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Rent vs Buy in California : Real Estate Advice

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

Activity 137
Gorsin, Home Buyer in San Diego, CA
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.
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0 votes 15 answers Share Flag
Rich Reed, Real Estate Pro in Arcadia, CA
Fri Oct 7, 2016
Rich Reed answered:
In my opinion, most properties that are marketed as "rent to own" are trying to take advantage of unsophisticated buyers/tenants and sellers/landlords. The "process" is hyped to would be real estate investors as a type of "get rich quick" scheme and to potential homeowners as a way to overcome credit problems. Rent to own transactions done by a legitimate Realtor are leases with an option to purchase and are three contracts: the lease, the option, and the purchase agreement. If both parties are represented by Realtors then it is probably legit, otherwise I would advise extreme caution and due diligence! My MLS has a detailed search that has an option on for-sale properties to select if the seller would consider a lease (and on lease properties if the lessor would consider a sale). With that selected, good rent to own possibilities can be found. If you were searching in my area, I would set you up for a "portal" with that custom search and you would get updates as soon as they are listed. Try contacting a Realtor in your desired search area. You should look for a Realtor familiar with leases with option to purchase transactions. We mostly serve clients in the San Gabriel Valley, but would be happy to assist you in other areas as well. Thanks! ... more
2 votes 1 answer Share Flag
Janet Fitzge…, Renter in Fremont, CA
Mon Sep 12, 2016
Janet Fitzgerald asked:
Any extra tips to help improve our search? We are also considering buying a condo, but must exhaust both possibilities. Thanks!
0 votes 0 Answers Share Flag
Janet Fitzge…, Renter in Fremont, CA
Mon Sep 12, 2016
Janet Fitzgerald asked:
,  in
Mon Jul 25, 2016
answered:
The people who lease option their homes are generally (almost always) upside down on their loan. So if they owe more than the home is worth and need to unload it, a lease option is what you do. A lease option must lock in the purchase price, and usually has a big non-refundable deposit. I have seen them work out, but only a few years down the line. Never allow a seller to give you a short term lease option and charge you a big deposit and higher rent than market. make sure you have at least 5 years to exerciser your option or you will get clobbered.
The way to find them is to look for people selling by owner, trying to avoid the realtor thinking the have a better chance of selling being upside down, that have been trying to sell for months.
Also you need to write into the contract that the payments be made to a third party who will make the mortgage payments and have an agreement to not further encumber the property and go down and have you lease option recorded.

But why are you doing all of this? Why pay too much for a house and take all the risk when I can most likely just finance a house for you?

Give me a call at 714-968-2500

License 287206
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0 votes 1 answer Share Flag
Firstcards, Home Buyer in Long Beach, CA
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
Amandeepsingh, Home Buyer in West New York, NJ
Thu Jul 14, 2016
Amandeepsingh answered:
Hi
Im in US on an F2 Visa, i.e. dependant on student as my wife is studying here. I dont even have a social security number. My wife has one but she only has little income from working in college. I get income from abroad where i have a business running. I am very very keen on owning a home. Is there any way i can get a rent to own home where we pay $1500-2000 per month. A part of that goes towards rent and a part goes towards Down Payment of the house we are living in? Then at the end of 2 to 3 years, we get finance and ownership of the house. We need a 2 Bed 2 Bath house.Maybe even more so that we can rent a prt of it and stay in a part of it. Even if its in a bad condition, we can do the renovation,etc We want something close to west new york ... more
0 votes 6 answers Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
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
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1 vote 3 answers Share Flag
Rhanny11, Renter in Richmond, CA
Fri Jun 3, 2016
Rhanny11 asked:
Cindy Davis, Real Estate Pro in San Diego, CA
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
Alex Montelo…, Real Estate Pro in Seal Beach, CA
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
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0 votes 10 answers Share Flag
Alexander Pa…, Real Estate Pro in Corona, CA
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.
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0 votes 1 answer Share Flag
Cindy Davis, Real Estate Pro in San Diego, CA
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
Brandon Dots…, Real Estate Pro in Riverside, CA
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
,  in
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
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0 votes 3 answers Share Flag
,  in
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.
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1 vote 7 answers Share Flag
Alex Khalili…, Real Estate Pro in Woodland Hills, CA
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
Alex Khalili…, Real Estate Pro in Woodland Hills, CA
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
Paul Youssef, Real Estate Pro in Irvine, CA
Sat Nov 15, 2014
Paul Youssef answered:
If you find out you don't qualify for a conventional loan I can help you find a seller to finance up to 90% of the loan. So you'd need 10% down.

Check my website.
0 votes 11 answers Share Flag
Melany George, Real Estate Pro in Sacramento, CA
Sat Jul 19, 2014
Melany George answered:
I would say rent 1st. Check what areas you like best. Just because you are moving to a new town.
As a experienced Sacramento residence since 1988 I would say don't take too long to decide.
The area around that Sacramento State University is a good area real estate prices are on the rise right now. So the longer you wait the more expensive it is going to be. If you decide to rent do month to month not leas. The sooner you make the decision on where to purchase the better.
I am direct to lenders and there are some realty good deals for students right now.

I personally like to live close to the university my self. I do live in Timberlake Luxury Condominiums.
The shuttle to the university stops right in front of the complex. One of the streets has access to the bicycle trail by the California River and that takes you strait to the University.
Even if one day I decide to rent it out or sell it has lots of privileges, Timberlake is waterfront community and condos rent or sell like hotcakes.

Because of the market crash we have foreclosures, short-sale and REO which stands for Bank Owned Real Estate. So it is a grate time to purchase. But don't take too long because they are going fast. Especially the Foreclosure, Short-Sale & REO's Here is a link to check it out. http://www.sacramentocondomania.com/condos/TIMBERLAKE-WATER-FRONT.php
If you buy a 2 bedroom you can have a room made and it will be more reasonable then rent. But like I said hurry because they are selling fast.

What you see on the website is regular market prices. You would have to contact me to find you a foreclosure, short-sale or REO. My contact information is Melany.George@JCLRealty.com
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0 votes 15 answers Share Flag
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