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Rent vs Buy in California : Real Estate Advice

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

Activity 138
Danny Tran,  in Los Angeles County, CA
Sun Feb 20, 2011
Danny Tran answered:
I know this area, I think, I can help you to relocation. You may put all option on the table, and go it over to pick out the best option for you. Please contact me.
Thank you

IRN REALTY
1289 W. 7th St
Upland, Ca 91786
818-317-4698
Tranpomona@yahoo.com
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0 votes 3 answers Share Flag
Danny Tran,  in Los Angeles County, CA
Sun Feb 20, 2011
Danny Tran answered:
Rent Vs Buyer, for rent is pay to landlord, buyer is pay to himself(herself). For buyer more likely to longtime saving, and much more....
If you give me a call I will explain more.

Thank you

IRN REALTY
Danny Tran
1298 W. 7th St
Upland, Ca 91786
818-317-4698
Tranpomona@yahoo.com
... more
0 votes 2 answers Share Flag
Shel-lee Dav…, Real Estate Pro in Rolling Hills Estates,...
Sun Feb 20, 2011
Shel-lee Davis answered:
Hasani:

It is possible that you did not receive much help on your question because you posted it in Monrovia and are moving to the SF area. I would be happy to connect you to a great agent in that area, if you are still looking. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
... more
0 votes 3 answers Share Flag
Cricket Yee, Real Estate Pro in Sherman Oaks, CA
Tue Jan 25, 2011
Cricket Yee answered:
Hi Mike, I suggest you proceed very carefully regarding rent-to-own listings, especially if you are finding them on Craig's List. Postlets is a free service, and anyone can make a very professional-looking ad with or without a real estate license. The reason I am cautious is I have a friend who answered an ad, which looked too good to be true, and it turned out that the property had been foreclosed by a major bank, and banks do not do rent-to-owns. The people who ran the ad wanted a large sum of money for an application fee, and that is not typical for rent-to-own scenarios either.

Right now, rent-to-owns are not typical for the Sherman Oaks area. The only advantage in this market to do such a deal is if you don't have the down payment, but 3.5% FHA loans take the teeth out of this scenario.

Good luck and do not hesitate to ask more questions.
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0 votes 7 answers Share Flag
Terri Vellios, Real Estate Pro in Campbell, CA
Sun Jan 23, 2011
Terri Vellios answered:
There is an online program called rent vs own, you put in your information and it will give you an idea. Understand that there may be programs available to you as low income which might make purchasing affordable. Purchasing is not always in everyone's best interest and you will need to be comfortable with your monthly cost and it should make your life better to own. Otherwise, you may want to save money and keep renting until it makes sense to you. ... more
1 vote 1 answer Share Flag
Larry Echava…, Real Estate Pro in San Diego, CA
Thu Jan 6, 2011
Larry Echavarria answered:
I can help Im located locally here in Barstow, and I have done several lease options here in town.
Please feel free to contact me anytime to discuss the lease option for your property.

Thank you
Larry@tele2enterprises.com
760-686-3049
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0 votes 4 answers Share Flag
jo,  in Hollywood Hills, Los...
Mon Dec 20, 2010
jo answered:
Contact a realtor in your area and have them help you find a great lease in the price range you are looking for...Good luck :)
0 votes 3 answers Share Flag
David Akram , Real Estate Pro in Granada Hills, CA
Thu Dec 16, 2010
David Akram answered:
Renter's insurance is fairly expensive and can run between $25-$75 depending on what you want to include in the coverage.
Let me know if you need me to make a recommendation for a couple of Insurance agents who can help you out.

Thanks
David
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0 votes 8 answers Share Flag
Cameron Novak, Real Estate Pro in Corona, CA
Sat Nov 27, 2010
Cameron Novak answered:
If the value of the home compared to the amount owed... make sure the bank will allow what you're proposing unless you'll be buying the home as a conventional purchase when you take it in a few years.

Careful... and get it all in writing (drawn up by an attorney).
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0 votes 11 answers Share Flag
Deborah Madey, Real Estate Pro in Brick, NJ
Thu Oct 14, 2010
Deborah Madey answered:
I think what you are trying to ask is .......if you start the purchase process, i.e. apply for a loan and have an escrow company start a file, does that meet or extend your purchase deadline.

Suggestion...if you cannot close by the 2 yr deadline, discuss an extension with the seller.

Also.....some lease/options are recorded.
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0 votes 3 answers Share Flag
Toni Anderson,  in Beaumont, CA
Wed Sep 29, 2010
Toni Anderson answered:
It would depend on the home. If it is permanantly attached to the land it would be taxed as real property which gives you a real estate homeowners exemption and a smaller maintenance fee. If the Manufacctured home is not permanatly attached, it would be considered personal property and you would pay tax as if it were a vehicle and taht would include tags, and a Lot rent, that could be increased by the park on a regukar basis. The lot rent would not be tax deductible in most cases. Consult with your Tax preparer as to the difference for your own personal situatuion, but most people have found that a tax credit as a homeowner is better by far than paying lot rent and a write off of tags. I am from the Beaumont area and would be happy to assist you with the ins and outs of manufactured homes. We have some great senior parks in our area.
Feel free to contact me;
ToniAnderson@tarbell.com
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0 votes 3 answers Share Flag
Stella Doyle,  in Glendora, CA
Sat Sep 25, 2010
Stella Doyle answered:
Hi MovingOn, There is no set answer to your question without more information about your debt to income ratio, FICO, the amount of your down payment, etc. Almost all offers require your FICO and an approval letter from a direct lender to accompany your offer. Your first step should be to speak with a realtor or lender who will be able to guide you and help you through the process to purchaseing your first home. Realtors have a wealth of information and contacts to assist you. So do your homework on your search for a Realtor you can trust and have a compatible personality. Or contact me!

