Renting From A Flipper

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NanoWest_IHB

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My lease with the irvine company is over in Mid July and I am looking at possibly renting a home owned by flippers. The flippers want to keep the homes listed and rent them on a month-to-month basis. I am seeing houses that are listed for $1,000,000(worth $500K), that are available for $2,500 per month.





My biggest concern with renting from a flipper is giving them a deposit.....especially when I already know that they are strapped for cash. Here is my question? Are there "escrow" accounts that can be used to hold a rent deposit.
 
<p>You should set up a "safe harbor" type of escrow account for your deposit. Like the kind you use with a seller if you buy a car on eBay. If you go on eBay and look around, you should find the company that does it. </p>

<p>I was thinking maybe a joint bank account where you both have to sign to make withdrawls....but of course, you wouldn't want your social linked with a flippers. good luck. </p>
 
The month to month thing is as much to their advantage as yours.





Do you really want to get kicked out of you new home 3 months later down the road just because Mr. Flipper sold the house?





I live in a 1 bedroom apartment right now and I can tell you with the stuff I own, I wont be happy moving all of them twice in 3 months.
 
<p>In CA, escrow account for deposits is not a requirement. If you can work it out with the landlord then that is great. If you are a landlord you would not want to because you want to tenant to take good care of the home.</p>

<p>Why are you renting from a flipper? It's a must to screen the landlord carefully for rent-skimming.</p>
 
nirvinerealtor





It seems that a lot of the "investors" that purchased houses to flip in the past three years are stuck.....they cannot afford the cash flow and the market will not return what they paid. So.....they are becoming landlords in order to slow down the financial bleeding. A lot of these properties show up on the craig's list rental section....and also show up on zip, redfin, etc.





Rent skimming is my biggest worry.
 
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