IAC (Irvine Co.) Vs Private rental.....

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PeterUK_IHB

PeterUK_IHB

New member
Hi Guys,

The lease expires on our IAC double story Townhouse in Mid January 08, we're paying $2145 at the moment.



I never really considered a Private rental untill recently, what are the advantages between IAC and renting from a private individual?



I can think of quite a few pro's and con's but it would be great to hear what you Guys have to say...



Thanks in advance....Peter
 
<p>PeterUK,</p>

<p>I think you live in the same complex and I do (in Woodbury?) </p>

<p>My wife and I thought about moving to a private rental but really like the amenities offered by IAC and the community we are in. The office staff is very friendly and the maintenance guy is great at responding to problems. I thought that they did a great job by hiring contractors to power wash all of the common area including our porch after the fires. </p>

<p>My biggest fear about a private rental is the lack of maintenance, especially if one is renting from a flipper who is just trying to make his mortgage payments. </p>

<p> </p>
 
<p>IAC - Pros: reliable management, won't be foreclosed on, can trust with your credit info, amenities, add-ons (cable etc.), updated properties.</p>

<p>IAC - Cons: price, all renters.</p>

<p>Private - Pros: price (if you look), will be left largely alone, regular 'home'.</p>

<p>Private - Cons: creditworthiness of landlord, scamming, rentals all one offs and complexes you like will become unavailable if priced competitively.</p>
 
Thanks IC...we live in Westpark...we're really happy here except for our Next door Neighbors...but we were just unlucky in that respect...



I think we'll stay here, I was just wondering about the alternatives....
 
Thanks guys, I think I've almost made my mind up...



BTW, I called the Office the other Day and asked how much increase we can expect when our lease expires, they said they will let me know, so I'll report back ;-)
 
eff...Tustin is nice but there goes my 2 mile bike ride to work every morning ;-(



But yeah, something to consider, thanks!
 
IAC - You can transfer for $1. When I transfered from one bed to two bed my rent had to be $1 higher and then you get no lease break. You can also transfer to any location for $1 higher rent. So if a new complex opens you can transfer. The perks of renting!! I like the new places :) Maint is great. I just go online and next day they are here. Pools are amazing. At least in Woodbury and I know Villa Sienna was also nice. I used to rent Private but found IAC to be just as good if not better. If a light bulb is out I just call. Never did that private. I never have had a problem. I like in Woodbury you can use all the ammenties that the HOA offers. I would never want to own a rental in Irvine. How can you even compare to IAC??
 
Wendy, thanks for the info....



I did a search for IAC properties on googlemaps on my BB yesterday and called the first one that came up, it's in quail ridge, 2 bed and a loft...$2100'ish...but no washer and dryer and nowhere to put one...plus no Garage..we have a garage at the moment..., how dopey is that?
 
Peter, Double check. I live in IAC Quail Ridge. They all have Washer and Dryer in patio closet. Go to the www.rental-living.com and make sure. Call the leasing office. Jennifer Hazeltine. I just had a neighbor move on a corner 2+2 so its available. I think it was $ 2195.00
 
We live in a private rental condo. Overall, I'd say it's a good thing - many of the same pros and cons as already mentioned. But just in case, here it goes:





<strong>Pros:</strong> Flexibility with pet - we don't have to pay any pet rent and didn't put down any extra on the deposit; long-term landlord (original owner, has always been used as rental property) so no worries about property being foreclosed on; good price; left alone (but the HOA is equally a pain in the butt to everyone in the complex, not just us renters); many owners in this neighborhood, so they generally take care of their properties - there is a parking problem, though that rivals the worst apartment complexes. My point is that just because it isn't an apartment doesn't mean you won't have these types of issues, depending on whether you're renting a house or a condo.





<strong>Cons:</strong> Not always that responsive to maintenence when out of town on business.
 
I rent a detached townhome (2+2) at Woodbury Place, we pay 2,580 (includes extra 100 for two dogs), the price is a bit steep, but worth it in my opinion. We had looked at several private rentals in the same price range and all seemed older and run down. The place we have is very nice, it came with all appliances including washer/dryer in the garage (the garage is oversized so that is a nice plus). I used this blog to help determine what place I was going to rent at, and most everyone seemed pretty happy with the way IAC properties are managed (other than price). So I was willing to pay the premium to have peace of mind that IAC would take care of any maintenance issues that came up. After I moved in I found out that "The Counter" was going to be opening up at the Woodbury center next door. I used to work in the westside of LA and would go eat some great burgers there, so now the 2,580 doesnt seem that steep anymore after finding this out. I think Oprah had the counter as one of her favorite burger places.





So back to the main topic, as long as im renting, i would feel comfortable paying the IAC premium to have nice facilities and peace of mind.
 
I just received my lease renewal notice on my 2/2 Westpark IAC townhouse...no rent increase! Was 2175 last year, and will be 2175 again next year. I was pleasantly surprised by that - had been planning on arguing against any increase they tried to lay on me.
 
peter uk, what is the problem with your neighbor? Is it something you can complain about to the management? At least with a management company you have some leverage, with a private landlord they don't care about problems with neighbors.
 
I sold my beachfront Huntington Beach Condo in 2004 and rented a townhouse in IAC's Turtle Ridge apartments for two years. (Yes, I DO congratulate myself every day on my timing.) I then moved to a private rental attached home in the University Park area of Irvine. I moved mainly because I got tired of the small footprint, three-story layout of the townhome. Besides, I had no place to grow fresh tomatoes. But I sure didn't like the very regular, very sizable rent increases every year and the constant feeling of lack of privacy. (Too many "Dear Renter, Your unit will be entered by maintenance next Tuesday to replace the batteries in your smoke detectors.") I had a realtor friend help me locate private rentals, and looked at several. The place I'm in is NOT in good repair, but that's OK, since I actually enjoy doing some maintenance tasks. It's better than having to be here during work hours for some unknown maintenance person to appear. (I've recently replaced the garbage disposal, for example.) The owner (original owner from the 1970s owns the unit outright.) is happy to have someone that will take care of details like that and he reimburses the cost of any materials. The result -- NO rent increases and I probably never will see one as long as I simply pay the rent on time. But I still can't grow tomatoes! The 'wildlife' eat them just before they're ripe.
 
<em>The result -- NO rent increases and I probably never will see one as long as I simply pay the rent on time.





</em>I want to point this out, because it is so true. While all you hear about rental rates going up, this scenario is more likely, than not. Good landlords reward good tenants. Of course the rent will increase over time, but none of this 6% BS you hear about. I wish! But, the reality is it costs more to find a good tenant, than it does to keep a good tenant.
 
It certainly pays to be good to your landlord if it's a private rental. But it made no difference to IAC that I know how to change a battery in a smoke detector or a filter in the A/C. They raised my rent based on market demand only. And back in 2005-6, rents were rapidly rising. If rental rated flatten out or decline, that will make the rent-vs-own comparison take even longer to reach equilibrium. I probably never will buy again in California. I'm starting to get those letters from AARP inviting me to become a member.
 
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