Places to rent?

[Pancho Villa]

Currently paying $1300/mo for a 2br, 1050ft^2.

I have finally said fuck this shit and we are moving out. They are letting us out of our lease due to all the noise complaints we've put in (neighbors above are a huge PITA.)

Asking if anyone here has connections. We are spending way too much - to be honest probably living above our means with a ridiculous car payment (never let the wife go get a car on her own or she'll come home with a $600/mo car payment and all the bells and whistles) + rent like a king. So I'd like to move to a smaller house to rent and cut down on rent. We're already cutting cable and anything else we can get rid of.

Would like to actually save money. Had about $8k in the bank as liquid savings, then the IRS, medical bills and a new baby sucked all that away. Would like to get back to where I can sit down at night and not have to worry about the checking account, so anyone who can help along those lines would be appreciated.

[spqrzilla]

I'll be putting a house on the rental market in mid October.

[Pancho Villa]

I'll be putting a house on the rental market in mid October.

PM me regarding details - size, location, asking price. That's about when we'll want to go.

[spqrzilla]

Will do when we have a firmer availability date.

[Great-Kazoo]

Man, if you qualify you could be living in a house of your own for an easy $3-500 less per month.

[Pancho Villa]

Man, if you qualify you could be living in a house of your own for an easy $3-500 less per month.

This one's easy: I have no down payment and I refuse to enter into a home without one.

If you did, no hate to you, that's just my own personal choice. That and I'm firmly convinced that there's another 20% or so ready to drop out of the market when people realize that there's a ton more unrented/bought homes on the market than most people think. So I want to rent for 2-3 more years and see if it bottoms out in that time.

[Ashton]

I know of a condo in vista ridge that will be available shortly. It's a 2 bedroom 2 bath slab granite counter tops in kitchen and bathrooms, vaulted ceilings, stainless appliances, giant walk in closet, two balconies, literally on the golf course 3rd floor so no one above you.

Rents probably going to be around $1050

[dwalker460]

I think my buddy has a house for rent, will check tomorrow.

[Great-Kazoo]

This one's easy: I have no down payment and I refuse to enter into a home without one.

If you did, no hate to you, that's just my own personal choice. That and I'm firmly convinced that there's another 20% or so ready to drop out of the market when people realize that there's a ton more unrented/bought homes on the market than most people think. So I want to rent for 2-3 more years and see if it bottoms out in that time.

Not me, always 25% for conventional, the first 2 were VA, we are on #4.

[stevelkinevil]

Good luck Pancho, I have been looking for a 3 bedroom in Jeffco for around $12-1400 for over a year. No dice.

[ChunkyMonkey]

No offense Pancho... deflation aint happening, inflation is coming fast. The price of the house is going up as are your fuel, groceries, etc. Buy now, you can look into FHA owned $100 down, but that's expiring next month.

Rental rates are going up - again inflation.

[sniper7]

No offense Pancho... deflation aint happening, inflation is coming fast. The price of the house is going up as are your fuel, groceries, etc. Buy now, you can look into FHA owned $100 down, but that's expiring next month.

Rental rates are going up - again inflation.

I agree with inflation on food, fuel, etc, but I don't see houses jumping through the roof. The Fed will continue to give money to banks for nothing or next to nothing. interest rates will stay down. If it were as you say, why wouldn't homes be going up at big rates right now? food has gone up, fuel has definitely gone up, transportation costs, shipping costs, stamps, raw materials like copper, lead, steel, brass, even used cars have gone up due to cash 4 clunkers.

Home ownership has done the opposite. Too many homes on the market, not enough qualified buyers, too many people losing their jobs not able to make a house payment. Then you add in utilities increasing and that mortgage payment gets tighter and tighter each month. Too many people see this, are skeptical of the market, of home prices dropping further turning them upside down for an unknown amount of time...

Fanny and Freddie and the others are still sitting on a shit ton of homes. They are just not releasing them in massive amounts because it would destroy the housing market, deflate prices further and drive even more people into bankruptcy and bailing out of their homes.

Once you see the fed start loaning money to banks for an actual interest rate...then expect within a short time homes to start bouncing back, and their values increasing. More people will see the stability, homes will be harder to buy, harder to come by, and we may even see the days where people ring your doorbell asking to see if you would want to sell your house....when it isn't even for sale yet!

I'm no economist, just the way I see it from all my receptors working together.

[ChunkyMonkey]

You can't be more wrong. Locally in Denver metro area, it's more like seller market. House prices has been going up slowly since February. I never mention it's going through the roof, but inflation is extremely real, and the price will not go down 20% as OP mentioned.

http://www.denverpost.com/business/ci_21468289/national-home-prices-up-3-8-percent-colorado

Colorado's home price has gained 7.3% in the last 12 months.

I am swamped with applicants, but not enough listings to show them.

