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View Poll Results: When will Sacramento housing bottom?
2011 2 7.69%
2012 5 19.23%
2013 8 30.77%
2014 or later 11 42.31%
Voters: 26. You may not vote on this poll

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Old 08-04-2011, 08:52 AM
 
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There are a lot of rentals available right now, with students still out of Sac State for the summer there are many move in specials--not hard to find a deal for a small apartment, and since you know you're trying to buy, you could pack some things up into a storage unit for the short term.
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Old 08-04-2011, 11:33 PM
 
Location: Sacramento, Placerville
2,511 posts, read 5,450,782 times
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I have two cats, will not sign a lease, and working contract jobs on and off.

Having pets eliminates half the rentals. Month to month rentals are actually difficult to find. It pretty much eliminates any rental by property management companies and about half the private rentals. Although discrimination laws dictate landlords must accept any form of income it doesn't work that way in practice. Most of them don't like to see that you have worked at a dozen places in the last year. They don't understand what IT contracts are, or temp work.

Of course, I always have the option of lying about all of this and moving out if the house ever does reach the point of closing. And I think that is my only option at this point.
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Old 08-05-2011, 03:08 AM
 
27,233 posts, read 55,622,074 times
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Quote:
Originally Posted by KC6ZLV View Post
I have two cats, will not sign a lease, and working contract jobs on and off.

Having pets eliminates half the rentals. Month to month rentals are actually difficult to find. It pretty much eliminates any rental by property management companies and about half the private rentals. Although discrimination laws dictate landlords must accept any form of income it doesn't work that way in practice. Most of them don't like to see that you have worked at a dozen places in the last year. They don't understand what IT contracts are, or temp work.

Of course, I always have the option of lying about all of this and moving out if the house ever does reach the point of closing. And I think that is my only option at this point.
I was not aware of this... any form of income covers a lot of ground.

To get a home loan, I had to have 3 years in the same field and 2 years with the same employer.

The only income that counted was wage income... interest and dividends were deeply discounted and of course it was verified several ways including tax returns, pay check stubs, bank records and employer verification.

I rent month to month unless someone insists on a lease... some of my families have been with me 25 plus years...

Why make things difficult on yourself?
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Old 08-05-2011, 12:47 PM
 
2,953 posts, read 5,567,534 times
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You guys don't pay a premium for month to month contracts? At all of the places I have rented, paying month to month added $300+ to your monthly rent.
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Old 08-05-2011, 02:46 PM
 
27,233 posts, read 55,622,074 times
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Originally Posted by Majin View Post
You guys don't pay a premium for month to month contracts? At all of the places I have rented, paying month to month added $300+ to your monthly rent.
The management company I worked for would offer an incentive for renewing a one year lease over going month to month.

I just go month to month on private rentals... if someone wants to move, I say let them go with proper notice and such... luckily... turn-overs have been few and far between till this year...

So many new or nearly new homes in the suburbs are going for a song... the investor owners just want a body there till they can sell.

I mentioned this to one of my tenants that moved 35 miles away from the city and really got a beautiful upscale tract home with a 3 car garage and 2 1/2 baths and even a fountain in the yard.

Talked to her the other day and she regrets moving... a few weeks after she moved in, the For Sale sign went up and with showing each weekend... also, the utilities are 3 times what she was paying... much hotter inland once you leave the immediate Bay Area.
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Old 08-05-2011, 06:35 PM
 
Location: Sacramento, Placerville
2,511 posts, read 5,450,782 times
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Any form of verifiable income. Obviously, if someone doesn't have a bank account and has a lot of cash on hand there may be a reason to suspect something "ain't" quite right.

But if someone is raking in the dough from some form of investments legally a landlord can't discriminate against them because they choose to sit on the sofa all day while collecting capital gains vs working.

I'm not too sure demanding some length of employment is legal either. What matters is that you have the income at the time of application.


