Comments on: Why I May Never Buy a House Again

By: tom

tom — Mon, 21 Jul 2008 20:26:52 +0000

Please be careful when renting out your guest house. I learned the hard way. The tenant when asked to vacate after 2 1/2 years turned me in to building and safety and housing. Even though i have a permit for the second house, they told me that LA county is single family residence when it comes to guest houses. The sited me with violations for renting the space and the city forced me to pay relocation fees for the adult and 16 yr old daughter. $15,000.00 . . .How is that for you. Beware of who you rent to because it’s techniclly aganist the law when housing is concerned.

By: Dillon

Dillon — Wed, 09 Jul 2008 20:20:01 +0000

Ryan,

I think the reason why rents are soft is more of a supply issue. A lot of homes and condos were bought for investment the last few years. And when flipping failed, the investors try to rent them out. This phenomenon would be more acute in some neighborhood than others.

Also, I think at least some of the ex-owners who were forced out of their homes probably had no choice but to move in with family, since you would still need decent credit to rent a decent replacement. People who were foreclosed on won’t have the credit to qualify for rental. They may not even have the cash for the security deposit + first month rent.

By: ryan

ryan — Wed, 09 Jul 2008 20:03:52 +0000

something has confused me for a while now… how can rent be going soft if so many people are losing their homes? where are they going, out of state? moving in with family? shouldn’t the increased demand for rental units (from former owners) be putting upward pressure on rents?

i never could wrap my head around this…

By: ron

ron — Wed, 09 Jul 2008 17:29:45 +0000

Aryn, houses can be rented as well as owned. Also, a ton of former apartments have “gone condo” during the boom. I know a couple who owns their condo and does have neighbors above and below them. Of course they only have to pay a 100% monthly premium for the granite and stainless in their 5×5 kitchen.

By: Aryn

Aryn — Wed, 09 Jul 2008 16:48:10 +0000

Because you don’t have upstairs or downstairs neighbors when you own a house. You don’t have to deal with idiots vacuuming a 6AM or sawing wood (and I do mean that literally) at midnight.

By: Back to the Future: Stricter Mortgage Rules | Redfin Los Angeles Sweet Digs

Back to the Future: Stricter Mortgage Rules | Redfin Los Angeles Sweet Digs — Wed, 09 Jul 2008 15:51:49 +0000

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