As far as foreclosure or upside down homes, tons of them are going through HARP 2.0 at the moment. In short, if you are w/ fannie or freddie and paying more than 3.375% rate on 30 yr fixed- your original loan officer is doing piss poor job on following up with you.

http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
http://www.knowyouroptions.com/

HARP allows you to refi those crazy arms and high % loans from 4-5 years ago into much lower rate w/o limit on loan to value. If you are already behind in payments, ask for loan modification (always use a real estate lawyer for better chance of result) and principal forgiveness. [Weight]

[Irving]

Since when does the price of houses going down cause bankruptcy? I didn't follow that part.

[Pancho Villa]

Since when does the price of houses going down cause bankruptcy? I didn't follow that part.

When people live beyond their means, they expect the equity in their homes to go up, and borrow against that at ridiculously low interest rates (because, after all, if they default the bank takes possession of an asset that's increasing in value!)

So, many peoples' lives before the bust were predicated on constantly-increasing home prices.

Also, people borrowed at "teaser rates" that would balloon up, which they would refinance out of after they had some equity in the home. Again, not something you can do very easily now.


stuff about housing

There are literally millions of units being sat on by the banks / fannie / freddie right now, as Sniper7 mentioned. When people figure out that housing isn't coming back and the subsidies can't last forever I think it will crash.

Though if you want to chat about housing/inflation, I'm all for it, but make another thread, yeah?

[Irving]

You could get 3 bedrooms and two baths for under $1,000 in Westminster/Thornton area. Long way away from where you are used to living though.

[Pancho Villa]

You could get 3 bedrooms and two baths for under $1,000 in Westminster/Thornton area. Long way away from where you are used to living though.

Yeah, the problem there is a ton of the savings are eaten up by gas to and from work. Probably $250-300 extra a month from there, between the two of us.

[Irving]

Yeah, we carpool down there, plus our nearly free baby sitter lives up here. It's all a balance. I'm going to second everyone else about owning though. All those repo'd houses are required to be held for a certain period of time, so I doubt they will stop metering them out like they have been, any time soon.

[tmckay2]

I know some nice enough apartments off Havana that last I checked were aroun 800 for a two bedroom. They have fireplaces, community pool, hot tub and tennis courts. They aren't super fancy but they are clean and the administration rocks.

[tmckay2]

Yeah, the problem there is a ton of the savings are eaten up by gas to and from work. Probably $250-300 extra a month from there, between the two of us.

If your cars are even reasonably economical you are only looking at an extra 100 bucks or so from there per month. I did it during rotations and I'm not far from the tech center

[JDF]

I know some nice enough apartments off Havana that last I checked were aroun 800 for a two bedroom. They have fireplaces, community pool, hot tub and tennis courts. They aren't super fancy but they are clean and the administration rocks.

Which apts?

[tmckay2]

Wait why not sell the car? Get a used Mazda 3 or something, they're cheap, fairly economical and pretty reliable. Heck if you could cut the 600 down to 300 or so and drop your rent rates you could be banking several thousand a year.

[tmckay2]

Which apts?

West over gardens. I lived there two years ago and it was 610 for a one bedroom and around 800 for a two. Could have changed by now I don't know. Very nice people and I had no complaints about anything. Not high class with all the bells and whistles but very clean.

[dwalker460]

My buddy has a place for rent in Arvada, 5 bedroom, 2 bath, 2200sqft, $1500 a month, recent remodel, decent sized fenced in yard. Quiet neighborhood.

The owner is a solid guy, takes care of any issues right away. Known him for 10 years. Probably a bit of a drive and more $ that your wanting to do per month, but I thought I would throw it out there.

[Monky]

Ronin V2.0?

Sell the $600/month car.

Plenty of Apts that are nice for 2bd/bath.. Granted you won't be living in DTC..

Hell my mortgage is less than that..

[ChunkyMonkey]

Also, people borrowed at "teaser rates" that would balloon up, which they would refinance out of after they had some equity in the home. Again, not something you can do very easily now.



There are literally millions of units being sat on by the banks / fannie / freddie right now, as Sniper7 mentioned. When people figure out that housing isn't coming back and the subsidies can't last forever I think it will crash.

Though if you want to chat about housing/inflation, I'm all for it, but make another thread, yeah?

You are out of touch with the real data. Those arms are being refi through HARP 1.0 and HARP 2.0. Those are mostly long gone. The total foreclosed single family units in Colorado last month is exactly 3584. Foreclosure filing is about double that. Yes 50% of folks are able to save their homes after their court date.

Keep in mind that arms (w/ teaser rate) made up 12% of new loans in 2004-2008 in Colorado (over 88% of borrowers are responsible creditor!!)

The latest data, 7.40% US home owners are at least 30 day delinquent with 3% of that over 90 days (plenty of repeat offenders). The number decreases with 120 days and so on. Home affordability programs are actually working good. (This is a whole other rant - folks who pay on time gets 3.375% rate while if you are facing foreclosure you are qualified for 2.5% rate). Nationwide the number is 1.4 million (3 months ago) delinquency - in which 3-5% of that will result in foreclosure. Foreclosure level has dropped to pre 2007 level.

