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After 3 mo. research, may I please have a "reality check?"
Q #1 - house (not apt) rentals @ the FMR (+/- $850) for 2 br - 3 mo. searching = nothing ... I should STOP hunting for "Snipe" (dead DoDo bird, etc)?
Clearly, "times have changed", the 4 rentals found were both FAR outside a SANE budget... and unsuitable location (for us). None at all in live-able areas... It may be prop. Mgt outfits only list within urban areas? I don't know...
When ZERO rental's came up, I checked the "For Sales" (are ANY affordable houses out there?) and did find some -
few, but some do EXIST - But those within "budget" (under $150k) I doubt pass FHA inspection. The FHA programs are great, but we're looking 20+ miles outside areas FHA serves...
Using Several online "Calculators" consistently - for homes under $150K - the 'Note', Ins, PMI, taxes and etc. all combined are (drumroll) within budget, adding extra for vehicle wear/tear, set-aside for replacement etc ...
The critera to qualify for "managed rental" is roughly same for "low income" Mortgages (? )
It'd be 12 months (or more) to FICO over 640, save estimated $3000 of moving expense... No doubt purchase involves much more cash, meaning push the "possible" window further out...
By no means do I assume "says so on internet" = true, but using several "tools" we appear to qualify for a couple "Low Income" 100% Mortgage packages... of which only 1 seems a fit.
Before pondering any of that, reality check please. We consist of 2 "hayseeds", bread-winner = son, (2+ years trade job) Mum on fixed income, = +/- 46K annual.
From what I've seen, it's "No BUY = no HOUSE" ... or ?
Entirely open to any solutions - (being at a "juncture" not sure where this post goes)
If it's really "Buy, or no Home" - we need to prepare for reality (no fairy tales, please)
Status:
"I didn't do it, nobody saw me"
(set 3 days ago)
Location: Ocala, FL
6,487 posts, read 10,366,317 times
Reputation: 7945
Have you contacted a local Realtor in your area to help you find a rental property ? Typically, it would cost you nothing and the commission is paid by the owner.
Your title says "E TN" - but are you looking in east or northeast TN - closer to Johnson City or closer to Kville? These are 2 different areas.
When we first began looking for a house, it was in NE TN because that's where I'd gone to college. Prices in NE and E TN are higher around the cities, but just moving to one of the smaller towns, the prices do drop. However, as you move closer to Central, and the vicinity of Nashville, prices go really high. If you are not restricted, and more interested in cost, head to the SW corner of TN; it's where we wound up. Anywhere along the southern border including the counties of Hardin, McNairy, Wayne, and Chester are the lowest in terms of income/housing prices. Of course, if you're looking for services/amenities, those are severely lacking.
Have you contacted a local Realtor in your area to help you find a rental property ? Typically, it would cost you nothing and the commission is paid by the owner.
Realtors don't deal with rentals in all areas. Especially those RE markets that are super busy. There's not enough money in it for them to bother.
Status:
"I didn't do it, nobody saw me"
(set 3 days ago)
Location: Ocala, FL
6,487 posts, read 10,366,317 times
Reputation: 7945
Quote:
Originally Posted by Jkgourmet
Realtors don't deal with rentals in all areas. Especially those RE markets that are super busy. There's not enough money in it for them to bother.
I understand that not all Realtors will deal with rentals, but if they are hungry enough they will do so. I realize that top producers won't bother, but there will always be some willing to do the work. Enough rentals filled can easily earn a good income for those willing to do the work. Not a lot of work and usually the listing agent does most of the work.
Have you contacted a local Realtor in your area to help you find a rental property ? Typically, it would cost you nothing and the commission is paid by the owner.
At this time I don’t know any landlords who are willing to pay realtor commissions. Everytime I post a house for lease I get about 100 inquiries within a few days.
Thrifty, rural rental homes were never easy to find, I found a way that worked, but "That was then, this is Now". The world's changed 180 degrees since our last move 15+ years ago... I need to learn A LOT.
Very grateful for any information, links etc...
-------------------------- REPLY #1
Quote:
Originally Posted by dontaskwhy
Have you contacted a local Realtor in your area to help you find a rental property ? Typically, it would cost you nothing and the commission is paid by the owner.
I didn't know "find a rental" was a Realtor service - not this far south of "Upscale Market". Would be grateful beyond words if misinformed.
-------------------------- REPLY #2
Quote:
Originally Posted by NY Annie
Your title says "E TN" - but are you looking in east or northeast TN - closer to Johnson City or closer to Kville? These are 2 different areas.