Stella Doyle
626-966-3688 ext 211
Coldwell Banker Town & Country
345 E Rowland Street
Covina, Ca 91723
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0 votes 3 answers Share Flag
Mary Sheppard,  in Concord, MA
Wed Sep 22, 2010
Mary Sheppard answered:
This is a great time to buy! Home prices have come down considerably and have never been more affordable. Interest rates are at historic lows. Can they really go much lower? Selllers are motivated to sell so buyers have a large inventory of property to choose from now. Additionally, you’ll have bargaining power. Lenders are lending. If you have a job, a reasonable down payment, and good credit, takes the plunge!

Rents are back on the rise while property prices, according to some experts, have dropped nationwide by 30% to 40%. Other experts believe we are back to 2002 property values.

If the above wasn’t compelling enough for you buy a home, keep in mind that you can deduct property tax and mortgage interest expense on your tax return. Check with your accountant or tax expert to confirm your projected deduction based on your specific circumstances. This is better than taking a renter’s credit on your tax return. Finally, owning property could be your biggest retirement nest egg. Instead of paying a landlord rent you are investing in an asset you own!
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0 votes 11 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Thu Aug 12, 2010
Don Tepper answered:
Here's a link to a blog I wrote on how to find rent-to-own/lease-option homes:
http://www.trulia.com/blog/don_tepper/2010/03/how_you_can_find_and_buy_a_lease-option_rent-to-own_property

Hope that helps.
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0 votes 2 answers Share Flag
Elynne Maree…,  in Danville, CA
Sun Jul 25, 2010
Elynne Maree Allen answered:
I have very happy Clients that bought in Alameda that love it there ~ They found a great Townhomes nearby an excellent elementary school ~ Personal email for more questions: elynneallen@apr.com ... more
0 votes 8 answers Share Flag
HappyinSantee, Other/Just Looking in San Diego, CA
Wed Jun 9, 2010
HappyinSantee answered:
Thanks for all your answers, but I was referring to the article in the newspaper citing the Trulia survey that indicated my area was in a rent vs own ratio of 20, indicating that it was better overall financially to rent. I was questioning that survey validity. ... more
0 votes 6 answers Share Flag
Warren Ray P…,  in Victorville, CA
Sat May 29, 2010
Warren Ray Payne answered:
Contact me

Ray Payne
Keller Williams REalty
Victorville CA
mpressive@msn.com
raypaynerealestate@msn.com
0 votes 3 answers Share Flag
Lex, Home Buyer in San Jose, CA
Wed May 5, 2010
Lex answered:
Gilbert,

The plan would be to begin building shortly after getting the land. We'd just slowly begin adding the necessary facilities to lead up to building the yurt (i.e. solar, well, septic, etc).
I'm unclear about the term 'depreciate' when it comes to real estate. What did you mean by that?

Thanks,
Lex
... more
0 votes 6 answers Share Flag
Scott Wilmore,  in Marin County, CA
Wed Apr 28, 2010
Scott Wilmore answered:
In the short run it may make sense for you to rent. However, in the long run it will nearly always pay to buy. Between the potential price appreciation (as long as you don't overpay), the tax write-offs, and the latest $8000 write-off for first time homebuyers it is hard to lose. The latter would require you to make a decision by the end of this month as it is not likely to be extended.

There are also loads of new tax incentives for energy savings, upgraded appliances, windows, etc...you may be able to help someone out of a bad situation and pick up a bargain that needs some upgrading anyway. I made far more money buying and upgrading fixers than I ever saved working for a salary.

A condo is also a good possibility in Mill Valley, and there are some beauties on the sunny side near Richardson Bay. Be careful to see what is included in the Condominium Association Fees.

I've been here for over 25 years, and as much as I like to visit Fairfax for the music scene, and Sausalito for the artists and waterfront, Mill Valley is a gem (especially the unincorporated west side, Almonte, and Homestead Valley)
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0 votes 13 answers Share Flag
Joan Braunsc…,  in Morris County, NJ
Mon Apr 19, 2010
Joan Braunschweiger answered:
I started working when I was 11 going on 12. Making about 50 cents an hour when I first began but hey, I'm old, that was a long time ago and you have to start somewhere.
Babysit, animal sit, mow lawns, do errands, whatever it takes. Be creative and believe in yourself.
It can add up pretty quickly if you are good about saving and I love Don's idea about learning about how to invest in Real Estate.
The fact that you are reaching out to ask for help about how to help yourself says a lot about you (all good!).
If the mood strikes you, let us know how things are going.
... more
0 votes 7 answers Share Flag
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