In my last post I mentioned someone dropping $200K and financing $800K to live in an old, 1200 square foot one bath home.
Kirk Brown has a listing for a renovated 1464,sqft, 4/2 on a 6700 sqft lot for $4750. (Turns out it’s a duplex so your landlord is your neighbor)
New Kitchen, renovated bathrooms, Directv and internet included! It comes with the safety of knowing that when the oven breaks or the plumbing is messed up you just make one phone call.
I think that’s a safe plan for someone thinking of buying in El Segundo. Take your $200k down payment and wait for a rainy day while you rent home with very low risk.
I did notice a bit of wackiness in the price history. The home sold in March for $1.29 and in June it was listed for rent at $3500.
In six months the home is available again and they jack the rent up 35%!
There’s one risk to renting. The potential that you are renting from an idiot who isn’t savvy enough to be a landlord.