it out instead. You should approach the listing agent to see if the owner is interested.
0 votes Thank Flag Link Thu Jun 23, 2011
Yes you can rent at City Heights or Plant 51 but not through the builders. You could go to the sales office and see if they know of anyone looking to rent their units. I doubt they'll be that helpful though. You'll have to find an owner who has put their unit up for rent. Most owners downtown place ads on Craig's List to rent their property.

There is Trails Pub on N 1st St. that a lot of nearby residents in downtown walk to and hang out at. I'm not suggesting you go there to drink but just socialize with the folks. San Pedro St. is a block away so you'll probably meet someone there who knows someone.

Virginia Thomas
SJ Downtown Resident
0 votes Thank Flag Link Sun Jun 19, 2011
Hi Almostready,
What you need to do is look in rental area of trulia and on craigs list if they have units available to rent you'll be able to find them there. Also google it and see what comes up.
At your service,
DRE# 01397256
0 votes Thank Flag Link Sun Jun 19, 2011
@Charles. Yep, I am aware of FHA loans, but even then you need $8-10K down and I still can't put that kind of money down...yet. So my only choice right now is renting.
0 votes Thank Flag Link Sat Jun 18, 2011
With FHA financing it is possible to buy with a very low down payment. FHA interest rates are the lowest that they have been in over 50 years. Also Real Estate Prices are ridiculously low right now.-

I suspect that you could probably buy sooner than you think.

I recommend that you talk to some lenders now about the possibilities of FHA financing with a low down payment now rather than wait a year.

Interest rates and real estate prices could go up over the next year and make your purchase much more expensive for you than your purchase would be now.

Also, the interest on your martgage is tax deductible, but the amount that you pay in rent is not tax deductible.

You will be money ahead if you go ahead with your purchase now rather than wait a year.
0 votes Thank Flag Link Sat Jun 18, 2011
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