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Rent vs Buy in California : Real Estate Advice

  • All2K
  • Local Info95
  • Home Buying1K
  • Home Selling180
  • Market Conditions51

Activity 139
Thu Feb 23, 2017
Terry Bell answered:
Lease Options are usually offered by sellers when the market is slow and the seller is willing to either do owner financing, or wait till the market improves and lease to you in the meanwhile. Right now the market has picked up, and you are unlikely to find any situations like this. I am recommending that you consider a starter condo or a manufactured home and build up some equity. Right now there are some grants towards HOA dues to help out! ... more
0 votes 3 answers Share Flag
Thu Feb 2, 2017
Staceylee55sss answered:
How does the rent to own home program work in calif, ie credit score time allowance down payment,ect.
1 vote 7 answers Share Flag
Mon Jan 30, 2017
Meena Gujral answered:
Hello Janet,

Yes, you can search multiple locations at once. I would suggest that you find a good Realtor in your area and tell them what you are looking for; price and criteria. Let the agent set up the search from the local MLS and you can get properties as they come on the market

Meena Gujral
Broker/Realtor
Help U Sell Achievers Realty
Full Service, Big Savings. The Experts Next Door
925-425-9491
BRE# 00950378
... more
0 votes 2 answers Share Flag
Mon Jan 30, 2017
Sheryl Arndt answered:
The sellers pay the agent fees. Lease with option to buy are risky and usually require a 10% or more non refundable deposit as well as other fees. You may already qualify for traditional FHA financing with 10% down from a minimum 500 fico score.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

The purchase in 91730 zip code start from 172k for 1bd 1ba condo, 200k for 2bd 2ba condo and the single family homes start from 305k for 3bd 1ba home.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? You would need a minimum 620 fico score to qualify.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Janet, sorry that no one answered you quickly. Is Fairfax the only city of interest or are you considering any other cities? It may not be easy to find many choices to consider.

The rentals in Fairfax start from $1,750 for 1bd 1ba and from $2,050 for 2bd 1ba apartment and they don't mention pet policies. The inventory is quite low. You should check with the local rental management companies.

The purchase in Fairfield start from 775k for 2bd 1ba single family home as the inventory is quite low currently.

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Fri Dec 30, 2016
Gorsin answered:
My brother just sold a house that he rented (never lived in it). He has been in jail and thus no income during the time he rented the house.

What is the capital gains tax rate. I have read that with zero income there may be zero capital gains.

I use turbo tax but cannot find the answer.
... more
0 votes 15 answers Share Flag
Sat Jul 23, 2016
Firstcards answered:
Saw this somewhere. Hope it helps. Anyone in here interested in RENT TO OWN HOUSES??.....Why

rent ...when you can own ??..Bad Credit Housing Programs, Down Payment Assistance Programs, get access to Rent to Own Home Houses In your City =>http://www.wefinanceit.infohttp://www.wefinanceit.info ... more
0 votes 10 answers Share Flag
Wed Jun 8, 2016
Sheryl Arndt answered:
Hello AnnaWilson748, why rent to own if you can buy to own? Rent to own want 10-15% down payment that is non refundable. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. You may consider a 3%-5% Sapphire Grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

The purchase in Hemet start from 69k for 2bd 2ba condo with that approximate payment. You may qualify to buy with minimum out of pocket expenses with the 3%-5% Sapphire Grant down payment assistance program.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
... more
1 vote 3 answers Share Flag
Fri Jun 3, 2016
Rhanny11 asked:
Tue Aug 18, 2015
Cindy Davis answered:
Rent to own properties are rare. I strongly recommend that you rent, and rebuild your credit until you qualify for a mortgage.
0 votes 1 answer Share Flag
Sun Aug 16, 2015
Alex Montelongo Real Estate Group answered:
Are you looking to rent or buy? I have helped many first time home buyers in my career. I'd be glad to talk about the whole process.with you if you are available. Please feel free to check out my profile here on Trulia and call me when you have a moment.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
... more
0 votes 10 answers Share Flag
Wed Aug 5, 2015
Alexander Parker answered:
Hello Myemail758, Would love to assist you with this question. There are currently about 176 rentals available in Beverly Hills, however that number includes single family homes, townhomes, and condos. I'd be able to get you a better dollar per square foot if I knew what type of property you were interested in, how many bedrooms, and whether you were interested in renting closer to the Santa Monica Blvd area or more north near Mulholland Drive?
Thanks.
... more
0 votes 1 answer Share Flag
Thu May 28, 2015
Cindy Davis answered:
If you are planning on staying put int he area and home, I would definitely recommend buying. You will have greater stability and control over your monthly payments with a fixed rate mortgage than renting. ... more
0 votes 2 answers Share Flag
Fri May 8, 2015
Brandon Dotson answered:
I forgot to mention that Mr. Downey at Northridge is probably one of the best educators in the city. If you can get your kids in his class then they will love it. I believe he teaches 5th grade if he still is there. ... more
0 votes 4 answers Share Flag
Thu Apr 30, 2015
answered:
I do not know about rent to own, But based on your income assuming that you do not have much debt. there are 10 properties you could buy, all with $2000 or less to move in.

The bad news is they are all one bedroom or studio

But they are all located in the downtown area, between PCH and the beach which is a pretty good area. (by the Queen Mary)

If you have a car payment it would lower the number to choose from or may eliminate you all together.

But give me a call and we can go over it. 714-968-2500
... more
0 votes 3 answers Share Flag
Mon Apr 27, 2015
answered:
People who are offering the "rent to own" option, most of the time either:

1. Owe more on the home that it is worth.
2. Or the property is hard to finance.

So you if you can make sure that the purchase price is reasonable, and that the property can be financed. You can do it.

Now good luck finding something like this.


Feel free to call me and talk about it 714-968-2500


I am guessing that the last poster Sheryl Arndt would be able to a good job for you as well. She seems like she might be good.
... more
1 vote 7 answers Share Flag
Mon Mar 16, 2015
Alex Khalilifard answered:
Hi Brujilde,

You may be required to put more deposit down since you have bad credit.

Please let me know if you have any other real estate-related questions!

Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
RE/MAX
Alex@TopHomesLA.com
Direct: 818.925.8088
http://www.TopHomesLA.com
... more
0 votes 6 answers Share Flag
Mon Mar 16, 2015
Alex Khalilifard answered:
Wanda, please speak to an attorney before you make any decisions. You may end up losing your deposit.


Please let me know if you have any other real estate-related questions!

Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
RE/MAX
Alex@TopHomesLA.com
Direct: 818.925.8088
http://www.TopHomesLA.com
... more
0 votes 2 answers Share Flag
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