Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Rent vs Buy in Louisiana : Real Estate Advice

  • All117
  • Local Info5
  • Home Buying62
  • Home Selling11
  • Market Conditions3

Activity 11
Fri Aug 19, 2016
Atxaviermartin answered:
Most likely, credit score depends on your credit report. 600 to 700 is an average score, 700 and above is considered a prime score.
0 votes 1 answer Share Flag
Thu Dec 17, 2015
Dan Tabit answered:
Mahagany,
By offering them too much. Most seller's need the equity from their home when they sell so they can buy the next one. Rent to own is an illusion of ownership that rarely works well for a renter/buyer. Most will never complete the sale and will lose their non-refundable deposit and over market rent.
A better plan; find the cheapest place you can stand to live in and use the savings to address your credit issues. Pay down your balances to 1/3 or less of their limits. Get some new "secured" credit cards with your current bank. Use them to buy gas & groceries and pay them off monthly. Set up some savings account, even if its just a few dollars per pay check to get into the habit.
Dispute any errors on your credit report with each agency that reports them. DO NOT pay off old collections unless specifically instructed to by your loan officer.
Find a local loan officer that assists with credit repair and let them guide you to more specific steps you can take.
Stay away from rent to own, it's more often a predatory trap than a beneficial option for most buyers.
... more
0 votes 1 answer Share Flag
Sat Dec 12, 2015
Sally Grenier answered:
Do you mean to rent and live in yourself? To find a rental to live in, try contacting local property management companies in your area. Do not rely on the listings here on Trulia or other sites. There are many scams out there for rentals. ... more
0 votes 2 answers Share Flag
Sat Apr 5, 2014
Frank Misuraca, Jr. answered:
Melissa,
Contact me for assistance with the financing pre-approval. I will get you preapproved and explain the entire loan process.
Thanks
Frank Misuraca
504-416-2269
Sterling Financial Services ... more
0 votes 4 answers Share Flag
Sat Jul 20, 2013
Carolyn and Cliff Grimsley answered:
Definitely rent. Lot of great advice, but let’s not over think this.

Based on the information you provided in your question, the answer is definitely rent. Do not even consider buying first. Until you have some stability in a new place, you want to keep your options open as long as possible. When you first arrive, find an apartment or other rental, month to month, 6 month or year lease. Explore your options, check out the areas, you might decide you want to live somewhere else. It is a bummer to wake up and find out you bought in the wrong city.

As much as I like to sell properties, I would much rather have a client that knows I really care about them and their family. I don’t just sell houses.

You have not provided any information in your questions that would even suggest buying would be best. The last thing you want to do if there are a lot of moving parts in your life, is drop anchor, a bad decision.

Now that is settled, I need to share with you some insight about the rental market.

Real estate brokerage firms in our area do not work together in the rental market like they do in the property sales area. There is no one place to go to find a list of property for rent or find someone who is willing to spend time looking for a rental property for you. The rental applications are different, the leases are different, the processes are different.

Web sites like Trulia try to provide information, but the fact is their information is only as good as what is provided to them. Read that to mean incomplete at best.

Since I am a real estate professional in the business of helping clients buy and sell real estate I understand how important finding a home is to a family. This can be particularly frustrating for families who need to rent. Occasionally I am asked about local rentals. If I personally have a property for rent, and the renter is qualified, I will show them my rental. Otherwise I am generally not in a position to help them. As a professional, my inability to help was unacceptable to me so I asked my team to do research and develop a resource about local rentals that I could provide to those families for their use.

I will be glad to provide that local rental information to you free of charge. Go to http://www.Zip711.com and click the Rental tab.

I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you about opportunities in our area.

Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyer’s Representative
Licensed by Louisiana Real Estate Commission

Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated
http://www.Zip711.com
... more
0 votes 5 answers Share Flag
Sat Mar 23, 2013
Shannon French answered:
Hi Wesinvestments,

If you home is not selling via the MLS, then certainly doing a rent-to-sell/rent-to-own (lease with an option to buy) is a good way to go if you know how to qualify your tenant-buyer (TB) and ensure they want to purchase the home and are capable of purchasing the home when their time comes to exercise their option to buy.
I would not do a lease-purchase which is very different than a lease-option. With a lease-purchase, you are giving equitable interest to your TB vs. with a lease-option there is no equitable interest being conveyed to the TB. The key here is that if equitable interest is transferred to the TB, then you have to foreclose on your own home to get them out in the event they don't pay rent vs. with a lease option, you may evict them.
Check out our website for more information about rent-to-own - www.BuyBaltimoreProperties.com and we have a frequently asked questions tab that should be beneficial to you.
For your TB, you want to verify their income, debt to income ratios, how much they have to put down upfront, their job history, and their rental history. For all of our TBs we have to per-qualify them to ensure they have the ability to afford the mortgage on the home when they buy and have a good probability of qualifying for a loan at that time.
The bottom-line is that a lease option is a win-win for both you and the TB when done correctly and fairly for both parties.
... more
0 votes 2 answers Share Flag
Sun Oct 28, 2012
Katherine Racine answered:
That all depends on what you need. A single family home with 3 beds and 2 baths will run at least $1200 a month. If you need 2000 sq ft or so you can expect to pay $1700 or more easily. $2000+ for 4 bedrooms.
That being said, if you were to purchase a $250,000 home with 100% financing, your monthly note with taxes and insurance would be about $1800.
... more
0 votes 1 answer Share Flag
Wed Jul 20, 2011
Ron Thomas answered:
Don had some good ideas, you might try them.

Not to rain on your parade, but you may find that;
1. a lot don't want to be landlords
2. they are afraid that the house will not be in the same condition later,
3 having a tenant in it will make it harder to show, and harder to sell
4. they may be worried about getting you out when it sells
5. they may be worried about you continuing to pay, once you're in

good luck and may God bless
... more
0 votes 2 answers Share Flag
Sun Feb 13, 2011
Dallas Texas answered:
Each property stands alone based on property owner overhead involved owning that particular house

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 2 answers Share Flag
Mon May 25, 2009
Dana Schuster answered:
if you are doing a lease purchase you are agreeing to buy. here are the basics
1.You put down a non refundable deposit(usually 10%,but negotiable)
2.You agree to lease the house for a specified time(usually 2 yrs,but agina negotiable)at a price that is above market rent
3your deposit and extra funds are placed into an escrow account to build up yur down payment
4. At the end of the lease period yu go to a lender and get financing
5. if you do not go through with the purchase,you forfeit your escrow funds.. and the house can be put back on the market

if you are thinking about going this route,I urge you to work with a local agent who can look out for your best interests.
... more
0 votes 2 answers Share Flag
Search Advice
Search

Followers

26