My search for a new place to live has uncovered some very interesting stuff...

usctrojanman29_IHB

usctrojanman29_IHB

New member
I'm sure many of you know that my lease at one of a IAC apartments is coming up at the end of October. So I've been looking around at other IAC complexes along with non-IAC complexes in Irvine. For chits and giggles, I've also been looking on craigslist to see if there was something interesting both in terms of rentals and sharing a home with an owner. Well, I found some of the following interesting things:



- There were several home owners both in Woodbury and Quail Hill that were renting two or more rooms in their homes

- There were two properties for rent that had NODs filed on them recently

- There were several homes there were rented by 3-4 renters (the owner was looking for an additional renter)

- I even saw one ad where someone was willing to rent out their living room



From the looks of it, people are doing just about anything to help keep their Irvine homes which goes to explain why inventory levels are so low right now.
 
A ha, that also explains why there waay more parked cars in some streets, to the ratio of 3-4 cars to 1 house.
 
Where I live in Irvine, my neighboor has a two-bedroom dwelling and it houses eight people. Five of those people are under the age of 18, but three are adults. It's pretty ridiculous, not to mention them using their garage as an extra room/play area. They've managed to fit one compact car in the two car garage and their other car takes up space elsewhere. Beautiful!



Do you think you'll end up at another IAC apartment/townhome?
 
[quote author="Spinderella" date=1254795992]Where I live in Irvine, my neighboor has a two-bedroom dwelling and it houses eight people. Five of those people are under the age of 18, but three are adults. It's pretty ridiculous, not to mention them using their garage as an extra room/play area. They've managed to fit one compact car in the two car garage and their other car takes up space elsewhere. Beautiful!



Do you think you'll end up at another IAC apartment/townhome?</blockquote>
Yeah, you gotta love that. But hey, this stuff doesn't happen in Irvine, right? haha I found about more 10+ ads where there were 3-4 "young professionals" and students occupying a home looking for an additional renter (the owner was not living in the home). If I owned a 3,000sf, there's no way I would rent it out to 4-5 youngsters, but hey that just might be me.



I think that's an 80% chance that I'll end up at another IAC apartment. There was this one home I wanted to check out that I called about yesterday....a gentleman in his early 50s (divorced with college aged kids) was renting the 2nd room in his 3bed Woodbridge home (he was offering to provide the services of the 3rd bedroom as a home office). I called but he had rented it out 3 days ago.
 
Have you looked at condo rentals in Irvine? In the areas I've looked at (CM, FV, GG, Westminster, Irvine), it seems like there are far more condos listed in Irvine than these other neighborhoods and they seem to be priced reasonably.
 
It's funny you posted this thread... I just noticed that on Craigslist this morning too.



I saw someone who has their house up for rent via normal MLS but is also trying to rent out one of the rooms via Craigslist.



Didn't bk mention someone he met in the Kogi truck line who lived in Irvine and was renting in a house with 8 other people and the living/dining rooms and garage were converted into bedrooms. Looks like people are using the BagOChips theory on existing homes.
 
Aren't there laws about having so many people living under one roof? At the very least I would assume the association would have a problem with it.
 
[quote author="bubblebuyer" date=1254811271]Would anyone warn against renting a condo vs an apartment? Seems like there are some good condo deals out there right now.</blockquote>
The only concern that I would have is if the owner is in default of their loan and/or if they have no paid their properties taxes. Other than those two things, renting an apartment and a condo would be able the same.
 
[quote author="USCTrojanCPA" date=1254707931]

- I even saw one ad where someone was willing to rent out their living room

</blockquote>


Or just part of it: <a href="http://www.craigslist.org/about/best/sfo/1288893848.html">http://www.craigslist.org/about/best/sfo/1288893848.html</a>
 
[quote author="hedgehog" date=1254814060][quote author="USCTrojanCPA" date=1254707931]

- I even saw one ad where someone was willing to rent out their living room

</blockquote>


Or just part of it: <a href="http://www.craigslist.org/about/best/sfo/1288893848.html">http://www.craigslist.org/about/best/sfo/1288893848.html</a></blockquote>
OMG, I can't stop laughing. haha They are renting a 6x3 nook area in the living room? The occupants enjoy Thirsty Thursdays and appreciate special talents. Too bad I'm 6'1 and wouldn't fit in that nook area or I might have been interested. lol
 
[quote author="USCTrojanCPA" date=1254811851][quote author="bubblebuyer" date=1254811271]Would anyone warn against renting a condo vs an apartment? Seems like there are some good condo deals out there right now.</blockquote>
The only concern that I would have is if the owner is in default of their loan and/or if they have no paid their properties taxes. Other than those two things, renting an apartment and a condo would be able the same.</blockquote>


Or you can work it to your advantage. If you know they are in default and agree with them to write you a long term lease at a low price, you can make out. Once the property goes REO, with the new laws, the bank/new owner has to honor the full lease terms or can offer you cash for keys of several thousand dollars to leave earlier than the lease terms.
 