It has been 4 years since the crash, if you are trying to tell me some freeloaders can stay in their homes for 4 years without being foreclosure so the bank can skew the number, you are again completely wrong. I fought one of my buddy's foreclosure off for 24 months in which he didn't make one payment. Yes, borrower stayed there for 24 months, but its well deserved as their original loan officer put them in the stupid option arms with 5% negative payment/month. That lawsuit costed $12000 in lawyer fees and hundreds of hours of my time. A normal foreclosure proceeding takes only 4-6 months from default to filing. Court hearing w/o loan mod request is usually scheduled soon after.

To state that Freddie and Fannie are holding onto millions of foreclosure properties is simply false. The fact is the number of foreclosed units available in the market and pending are relative small compare to the 4.47 million homes being sold this year.

In current market, HUD foreclosure listing gets 2-3 offers on each unit. I know there are 2-3 realtors on this site that can attest how hard it is to find borrower's dream home in this market.

Finally, due to inflation, rental is 20-30% higher than a mortgage payment based on same property value and the current rate of 3 and some %. Pre 2008, one can argue that there is benefit to rent, today, unless you are a bad creditor, there is no reason not to save few grands a year by owning instead of renting.

References: https://dola.colorado.gov/app_uploads/docs/2011%204th%20Q%20Foreclosure%20Report_home.pdf
http://www.mortgagenewsdaily.com/05162012_national_delinquency_survey.asp
http://www.realtor.org/news-releases/2012/08/existing-home-sales-improve-in-july-prices-continue-to-rise
http://www.washingtonpost.com/business/us-home-sales-jump-to-highest-level-in-more-than-2-years-builders-start-work-on-more-homes/2012/09/19/57182030-028c-11e2-9132-f2750cd65f97_story.html

I wish I can post some raw data available through my workplace, but references above should give you at least some indication. Sorry for the lengthy post - I am heavily invested in properties, and been in wholesale lending business for awhile now. This is my thing :D

[Pancho Villa]

You are out of touch with the real data. Those arms are being refi through HARP 1.0 and HARP 2.0. Those are mostly long gone. The total foreclosed single family units in Colorado last month is exactly 3584. Foreclosure filing is about double that. Yes 50% of folks are able to save their homes after their court date.

Keep in mind that arms (w/ teaser rate) made up 12% of new loans in 2004-2008 in Colorado (over 88% of borrowers are responsible creditor!!)

The latest data, 7.40% US home owners are at least 30 day delinquent with 3% of that over 90 days (plenty of repeat offenders). The number decreases with 120 days and so on. Home affordability programs are actually working good. (This is a whole other rant - folks who pay on time gets 3.375% rate while if you are facing foreclosure you are qualified for 2.5% rate). Nationwide the number is 1.4 million (3 months ago) delinquency - in which 3-5% of that will result in foreclosure. Foreclosure level has dropped to pre 2007 level.

It has been 4 years since the crash, if you are trying to tell me some freeloaders can stay in their homes for 4 years without being foreclosure so the bank can skew the number, you are again completely wrong. I fought one of my buddy's foreclosure off for 24 months in which he didn't make one payment. Yes, borrower stayed there for 24 months, but its well deserved as their original loan officer put them in the stupid option arms with 5% negative payment/month. That lawsuit costed $12000 in lawyer fees and hundreds of hours of my time. A normal foreclosure proceeding takes only 4-6 months from default to filing. Court hearing w/o loan mod request is usually scheduled soon after.

To state that Freddie and Fannie are holding onto millions of foreclosure properties is simply false. The fact is the number of foreclosed units available in the market and pending are relative small compare to the 4.47 million homes being sold this year.

In current market, HUD foreclosure listing gets 2-3 offers on each unit. I know there are 2-3 realtors on this site that can attest how hard it is to find borrower's dream home in this market.

Finally, due to inflation, rental is 20-30% higher than a mortgage payment based on same property value and the current rate of 3 and some %. Pre 2008, one can argue that there is benefit to rent, today, unless you are a bad creditor, there is no reason not to save few grands a year by owning instead of renting.

References: https://dola.colorado.gov/app_uploads/docs/2011%204th%20Q%20Foreclosure%20Report_home.pdf
http://www.mortgagenewsdaily.com/05162012_national_delinquency_survey.asp
http://www.realtor.org/news-releases/2012/08/existing-home-sales-improve-in-july-prices-continue-to-rise
http://www.washingtonpost.com/business/us-home-sales-jump-to-highest-level-in-more-than-2-years-builders-start-work-on-more-homes/2012/09/19/57182030-028c-11e2-9132-f2750cd65f97_story.html

I wish I can post some raw data available through my workplace, but references above should give you at least some indication. Sorry for the lengthy post - I am heavily invested in properties, and been in wholesale lending business for awhile now. This is my thing :D

Start a new thread. I'm not reading/responding to off topic stuff in this thread anymore.