My husband and I just moved into our brand new home in Texas. We now have decided we should have bought something bigger and want to start a family. There is no way we can sell our home. We want to rent it/lease/finance it to someone. Is it legal for us to have them pay the mortgage but for them to be responsible for fixing if something should break. We don't want to charge an extra 500-600 a month to cover those things, we just want someone to pay what we owe and take care of the property. What is our best route?
2007-05-10 10:25:09 · 11 answers · asked by Ashley Hall 2 in Business & Finance ➔ Renting & Real Estate
I think it's called sub-leasing, and your best best is to talk to an attorney to make sure you don't get the raw end of any deal you get into.
2007-05-10 10:27:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Do you really think you're going to find a tenant who will cover your mortgage PLUS and extra 500 or 600 a month??? That is not going to happen. You'll be very fortunate if the rent covers the mortgage. No one would pay more than that because they could just buy their own house for the same price they're pay you.
2007-05-10 11:34:28 · answer #2 · answered by Cardinal Rule 3 · 0⤊ 0⤋
You could put that stipulation in the lease but I dont think it would be wise. If the renters dont fix what is broken then you are ultimately stuck with the property. Charge the extra amount and save it. Also, I would not trust them to send the mortgage payment to the company, collect it yourself or hire a property management company.
Good Luck
2007-05-10 10:32:25 · answer #3 · answered by da_red12 2 · 0⤊ 0⤋
You can agree to have your tenants perform the maintenance but, unless you find someone that you really trust, it is not advisable. You are entrusting repairs on your home to someone that you do not know. Further, they may not have the money to properly maintain it when the time comes. Then there will be a dispute and they will move out without fixing the items. What items are they to cover? What if it needs a furnace? roof? Just charge them the extra $200 or $300 per month and put that away for repairs.
2007-05-10 10:29:06 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you just bought the house you are going to have a tough time getting a renter willing to pay that much. Also keep in mind that you void your loan and have to refinance when you rent your home. A standard mortgage is for a primary residence and does not cover investment property. If you rent w/o telling the bank you are committing fraud and banks are coming after fraudulent loans these days.
2007-05-11 00:02:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can set the rent, the renters should not be prevy to your mortgage details. You are responsible for repairs, however you can hire a property-management co. to handle renting and light repairs. The renters can legally take you to small claims court if say you don't replace refrig. or of course you want to get right on water damage. Its the price you pay.
2007-05-10 10:31:06 · answer #6 · answered by kim 7 · 0⤊ 0⤋
You can do a lease option. This gives the renter the option to buy your home at a future time for a set price. They are much more likely to take care of it as if it were their own, if they are thinking about buying it in the future.
2007-05-10 10:28:59 · answer #7 · answered by wscarpelli@sbcglobal.net 4 · 0⤊ 0⤋
Depending on the laws for your area you can put that stipulation in the lease with whomever rents your house and make them responsible for any house problems which should occur during their time living there.
2007-05-10 10:27:42 · answer #8 · answered by Joe Dragon 3 · 0⤊ 0⤋
As a renter, I don't think you would find anyone that would want that deal. I would prefer to pay extra and not have to do maintenance. I think you will find that most good tenants feel the same way.
2007-05-10 10:35:03 · answer #9 · answered by Karen 3 · 0⤊ 0⤋
If they agree to your terms in the lease it should be legal. i would simply charge them the mortgage for their rent then pay it myself rather than depend on them to make the proper payment for you.
2007-05-10 10:28:54 · answer #10 · answered by kagent1561 2 · 1⤊ 0⤋