[quote author="Sellout" date=1240181636]Hi, I'm a long time lurker-- first time poster, who's looking to move out of IAC to a bigger place in Woodbridge. I'm looking at a 1700 sq ft townhouse in Woodbridge near Irvine Ctr and Yale for $2200 a month. I've checked Zillow and it was purchased in 2001 for 320k so it's not a stressed property and I went to see it yesterday and it was in pretty good shape. The price seems low compared to other equivalent rentals I've been looking at-- Is there anything that I should be wary of?
Thanks for any advice!</blockquote>
Just because it was purchased in 2001 doesn't mean the owner is financially in the clear. There could be a home equity line of credit attached that would put it under water, and potentially on the path to foreclosure. Ask some questions... Is this the only rental property the landlord owns? Was the unit previously rented, or owner occupied? Knock on a door or two and talk to a neighbor about the home and owner. Be SURE the person you are negotiating with is actually the property owner, and not a scam artist just trying to collect a depost.
I rented a private rental in Irvine last summer. I had a real estate friend check out the property and verify some of the information I was given by the owner. (He has 11 rental properties.) The neighbor knew the owner personally. I'm comfortable that I'm not going to come home some day to find a notice of default or a notice to vacate on the door.
If it is an area with a home owners association, try to find out from them if the dues are current. If the owner is not paying his HOA dues, it would be a good sign that there are financial problems.
