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Old 10-02-2007, 04:56 PM   #1
ArturoC
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Interested In Leasing A House?

Just curious.. if any of you had an opportunity to lease a house, would you do it?
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Old 10-02-2007, 04:58 PM   #2
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same as renting, but with the option to buy? I've never leased...only rented. After I get married, I'll be buying a house with the ol' lady. What advantages are there to leasing a house....similar to that of a car?
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Old 10-02-2007, 05:03 PM   #3
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Actually, I meant just renting a house.
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Old 10-02-2007, 05:09 PM   #4
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I am leasing/renting myself. I currently have a house in cypress and have the option to buy it in December, but I think I am going to pass due to my dogs. Yard is too small. Rule of thumb is, if you are going to live in a place less than 5 years, you should lease. The taxes, interest, realtor fees, downpayment, and headache of trying to sell won't be worth it if you are going to be there less than that. ESPECIALLY if you buy a new home. I made that mistake once myself.
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Old 10-02-2007, 05:12 PM   #5
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I was just curious if there is a market for it. I don't see many houses for rent anymore.

I have a house, been here 4 or 5 years now. Thinking about renting it out.
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Old 10-02-2007, 05:17 PM   #6
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i see alot of houses for rent in houston, or at least SW houston.

if the lease is similar to renting a large apartment, i would do it.
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Old 10-02-2007, 05:21 PM   #7
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Quote:
Originally Posted by cogs69 View Post
I am leasing/renting myself. I currently have a house in cypress and have the option to buy it in December, but I think I am going to pass due to my dogs. Yard is too small. Rule of thumb is, if you are going to live in a place less than 5 years, you should lease. The taxes, interest, realtor fees, downpayment, and headache of trying to sell won't be worth it if you are going to be there less than that. ESPECIALLY if you buy a new home. I made that mistake once myself.
I semi-disagree...if you know you will only be there for 5 years...opt for a 15 yr mortgage instead of a 30 yr....payments will increase a little bit, but you will earn more equity to make it worth your while....

now, if you don't have the extra cash to make up the difference between a 15 and 30 yr mortgage...then I would agree, leasing would be your best option.
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Old 10-02-2007, 05:21 PM   #8
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Quote:
Originally Posted by ArturoC View Post
I was just curious if there is a market for it. I don't see many houses for rent anymore.

I have a house, been here 4 or 5 years now. Thinking about renting it out.
I need a backyard as I speak for my dogs and i'm not readyto buy, so i would definately lease a house.

Go to http://www.har.com They have a leasing section to search for current properties for lease and there are tons of homes, so yes there is a market.

From the insurance perspective if u do it BE SURE TO MAKE UR TENANTS PURCHASE RENTERS INSURANCE. The liability coverage in the policy is a benefit for U in the event they neglect the home while living there, that way u don't come outta pocket for the cost for repairs.
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Old 10-02-2007, 05:30 PM   #9
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Quote:
Originally Posted by dbuckzx7 View Post
I semi-disagree...if you know you will only be there for 5 years...opt for a 15 yr mortgage instead of a 30 yr....payments will increase a little bit, but you will earn more equity to make it worth your while....

now, if you don't have the extra cash to make up the difference between a 15 and 30 yr mortgage...then I would agree, leasing would be your best option.
Or, get a 30 year and make an extra principal payment a month, and have it paid off in 17 years.

Works for any loan. If your 30 year house note is $600 a month, you are paying less than $50 towards principal, depending on interest.
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Old 10-02-2007, 05:39 PM   #10
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I think with the affordability of decent housing in Houston and surrounding burbs, it's less prominent here than elsewhere in the country. It's still around, and deals can be had and money can be made by the owner.

I plan to do the same with my place when/if I move up to something bigger.
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Old 10-02-2007, 06:09 PM   #11
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Yeah. I'm not looking to make money at this point. Just let it pay for itself for a while. I'm trying to downsize big time and go back to school.

I was just talking to my friend who uses a property management company to rent her house(s) out. Seems like a good deal. They handle finding the tenants, screening, credit checks etc and having them sign a lease.

We'll see what happens.
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Old 10-02-2007, 08:58 PM   #12
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We are leasing with opt to buy on our home... We dig it.
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Old 10-02-2007, 09:54 PM   #13
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The market makes a huge difference also. I owned a townhome in Hawaii for 20 months. You don't want to know how well I did there. I sold it and two weeks later the market leveled off, perfect timing on my part. I would have made more if I had bought earlier of course but I made enough for a down payment on this house and I invested enough to never have to put into my retirement savings again (but I do anyway).

Here and now, the market is different. I'll probably be moving out of this place earlier than I thought. I will most likely loose a bit of money.
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Old 10-03-2007, 09:25 AM   #14
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is it a lease to purchase or just a lease (which is the same as renting)?

I've leased a house, not lease to purchase.....to me if you can afford to rent/lease you can probably afford to buy as long as your credit is good........leasing/renting is just like throwing money away if you can buy a house
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Old 10-03-2007, 10:22 AM   #15
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Keep in mind that depending on location, there are lots of jobs that require temporary relocation. For those folks, they always rent so they don't have to deal with selling the place when they move on to another job in a year or 18 months.
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Old 10-03-2007, 10:29 AM   #16
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Quote:
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is it a lease to purchase or just a lease (which is the same as renting)?

I've leased a house, not lease to purchase.....to me if you can afford to rent/lease you can probably afford to buy as long as your credit is good........leasing/renting is just like throwing money away if you can buy a house
well, the way i see it... buying a used home... perfect reason to lease with opt to buy

live in it a year, find all the problems, have owner fix em, and when you buy a year or 2 later....most of the bad stuff you know about or has been fixed...

case in point, our water heater(which was old) rusted out , we just got the owner to buy us a new one.

had we bought it out right, wed have to pay for it.
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Old 10-03-2007, 10:33 AM   #17
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we have rented many homes in the past, but as the land lord you have to be careful because people do not tend to take care of property that does not belong to them and you as the landlord are responsible for maintenance and repairs. We rented one house for 11 years and was supposed to be a lease to purchase type of thing but when the landlords got ready to sell they wanted cash and booted us out fuggers.
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Old 10-03-2007, 11:30 AM   #18
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Old 10-03-2007, 12:02 PM   #19
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Quote:
Originally Posted by Squeaky View Post
Keep in mind that depending on location, there are lots of jobs that require temporary relocation. For those folks, they always rent so they don't have to deal with selling the place when they move on to another job in a year or 18 months.

This is the type of family I want to target.
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Old 10-03-2007, 12:25 PM   #20
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were renting a house now... not ready to buy just yet as we may be relocating and dont want the hassle buying a house then selling while moving entails... plus we'd rather buy land and have a house built than purchase a cookie cutter
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