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Old 01-05-2021, 05:00 PM
 
17 posts, read 9,371 times
Reputation: 24

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Hi Friends...

Like a lot of folks, I am getting tired of CA for many reasons. I have a small place in Texas I bought and am trying to decide if I should rent, or sell my place here in OC. I am wondering about renting in the time of COVID, I do NOT want to get someone in and then have them somehow not have to pay rent due to COVID laws. Before I get flamed for being 'insensitive'...I once many years ago had tenants that quit paying rent and it took me 8 months to get them out, I almost lost my home over it..so I do NOT want put in that position again.

I really don't want to sell my house, I may want to return at some point...but please if you know, what are the current regulation/laws regarding COVID and tenants?
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Old 01-05-2021, 08:17 PM
 
Location: Ca expat loving Idaho
4,340 posts, read 2,555,495 times
Reputation: 6388
Everybody I’ve talked about this said sell so that’s what I did last May. Your in a tough position since you want to keep it. Maybe ask in the real estate section of this forum. Good Luck

Ps I sold a condo in Orange
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Old 01-05-2021, 09:50 PM
 
1,444 posts, read 1,371,128 times
Reputation: 2079
California is a very tenant-friendly state and traditionally many tenants have taken full advantage of this. Unless you are renting to a friend or relative, I would think you'd be better off selling. Being in Texas during a pandemic is too far away to manage your OC property and I think the risk is too great for you in dealing with missed rental payments.
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Old 01-05-2021, 10:01 PM
 
Location: Riverside Ca
22,165 posts, read 25,775,770 times
Reputation: 35141
Quote:
Originally Posted by brendaleeoc1 View Post
Hi Friends...

Like a lot of folks, I am getting tired of CA for many reasons. I have a small place in Texas I bought and am trying to decide if I should rent, or sell my place here in OC. I am wondering about renting in the time of COVID, I do NOT want to get someone in and then have them somehow not have to pay rent due to COVID laws. Before I get flamed for being 'insensitive'...I once many years ago had tenants that quit paying rent and it took me 8 months to get them out, I almost lost my home over it..so I do NOT want put in that position again.

I really don't want to sell my house, I may want to return at some point...but please if you know, what are the current regulation/laws regarding COVID and tenants?
Really depends on who you get in the property. Screen the hell out of the applicants. Not everyone falls under the COVID regulations. These COVID regulations aren’t going to last forever. They won’t be able to keep this up much longer. Eventually banks are gonna start foreclosing or courts are gonna open up and kick people out.

If you’re that scared about renting then the best thing for you to do is to sell. The problem like you will find out is that once you sell out of Ca you’re most likely never going to be able to buy back in. I know a lot of people will try to argue this point but I’ve lived in Ca for over 35 years. With all that happened in the past my houses have ALWAYS gone up in price over the years. Even when the downturns happen they eventually went back up and surpassed the prior high price. Out of all the houses I own if I were to try and buy any of them today there are only two I could afford to comfortably purchase. And that would STILL require a 20% down for a comfortable payment. Over the years my hoses have almost doubled, tripled and in some quadrupled or more in value to the point where buying some of them is unattainable.

Why not just sell this house and buy rentals in Texas.
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Old 01-05-2021, 11:46 PM
 
Location: on the wind
13,320 posts, read 6,792,836 times
Reputation: 43839
FWIW, if you would need to rely on steady CA rental income in order to keep current with your properties this sounds like a gamble not worth taking. Living in TX but trying to manage a CA property? Sounds like a hassle unless you plan to rely on a local property manager. If you are not willing to wait and watch the vaccination rollout situation for a while to see if things stabilize, I'd sell the place and put the proceeds to work for you. The pandemic-related tenant protections may change quite a bit in a few months. By the time you "might" want to go back to CA your housing wishes (location, size, etc) could also change a lot.
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Old 01-24-2021, 03:50 PM
 
Location: Orange County/Las Vegas
1,877 posts, read 2,131,669 times
Reputation: 1727
Quote:
Originally Posted by brendaleeoc1 View Post
Hi Friends...

Like a lot of folks, I am getting tired of CA for many reasons. I have a small place in Texas I bought and am trying to decide if I should rent, or sell my place here in OC. I am wondering about renting in the time of COVID, I do NOT want to get someone in and then have them somehow not have to pay rent due to COVID laws. Before I get flamed for being 'insensitive'...I once many years ago had tenants that quit paying rent and it took me 8 months to get them out, I almost lost my home over it..so I do NOT want put in that position again.

I really don't want to sell my house, I may want to return at some point...but please if you know, what are the current regulation/laws regarding COVID and tenants?
We are in the same boat. I want to retire this year and move out of Ca. We already have a house elsewhere.

So we have the same question should be sell or lease our house. I know we are the only ones who could answer that question but it is a dilemma for us. I know in our case once we sell we could never come back.
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Old 01-25-2021, 02:10 PM
 
Location: Orange County
7 posts, read 5,491 times
Reputation: 10
Selling right now will yield you the most amount of money on the property, as it's a "seller's market." Many qualified buyers are out there since the interest rates are so low they can purchase a home they normally couldn't afford with high rates. There is currently an inventory issue with very few homes on the market. In essence we have more buyers than sellers and that is creating a huge buyer demand. Homes on market are receiving multiple offers and over asking.
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Old 01-29-2021, 09:27 PM
 
Location: Sandy Eggo's North County
2,951 posts, read 1,015,611 times
Reputation: 4117
Rent the place n Texas, and live in your place in OC.
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Old 01-29-2021, 09:45 PM
 
Location: NNV
3,055 posts, read 2,039,121 times
Reputation: 5898
Quote:
Originally Posted by brendaleeoc1 View Post
Hi Friends...

Like a lot of folks, I am getting tired of CA for many reasons. I have a small place in Texas I bought and am trying to decide if I should rent, or sell my place here in OC. I am wondering about renting in the time of COVID, I do NOT want to get someone in and then have them somehow not have to pay rent due to COVID laws. Before I get flamed for being 'insensitive'...I once many years ago had tenants that quit paying rent and it took me 8 months to get them out, I almost lost my home over it..so I do NOT want put in that position again.

I really don't want to sell my house, I may want to return at some point...but please if you know, what are the current regulation/laws regarding COVID and tenants?
Consider selling the OC home and buying another rental (can be anywhere) using a 1031 exchange. There are rules surrounding the exchange but it could be worth it.

I had a rental, sold that rental and bought the home I live in now. After I bought the home I rented it for a couple years then sold my primary residence and moved into the rental.
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Old Yesterday, 07:14 AM
 
67 posts, read 16,808 times
Reputation: 166
I know someone who is renting their house and the tenants stopped paying for months. They can’t be evicted either due to covid. The only way to get them out is to move back in the home fulltime as an owner.
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