All Forum Posts by: Huser Dee

We are about to extend the lease, current rent is $1500 for a SFH (1860 sqft 3 bd/2.5 bth) in 32317 and I was wondering if we should even consider increasing the rent, gGiven the pandemic and market volatility? 

We are out of state and wondering what is happening in the local market. Zillow shows rent estimate as $1,700. The current tenant is very prompt and maintains the yard by themselves and I want them to stay longer and okay to be undersold by $50-$100 only. Can zillow be trusted for the market ongoing rent? 

Dilly dallying on about increasing by $50 and make it $1,550.

Thanks all for the valuable inputs. We are going with 30 yr fixed.

We are new to this and trying to see what would be our best options for our primary residence mortgage in Bay Area, CA

$900,000 mortgage

3.625% int - 10 yr arm - $7,000 closing costs
4.00% int - 30 yr fixes - $7,000 closing
Both our credit scores are above 780.

We are planning to keep this property for at least 10 to 15 years, if not more. Me and my spouse are in late thirty and mid forties and have a kid who will go to college in 10 years. 

I am leaning towards 10 yr arm and spouse towards 30 fixed, reasoning from other end is, if we refinance we end up paying more interest and longer term. I want to do the 10 yr as the interest is low and we don’t know in 10 years we may rent it or sell it for an upgrade or downgrade.

What is the norm in these situations?