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Old 08-04-2008, 08:27 AM
 
32 posts, read 126,845 times
Reputation: 46

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Iam looking to rent in that area.we have a family of 6 so this would be prefect.we are moving to the area this month but found there were no homs for rent.we have to downsize and rent our home where we are curently living. my home now is a 4bed 3 bath.moving to irvine,and renting a condo until we either find a home or rent one for a couple of years(3 years or more until daughter graduates). We too have the same frustration about renting our home,but we have put too much money in the home to sell and also are afraid of tenants wrecking the place.I have not slept and have been crying because iam so woried about getting a nice family in here. It has really been hard for me to let go of this house but we have to move on,thank God we have been blessed enough to do so but it's very hard. Let me now how much you are thinking about in rent.I also was looking into a property management company so thanks to those that confirmed this is what I need to do also because everyone is not so handy when it comes to repairs.
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Old 08-04-2008, 11:28 AM
 
Location: Denver
9,963 posts, read 18,499,454 times
Reputation: 6181
I have rented out 2 of my houses in other states, and I wouldn't do it again. It's too nerve-racking if you care about your house.

If you rent out your house, just come to terms that something you care about will be broken. For me it was a backyard torn to pieces by kids, an AC unit not reported overflowing with water, wood floors scratched by dragging chairs across them...a tenant actually backed up into a garage wall. Laws are against the renter for the most part and it takes a ton of time and money to win in courts.
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Old 08-04-2008, 02:06 PM
 
575 posts, read 1,778,253 times
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Quote:
Originally Posted by impala666 View Post
Rent...If you don't desperately need to sell then don't.
look for and advertise for incoming professionals, high rent but short contract probably one month at a time.
Depends on where you live!!

See, that's the beauty of this board. You get lots of differing opinions; then you get to weigh them and decide what makes most sense for you.

For example my opinion would be the opposite of the one posted above.

It seems to me that offering a short term lease exposes you to the chance of vacancy, with no $$ coming in, more so than if you offer a long term lease (a year is common) Not to mention the wear and tear of the constant turn over. You can ask more per month though.

Whether you decide to go short or long term, I'd definitely want someone local to oversee things if I were leasing out a house the size of yours from a distance. But that will come at a cost.

Whatever you decide, just be sure to run the numbers carefully to be sure it makes sense.

Personally I think a lot depends on what you think the market is going to do and how long you want to hold onto the house.

We briefly considered leasing out our house instead of selling it last year. But since we were in a still declining market, and weren't sure when/if prices would come back to what we would have liked to get for our house... we sold instead. Thank goodness since prices have continued to drop and I'm not convinced they're done yet. (Phoenix, AZ)
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Old 08-23-2008, 07:50 AM
 
257 posts, read 1,444,996 times
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I am looking for a moderately large home to rent for about a year or 2.
We are selling our house in Canada and loking for something to commute to dwontown LA from....do you have a pool??
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Old 08-23-2008, 09:32 AM
 
109 posts, read 388,198 times
Reputation: 67
Do you really want to commute from Irvine to LA?
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Old 08-23-2008, 12:26 PM
 
Location: Laguna Niguel, California
19 posts, read 83,355 times
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As a real estate broker in Irvine, I would definitely recommend holding onto your home and selling it for a bigger profit when the market picks up again. Based on historical data trends, when the market goes back up, it goes up higher than it was before the last dip.

Assuming your home is in good condition, you should not have any trouble renting it. There are a lot of families that cannot afford to purchase a home in Irvine right now, but would still like to like in Irvine because of its fantastic school system and clean & well-maintained neighborhoods.

Also, whomever you choose to work with to help you find a tenant for your home, will either be able to manage the property for you while you are out of the area or have a property manager that they refer their clients to.

If you'd like to get an idea of what your home would rent for or sell for, please feel free to give me a call.

~Amanda Wheeland
O.C. Real Estate Advisor
O.C. Real Estate Advisors – Orange County Real Estate
(949) 273-0488
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Old 08-23-2008, 11:09 PM
 
575 posts, read 1,778,253 times
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Quote:
Originally Posted by OC Advisor View Post
As a real estate broker in Irvine, I would definitely recommend holding onto your home and selling it for a bigger profit when the market picks up again. Based on historical data trends, when the market goes back up, it goes up higher than it was before the last dip.

As long as we're talking historical trends, the reverse is also true... yes?

I briefly mentioned housing price to rent ratios earlier. I think it's safe to say P/R ratios in Irvine as a whole are still high relative to long term averages.

Q1/2008 = 29.9
Peak = 40.0
Q1/2000 19.9
Avg. = 25.1

From what I can tell P/R ratios also overshoot to the down side, and since we're coming off the biggest bubble in the history of bubbles, I would certainly expect that to be the case this time.

The OP could be holding onto that house for a very long time before the market picks up enough to see those big profits you mention.

Could holding on and renting the house out be a good move? Sure.
But could it also be a financial disaster? Yep.

I don't think any of us know enough about the OP's financial situation to make that call.
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Old 08-25-2008, 07:18 AM
 
257 posts, read 1,444,996 times
Reputation: 182
Is there a train to LA from Irvine? Is the public transit system scarry?
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Old 08-25-2008, 08:07 AM
 
1 posts, read 2,462 times
Reputation: 10
I had to face similiar challenges about 1 year ago. We own property in Newport Beach, Irvine, and Temecula Ca. We decided to rent out our home in Temecula California. People with challenge credit, that lost their home. Our tenants great jobs and good income. I hired property management company to manage all our properties. Presently we live in Washington, for business.
I love Southern California. It offers the best life style and weather if you can afford it.
Irvine was name one of the best cities to live. I think with a little effort you will find some great tenants, that will not trash your home. Orange County has many white collar professionals that would love to find a great home in your area.

Good Luck
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Old 08-27-2008, 04:43 PM
 
10 posts, read 28,373 times
Reputation: 11
Default looking for rent in Irving begining 2009

Quote:
Originally Posted by amrindy View Post
I am moving out of town and have been considering options to either rent my home or sell it. Its a 3100sf 5 bed 4 bath home and am not sure if people would actually like to rent this moderately large home.

Would there be consistancy in finding tenants? I think for its size, it would be tough? So confused

Where in Irvin? We think of relocation to the area going to northwood high-school. In about 4 month from now. we can afford around 3000$/ month. We would need a long renting time (2 years), and we are good tenants. (I think). If it fits to your needs, we could look for you when we'll come for our house-search visit.
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