[quote author="davenlei" date=1254823298][quote author="USCTrojanCPA" date=1254811851][quote author="bubblebuyer" date=1254811271]Would anyone warn against renting a condo vs an apartment? Seems like there are some good condo deals out there right now.</blockquote>
The only concern that I would have is if the owner is in default of their loan and/or if they have no paid their properties taxes. Other than those two things, renting an apartment and a condo would be able the same.</blockquote>


Or you can work it to your advantage. If you know they are in default and agree with them to write you a long term lease at a low price, you can make out. Once the property goes REO, with the new laws, the bank/new owner has to honor the full lease terms or can offer you cash for keys of several thousand dollars to leave earlier than the lease terms.</blockquote>


I think that is only with Fannie and Freddie loans and if I understand correctly, many of the bubble loans weren't of this flavor. But still, worth investigating.
 
[quote author="hedgehog" date=1254814060][quote author="USCTrojanCPA" date=1254707931]

- I even saw one ad where someone was willing to rent out their living room

</blockquote>


Or just part of it: <a href="http://www.craigslist.org/about/best/sfo/1288893848.html">http://www.craigslist.org/about/best/sfo/1288893848.html</a></blockquote>


That just has to be a joke, right? I mean it's SF, witty gals having some fun?
 
[quote author="stepping_up" date=1254826197][quote author="hedgehog" date=1254814060][quote author="USCTrojanCPA" date=1254707931]

- I even saw one ad where someone was willing to rent out their living room

</blockquote>


Or just part of it: <a href="http://www.craigslist.org/about/best/sfo/1288893848.html">http://www.craigslist.org/about/best/sfo/1288893848.html</a></blockquote>


That just has to be a joke, right? I mean it's SF, witty gals having some fun?</blockquote>
It might be, but it was hilarious nevertheless.



That being said, some of the other posts on craigslist are serious. Really goes to show what people will do to keep their homes.
 
[quote author="USCTrojanCPA" date=1254707931]I'm sure many of you know that my lease at one of a IAC apartments is coming up at the end of October. So I've been looking around at other IAC complexes along with non-IAC complexes in Irvine. For chits and giggles, I've also been looking on craigslist to see if there was something interesting both in terms of rentals and sharing a home with an owner. Well, I found some of the following interesting things:



- There were two properties for rent that had NODs filed on them recently

</blockquote>


That was one of my big worries moving from an IAC place to a private rental. With many slumlords out there, I didn't want to be paying some jerk rent while he shafted the bank. I got lucky with my place and seem to have a decent landlord who hasn't defaulted yet.
 
[quote author="stepping_up" date=1254826197][quote author="hedgehog" date=1254814060][quote author="USCTrojanCPA" date=1254707931]

- I even saw one ad where someone was willing to rent out their living room

</blockquote>


Or just part of it: <a href="http://www.craigslist.org/about/best/sfo/1288893848.html">http://www.craigslist.org/about/best/sfo/1288893848.html</a></blockquote>


That just has to be a joke, right? I mean it's SF, witty gals having some fun?</blockquote>


I am hoping that it's a joke... Or maybe it was just written under the influence of some illegal substances. But it wouldn't surprise me if it was real, especially in SF.

It just happened that I "discovered" the best of craigslist section the other day and this was one of the ads at the top. I was bored and kept reading for a while. It was fun, but at the end my faith in humanity was significantly diminished...
 
[quote author="mprince" date=1254811829]Aren't there laws about having so many people living under one roof? At the very least I would assume the association would have a problem with it.</blockquote>


I believe there is. Not to mention that this is a rental, not private ownership. I'm sure IAC would be VERY interested to know that their rentals are being treated this way. However, does anyone think they'd care or do anything about it?
 
[quote author="Spinderella" date=1254870275][quote author="mprince" date=1254811829]Aren't there laws about having so many people living under one roof? At the very least I would assume the association would have a problem with it.</blockquote>


I believe there is. Not to mention that this is a rental, not private ownership. I'm sure IAC would be VERY interested to know that their rentals are being treated this way. However, does anyone think they'd care or do anything about it?</blockquote>
As long as they are getting paid on time and no one else moves out because of it they could care less.
 
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