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Rent vs Buy in Sacramento : Real Estate Advice

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  • Local Info160
  • Home Buying660
  • Home Selling79
  • Market Conditions82

Activity 6
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
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
Anna M Brocco, Real Estate Pro in Williston Park, NY
Tue Jun 24, 2014
Anna M Brocco answered:
Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, it favors the seller, therefore inform yourself well and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made. ... more
0 votes 2 answers Share Flag
Sue Archer R…, Real Estate Pro in Palm Harbor, FL
Thu Jul 5, 2012
Sue Archer Reynolds answered:
Justwondering,

As Patrick & Tina responded, the home is listed for sale. Not only is it for sale, but it is being sold as a short sale. That is very telling about the intention of the seller.

In today's market, where prices have dropped significantly, a short sale is only successful if the seller has a hardship. It can be assumed that the seller is not capable of retaining the property and so the sale is what they considered their best alternative.

A seller is selling, where the home is worth less, because of their inability to retain the home at the current mortgage payments, with the exisiting principal balance way above the current market value of the home. That does not indicate a good set of circumstances to retain the residence and rent it. HOWEVER, it provides an excellent opportunity for a new buyer to obtain the residence at a much lower price, with an interest rate around 3.75-4%....MUCH lower than their monthly expense if the buyer were to rent the same property.

So again, when you see a property for sale, it's very unlikely that it would be available for rent. And it's also a better deal for YOU if you look at purchasing rather than renting.
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0 votes 2 answers Share Flag
Ed Favinger, Real Estate Pro in Folsom, CA
Fri Apr 10, 2009
Ed Favinger answered:
Joseph...

I run a property management business and you don't need a specific form...

Just like the others have said, you can get forms from RHA... You can also join them and I suggest that you also join the California Apartment Association as well and sign up to get all the forms on line.. (it's called formsrus.com) This may not be needed if you only have one rental...

RHA is a great resource and they make a great effort to help keep us professional so we don't get more government involved in running our rental businesses and adding on more fees with no benefit to us.

By joining, you will get on their email list and they will send to you important updates regarding changes in rental housing laws and ordinances...

Now to your question.....

I presume you already have a "lease/rental" agreement.. If the lease has expired and has rolled over to a month to month, all you need to do is prepare an "addendum" that you can create from Word.

To modify or amend your lease/rental agreement you have to have the following information:

You can give it a title and call it: Notice of change of terms of Lease/Rental Agreement

Date: The date you filled it out

To: Tenant name here as it appears on their lease

Property Address: fill in your rental's address

You are hereby notified that beginning (30 or 60 days from the date of this notice) or on (insert the beginning date usually on the 1st) your monthly rent will increase (put in the amount of the increase here) more per month for a total of (the new montly rent total in here) per month.

Date and sign your name at the bottom and that's about all you need to do.


I'd sent it certified mail or go see the tenant and give it to him so you know they get it....


WARNING - Please keep in mind that the law says if you want to increase your rents wthin any 12 month period by an amount of 10% or more you are required to give the tenant a "60 day notice" before your rent increase can become effective.

I hope this helps....
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0 votes 7 answers Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Mon Apr 6, 2009
Bill Eckler answered:
Joseph,

It certainly is nice to be appreciated......your kind words remind us that this forum is making a difference in the lives of others.
0 votes 3 answers Share Flag
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