Very good point - though barely 100 miles apart, JC isn't K'ville isn't Chattanooga and I wish my Son's job was through ETSU not UT.
We're hoping for E. Roane, S. Anderson, N. Loudon, "potential daugher in law" family are almost in Morgan co... HOPE and what's available next year, it might end up whatever we can find at least 40 miles from UT. Anywhere but in town.
VERY grateful for everyone's input, if better hit "send" before the DSL hiccups again
At this time I don’t know any landlords who are willing to pay realtor commissions. Everytime I post a house for lease I get about 100 inquiries within a few days.
But, if you can possibly buy a house that would be the best long-term solution.
I don’t know where the OP is looking, but $850 rental for a house is an incredibly low budget.
--------------
East TN, sir - the $850 might be last years 'FMR', I did see couple homes open. I almost envy folks who (like to ? it seems they do) live in town... We enjoy visiting. But then you go ... HOME?
indeed Zillow shows more rental homes than Trulia - but none out in the Counties. Right now "possible" = WAIT.
No such thing as "instant FICO", nor any substitute. Once we "pass" my Son's @ buy = need.
Looking to see if there's any "about 140k" in the country, I found 6 -7 'possibles' (next year might be zero) & some had this note '502 USDA/RD' .... wot's that? I looked it up...
Or maybe the program exists - but there's only 10 loans for 2000 qualified applicants
If that's a "fairy tale" - Please, bust the Myth... I've looked it over, our income etc 100% qualifies, we fit the 'profile' all the way. It seems USDA "building criteria" (worthy of finance) are practical, make SENSE, no hazards, sound structure etc...
If anyone's got experience with this 502 USDA, good or bad (or it's imaginary, forget it) do tell
After 3 mo. research, may I please have a "reality check?"
Q #1 - house (not apt) rentals @ the FMR (+/- $850) for 2 br - 3 mo. searching = nothing ... I should STOP hunting for "Snipe" (dead DoDo bird, etc)?
Clearly, "times have changed", the 4 rentals found were both FAR outside a SANE budget... and unsuitable location (for us). None at all in live-able areas... It may be prop. Mgt outfits only list within urban areas? I don't know...
When ZERO rental's came up, I checked the "For Sales" (are ANY affordable houses out there?) and did find some -
few, but some do EXIST - But those within "budget" (under $150k) I doubt pass FHA inspection. The FHA programs are great, but we're looking 20+ miles outside areas FHA serves...
Using Several online "Calculators" consistently - for homes under $150K - the 'Note', Ins, PMI, taxes and etc. all combined are (drumroll) within budget, adding extra for vehicle wear/tear, set-aside for replacement etc ...
The critera to qualify for "managed rental" is roughly same for "low income" Mortgages (? )
It'd be 12 months (or more) to FICO over 640, save estimated $3000 of moving expense... No doubt purchase involves much more cash, meaning push the "possible" window further out...
By no means do I assume "says so on internet" = true, but using several "tools" we appear to qualify for a couple "Low Income" 100% Mortgage packages... of which only 1 seems a fit.
Before pondering any of that, reality check please. We consist of 2 "hayseeds", bread-winner = son, (2+ years trade job) Mum on fixed income, = +/- 46K annual.
From what I've seen, it's "No BUY = no HOUSE" ... or ?
Entirely open to any solutions - (being at a "juncture" not sure where this post goes)
If it's really "Buy, or no Home" - we need to prepare for reality (no fairy tales, please)
Sincere thanks in advance
VW
I’m currently looking to purchase a home in the Tri-cities area using the USDA 502 guaranteed loan. I’m only in the early stages of the process, though. I currently live in Southern Washington state, having moved here in April 2021 from Southern California. And as much as I like Washington, I don’t think that I can afford a decent home here — at least not in the near future. Real estate prices here are cheaper than in Southern California overall, but they are still expensive. Therefore, I’m turning my sights towards lower cost of living areas, and the Tri-cities area seems appealing.
My goal is to simply lead a quiet, peaceful life somewhere where I don’t have to earn a relatively high income to simply just get by. And eastern Tennessee seems like a very scenic area in which to live — and scenic beauty is very important to me. I’m hoping that I can qualify for a house in that area, but my income is non-traditional and it also fluctuates, so I need to find lenders who cater to that type of person (and they do exist). Anyways, I just wanted to chime in here — there’s really no other reason than to simply add to the discussion. I know first hand how difficult and stressful it can be to secure affordable, decent housing.
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The DSL's back on, (sorry)