Looking around I've seen a few places offer leases or the option to go month to month for $25-50 a month extra. That is kind of rare in Sacramento.
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Old 08-05-2011, 06:49 PM
 
Location: Sacramento, Placerville
2,511 posts, read 5,450,782 times
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Quote:
Originally Posted by Ultrarunner View Post
T
So many new or nearly new homes in the suburbs are going for a song... the investor owners just want a body there till they can sell.
I think some of us renters who have had decent income are in the position to buy now too. That is the case with me. The people who drank the Cool-Aid and fell for the hysteria have been wiped out financially. The people who didn't buy into all that haven't lost a whole lot from the economic downturn. I've had a problem with unstable employment, but I'm far from having problems. My idea is to buy a fixer-upper, paying cash for it, and doing most of the work myself. My thought is we are going to be economically unstable for awhile. If I have a house that increases my financial resistance to any "shocks" that come up in future. I offered $86K on this house in Carmichael. It is small, so utilities aren't going to be expensive. It is walking distance to several grocery stores, in the event gas prices go wild. And I'm guesstimating the county is going to access the place at about $120,000. So my monthly "rent" is going to be around $100, plus utilities. I think it will all add up to $300 a month which means I can work at Target if I have to and still have enough money to feed myself. And with a quarter acre, I could certainly supplement food from the garden.

The only drawback is it is a little further out in the suburbs than I prefer.

I know my post appears somewhat paranoid, but I don't think I'm alone in my ways of thinking right now. And I'm really not confident about much of anything in this country right now. Think about it. Almost every economic report starts out as an improvement, makes headlines, then another report stating the stats have been revised downward appears in a small article hidden in the back pages of the paper, and appears a week before the next set of economic indicators comes out. The numbers are being played with.
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Old 08-05-2011, 07:03 PM
 
27,233 posts, read 55,622,074 times
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Quote:
Originally Posted by KC6ZLV View Post
I think some of us renters who have had decent income are in the position to buy now too. That is the case with me. The people who drank the Cool-Aid and fell for the hysteria have been wiped out financially. The people who didn't buy into all that haven't lost a whole lot from the economic downturn. I've had a problem with unstable employment, but I'm far from having problems. My idea is to buy a fixer-upper, paying cash for it, and doing most of the work myself. My thought is we are going to be economically unstable for awhile. If I have a house that increases my financial resistance to any "shocks" that come up in future. I offered $86K on this house in Carmichael. It is small, so utilities aren't going to be expensive. It is walking distance to several grocery stores, in the event gas prices go wild. And I'm guesstimating the county is going to access the place at about $120,000. So my monthly "rent" is going to be around $100, plus utilities. I think it will all add up to $300 a month which means I can work at Target if I have to and still have enough money to feed myself. And with a quarter acre, I could certainly supplement food from the garden.

The only drawback is it is a little further out in the suburbs than I prefer.

I know my post appears somewhat paranoid, but I don't think I'm alone in my ways of thinking right now. And I'm really not confident about much of anything in this country right now. Think about it. Almost every economic report starts out as an improvement, makes headlines, then another report stating the stats have been revised downward appears in a small article hidden in the back pages of the paper, and appears a week before the next set of economic indicators comes out. The numbers are being played with.
This is exactly what I did... couldn't get a bank loan even though I had saved money for a good down payment... I have been paying into Social Security since age 12.

So I bought a place for cash that probably should have been condemned... it did have utilities in place and on...

I spent about a year fixing the place and found my neighbors were very helpful on all levels... from giving encouragement to providing excellent advice.

After I had finished my improvements, I was able to get a loan on the place and used this money to buy my next project... my plan was to buy one every year or two...

I would imagine taxes would be at least $100 a month, add to that maintenance and repairs, insurance and utilities to get an idea... don't forget to add garbage if applicable... my rough guess is to figure at least $300 to $400 a month...
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Old 08-05-2011, 07:19 PM
 
27,233 posts, read 55,622,074 times
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You peaked my curiosity regarding income.

Here is a quote from the California State Housing Handbook;

"The landlord may ask you what kind of job you have, your monthly income, and other information that shows your ability to pay the rent"

California Tenants - California Department of Consumer Affairs (http://www.dca.ca.gov/publications/landlordbook/looking.shtml - broken link)
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Old 08-05-2011, 07:58 PM
 
Location: Sacramento, Placerville
2,511 posts, read 5,450,782 times
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Yes, but the key is ability to pay rent. Source of income shouldn't be a landlord's concern. $800 a month from a tenant who cashed in on the stock market has the same value as $800 from one who works at Intel.

I looked up all the utility costs from the service providers for that address. I came up with roughly $323. That will fluctuate with water, gas and electricity use. Even at $400 a month, you can't beat that for housing expenses.
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