Many of us did the math and sold our homes in 2005 & 2006 opting to wait out the bubble. Unfortunately there is no MLS for finding rentals. So I have compiled a list of property management and classified adds for a rentals in the Sacramento area.
Classifieds
Sacramento Bee
CraigsList
Local Property Management Companies
PPM4U
Homepoint
Capital Management
GBR
This is not a very comprehensive list, so please e-mail or comment if you have additional links. I will post these on the sidebar soon.
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26 comments:
We sold our house at the peak and have been renting also. I came across www.rnb2day.com property management and have been very impressed. They are located in the Roseville/Rocklin area.
American Horizon
Tiner
Sac Delta
Realty Roundup
IMHO, nothing beats Craigslist!
Here is a rental story for all:
Currently renting in Empire Ranch, 2100 sq.feet, wood floors, granite, 10ft ceilings, 2-car garage, water, sewer, garbage, fridge, washer, dryer, weekly gardner for great landscaping and back yard.
$1600/month.
Went through Tiner Properties.
Unbeknown to us, owner was in trouble. One month after moving in, owner quit claim deeded to family member. They then got out of porperty management and receive payments direct. That cut out the fee to property mgmt., while our lease on the property is still good. That owner is out of town as well and can't afford. It is now on the market.
I am told our lease is good for 9 more months whether they sell it 5 times between now and then. My question is:
Who is going to buy this home as an investor in the next nine months? NOBODY.
Had opportunity to buy from owner, but they owe/want way too much for the property.
-Happy Family Renting in Folsom.
Be sure to check the Sac County Recorder's website from time to time to make sure there hasn't been a NOD filed.
Anonymous-
Beware. Despite what you may have been told, I don't believe any buyer of the property is obliged to honor term of the lease: you may required to vacate on 30 days notice.
Average Buyer,
Thanks so much for doing this. This really helps, and it's nice to have some resources in addition to Craigslist, although that's pretty good, too.
Transfer of a residential property does not cancel an existing lease agreement.
Excerpt from Page 46 of Dept. of Consumer Affairs Publication on California Tenants (http://tinyurl.com/3x5zc4
):
"Landlord’s Sale of the Rental Unit
If your landlord voluntarily sells the rental unit that you live in, your legal rights as a tenant are
not changed. Tenants who have a lease have the right to remain through the end of the lease
under the same terms and conditions. The new landlord can end a periodic tenancy (for example, a month-to-month tenancy), but only after giving
the tenant the required advance notice."
The key word is "voluntarily." A foreclosure is excluded.
Here are a few more property management companies in the Sac metro area:
AIM Real Estate (aimrealestate.com)
Property Management Experts (prop-mgmt-experts.com)
Again, thanks Average Buyer and agentbubble for doing this.
Wow, thanks for all the links everyone!! In my observations there tend to be lots of inexperienced folks on Craigslist who are trying to cover their mortgage payments. Whereas the professional companies seem to have a better idea of what "going rates" are.
We plan to move to a cheaper rental in the next month or so. We were waiting to move until we saw Blackstone's prices, but will wait a bit longer since they need to come down more (Centex prices for a similar size house would double our current monthly payment if you include all the fees).
"Transfer of a residential property does not cancel an existing lease agreement. "
I stand corrected. I was thinking of a foreclosure situation (which, BTW, does seem like a possibility in anonymous' circumstance).
We were a bit worried about OUR landlord's financial position (a rep from the mortgage servicer came to the door one day). We have a lease through a management company, but that apparently would not protect us if there is a foreclosure.
Oh well, only 4 months left on this lease, we're planning to move to a nicer place anyway, as soon as we are free.
We have a lease through a management company, but that apparently would not protect us if there is a foreclosure.
That's correct...
You can use the following link to see if a Notice of Default has been filed against the onwer of a property:
http://erosi.saccounty.net/
Thanks agentbubble and Giacomo.
We are leased through next January. I think the forclosure process would take 6 months anyway right?
And in that situation, for what the owner was asking, I think I would get a better deal working with the lender/bank for an offer since we are already occupying it.
I offered to move and terminate the lease for compensation, suggesting that the property would much more likely sell to someone that would want to occupy vs an investor, and that the property would probably get more $$$ today than next February, and the owner thought that was ridiculous.
So, I will keep tabs on it through Sac county recorders...thank you aggentbubble. I am a licensed real estate agent (work in another industry but got my license to learn and save on my own transactions), so I can see what they paid and owe. almost double. It probably will go into forclosure at some point, but what can I do?
They want over $100K what I would be willing to pay in this market. BTW, no showings, not one, after 3 weeks on the market.
Any other advice is appreciated.
Also, the owner didn't know I was RE agent. I will gracioulsy keep house neat, clean, and tidy for showings anyway, why would I pay the LA a fee when I am an RE agent and can deal directly with buyer?
Blackstone is still overpriced. I am suprised they didn't start at lower prices to get the ball rolling out their so to speak. No thanks. When $499's become $399's, I will buy for $379.
Great site by the way, thank you for doing this and enabling me to be in touch with all these other valuable people.
-Happy Family Renting in Folsom
I wonder if, in this environment, we tenants need to more actively check out our landlords before we sign leases. The management company we deal with seem like decent enough people: when the heat when out last winter, they got a repairman out quickly. On the other hand, with less critical issues, they ask for confirmation from the owner, who clearly wants to avoid spending any money on the place (and who has moved out-of-state).
Perhaps next time we will go through Craigslist in hopes of having a face-to-face relationship with a landlord who lives nearby.
Anonymous said...
Thanks agentbubble and Giacomo.
We are leased through next January. I think the forclosure process would take 6 months anyway right?
