Moving bank to San Diego; Reasonable price for rental?

[Fearful]

Some data from my personal experience with renting:

I think rental prices for single family houses are strongly dependent on the area schools. So if you don’t have school age kids, you can get much lower rents in worse school areas.

Renting long distance is difficult. I compounded matters by having a dog.

I paid the year in advance for 5% discount on $2,850 for a 1,700 sf house in Torrey Hills, right across the street from a stellar elementary school. That’s $1.68 a foot.

Compared to $1.25 a foot, I overpaid. sdr, I’m interested in your thoughts on rental per sf in west CV.

I reckon the owner is losing about $1,400 a month cash flow.

Yes, there is a risk the owner will default. You do have a legal claim to that rent, even paid in advance, though, and given that it takes about six months to get someone out of a house, you’re fairly secure in paying six months or more in advance. One concern is that the house becomes uninhabitable, such as due to fire (!); you then would have an onerous claim process to get your prepaid rent back.

[Eugene]

For example, what if the house gets foreclosed on? Will I get kicked out and lose the remaining rent I paid?

Well, you will have a contract that specifies that you want your money back if you’re evicted for any reason (including fire, flood, or foreclosure). If he does not cooperate, you can threaten to take him to the court. Assuming he still has your money.

There are a few things you should do to protect yourself. Avoid renting houses bought in 2005-2006. Before moving in, check if NOD has been filed against the house. Don’t pay more than six months’ rent at once. If NOD does get filed, switch to month-to-month payments. Once your landlord defaults on his mortgage, you have four months or more until the foreclosure auction. Worst case scenario, you get a notice of default the day after you paid 6 month rent, you will lose 2 months.

[Eugene]

For example, what if the house gets foreclosed on? Will I get kicked out and lose the remaining rent I paid?

Well, you will have a contract that specifies that you want your money back if you’re evicted for any reason (including fire, flood, or foreclosure). If he does not cooperate, you can threaten to take him to the court. Assuming he still has your money.

There are a few things you should do to protect yourself. Avoid renting houses bought in 2005-2006. Before moving in, check if NOD has been filed against the house. Don’t pay more than six months’ rent at once. If NOD does get filed, switch to month-to-month payments. Once your landlord defaults on his mortgage, you have four months or more until the foreclosure auction. Worst case scenario, you get a notice of default the day after you paid 6 month rent, you will lose 2 months.

[Eugene]

For example, what if the house gets foreclosed on? Will I get kicked out and lose the remaining rent I paid?

Well, you will have a contract that specifies that you want your money back if you’re evicted for any reason (including fire, flood, or foreclosure). If he does not cooperate, you can threaten to take him to the court. Assuming he still has your money.

There are a few things you should do to protect yourself. Avoid renting houses bought in 2005-2006. Before moving in, check if NOD has been filed against the house. Don’t pay more than six months’ rent at once. If NOD does get filed, switch to month-to-month payments. Once your landlord defaults on his mortgage, you have four months or more until the foreclosure auction. Worst case scenario, you get a notice of default the day after you paid 6 month rent, you will lose 2 months.

[Eugene]

For example, what if the house gets foreclosed on? Will I get kicked out and lose the remaining rent I paid?

Well, you will have a contract that specifies that you want your money back if you’re evicted for any reason (including fire, flood, or foreclosure). If he does not cooperate, you can threaten to take him to the court. Assuming he still has your money.

There are a few things you should do to protect yourself. Avoid renting houses bought in 2005-2006. Before moving in, check if NOD has been filed against the house. Don’t pay more than six months’ rent at once. If NOD does get filed, switch to month-to-month payments. Once your landlord defaults on his mortgage, you have four months or more until the foreclosure auction. Worst case scenario, you get a notice of default the day after you paid 6 month rent, you will lose 2 months.

[Eugene]

For example, what if the house gets foreclosed on? Will I get kicked out and lose the remaining rent I paid?

Well, you will have a contract that specifies that you want your money back if you’re evicted for any reason (including fire, flood, or foreclosure). If he does not cooperate, you can threaten to take him to the court. Assuming he still has your money.

There are a few things you should do to protect yourself. Avoid renting houses bought in 2005-2006. Before moving in, check if NOD has been filed against the house. Don’t pay more than six months’ rent at once. If NOD does get filed, switch to month-to-month payments. Once your landlord defaults on his mortgage, you have four months or more until the foreclosure auction. Worst case scenario, you get a notice of default the day after you paid 6 month rent, you will lose 2 months.

[Author]

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