I am renting my condo out to a friend, I downloaded a rental agreement from the web but I wonder if I am required to report this process to somebody else. We have both signed this agreement but I want to be sure.
2007-06-06 09:24:31 · 4 answers · asked by yankee12 1 in Business & Finance ➔ Renting & Real Estate
The mortgage company needs to know, your homeowners insurance company needs to know, as well as any HOA that your condo may belong to.
2007-06-06 09:32:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
That depends. Most of the time your mortgage company will not allow it. The best thing would be to ask. If they find out you are renting the property out against your loan agreement then the can accelerate the loan and require payment on the balance.
If you own the property free & clear then you should be fine unless the HOA has guidelines regarding this.
2007-06-06 09:32:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First, you need to check if your condo by laws allow renting to others. Some do, and others do not. However, if renting is acceptable by the condo association, you need report the agreement to no one, but you may have some tax issues, since you are now a landlord.
2007-06-06 09:28:08 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
In the eyes of the IRS, you now have rental property income to report to them! Sad but true......But you still have tax write-offs on your investment property to help offset. Contact a good accountant to make sure you're following federal law/tax code.
2007-06-06 09:34:00 · answer #4 · answered by R.E. Advice 3 · 1⤊ 0⤋