It's actually just under 4 month from when the Notice of Default is files. However, it could be 6 months or more from when the owner stops paying on the mortgage.
Giacomo said...
I wonder if, in this environment, we tenants need to more actively check out our landlords before we sign leases.
I think we do. We rent from a prop mgmt company, but from day one we've only dealt with the owner of the house. We found the prop mgmt company to be rude and condescending and actually told the owner that, and he told us to just call him for any problems in the future. It's been great.
We need some decent property management firms out west in Yolo. All the ones in Davis are really awful.
We deal with: Huber Property Management in Auburn, which handles properties around Auburn, Cool, Pilot Hill, and I think maybe Rocklin and Roseville also (?).
They've always been courteous and responsive with us, although in our case, I think that their own sense of fair play has been limited by a somewhat irresponsible homeowner - who is, of course, their REAL client.
For better or worse, this operation is old-school: they don't do email, their website is minimal, and their listings are published mainly in local newspapers, it seems.
Although I not fond of "middlemen" generally, it would stand to reason that professional property managers are more likely to know and follow the letter of the law, at least more so than a homeowner who has just become a landlord.
I rent from Homepointe. I have no complaints with them, and when we had a plumbing emergency on the third night we were here they sent out an emergency repairman pronto.
My only complaint is that the property, which has extensive plantings and gardens without one blade of grass, and is on a corner, was advertised as coming "with landscaper". Well, the landscaper is the owners, as have been the repairmen for almost every call since.
To be honest, the owners aren't such hot repairmen. They try; when we call, they usually arrive in a day or so and work for hours to try to fix whatever is wrong. The problem is that they are making band-aid repairs to things like ductwork and plumbing, that they should just suck it up and replace.
The yard needs a lot more attention , and my sig other and I have become the proud owners of pruning shears, rakes, leaf blowers, a wheelbarrow and several extension cords. When the owners told the sig other (a man who feels acutely the judgement of neighbors and peers) that they did not feel that new mulching was indicated for the side yard which faces the street, he went out and bought fresh mulch. The neighbors commented favorably, and when he said the owner told him that the ivy would eventually fill in the barren areas, the neighbor told him that he'd lived here for over 11 years and the ivy had yet to fill in on the side yard.
I don't know why the owners are still using Homepointe. Surely they could save money if they didn't. As for us, we decided to go with a property management place because we figured if the house was sold out from under us or foreclosed on, the property management folks would have other properties we could move into and would be motivated to get us into them. We thought our deposit would be in better hands from a business than a private owner; and since the check was made out to Homepointe, they'll be the ones that will have to refund it.
Cmyst,
Homepointe is our property management company, too. Our rental is being sold out from under us, and they've not lifted a finger to try to get us into another property. This is despite the fact that we usually pay our rent early i.e., before the first of the month. I wouldn't count on Homepointe extending itself to find you another rental in the event that your rental were sold out from under you.
Speaking of deposits, don't forget that you are supposed to earn interest on your deposit. You should be receiving a tax form every year for it.
If you move to SF I highly recommend Anchor Realty, they handle a lot of large properties and seem to have their own full time service staff..They come out to fix stuff within a day.
O.K., I should google these things before I write them.. Only landlords in rent controlled Cities have to invest your deposit.. Sheesh, I guess everything is better here. Speaking of rent control, has there been any movement for this in Sacramento? It seems if people want to charge any ol' wacko price for real estate the flip side should be putting in place rent control to provide security for the 70% priced out. Most of my friends still living in Sac have had very substantial rent increases in the last 4 years (Like, 400-500 dollars at one time, is this really not illegal?). With rent control, my nob hill flat costs the same as a run down flat in midtown over by that adult school that looks like a prison.
I believe Sacramento has a cap of 5% annual.
I have to say that I don't like CL since it costs nothing to post so people put up trash prices.
Case in point, a home in Southport was listed at $2100 mo. The owners contacted me and turns out they really only want $1600 which seems average for a 4/2.5 larger home there. They were asking for more to test the market but now they really need to get it occupied.
What's interesting is you can find 4/3 for about 1400/1500 in that area listed with a property mgt co.
Hey, WTB --
Have you looked at the current rentals from Homepointe and asked about moving to any of them? I look through them periodically. I would hope that with a good rental history from you, and you being turned out from one of their managed properties, they'd give you top priority on one of their other properties.
Thanks for the heads up on them, though. I've rented from AMC in the past and they also "managed" our condo complex, and they were by far much much worse. The only real problem I've had so far with Homepointe was they charged some outrageous amount because we paid our rent on the 5th instead of by the 3rd about a year ago. We thought we had until the 5th, but it was our bad. Since then, we've paid it at least a week and sometimes 2 weeks early.
Hi Cmyst,
I've looked at the rentals Homepointe has in the areas we want -- Roseville and Rocklin -- and they're either more than we want to pay or they don't accept pets. Our backup is to remain in Elk Grove, so I will keep some of their E.G. rentals in mind.
Also, I came across a wonderful young broker who started his own property management company -- Investor's Choice Property Management (investorschoicepm.com). He started his own company so he could have greater control over the quality of service he provides tenants. That was refreshing to hear. I'm thinking of recommending him to my family members who are in the market for a property management company.
Sorry to post so late on this, but
(1) Sacramento has no rent control or eviction protections. The only limit on rent increases for most tenants is that a landlord who wants to increase the rent more than 10% in a twelve-month period must give a 60-days' notice of the rent increase. (That's a state law.)
(2) Tenants in Sacramento receive no interest on security deposits. Laws requiring payment of interest on security deposits are local ordinances. San Francisco has one, Oakland, Berkeley...but not Sacramento.
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