I have been renting this house for $1590 a month for two years now. I am the first tenant of the property since he bought it. His "excuse" for not selling is that when it is paid off in 15 years it will be retirement income for their family. While I completely understand what he is trying to do, wouldn't it be more beneficial for him to make some profit immediately and roll the money over into another property to rent? The community I live in isn't really much of a rental area. There are multiple houses on the same street for sale. Any help and ideas would be great!
2007-06-14 16:13:25 · 8 answers · asked by massdjs 1 in Business & Finance ➔ Renting & Real Estate
The only thing that will get him to sell a house that he's not really interested in selling is to make him an offer he can't refuse, which probably means paying above market price for it.
If you really want to live in the neighborhood, since there are a lot of houses for sale, start going to open houses. Maybe you'll find an even better house for the same amount that you would end up paying your landlord.
2007-06-14 16:28:30 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
Your landlord has no intention of selling until he reaches his goal in 15yr. Not only your paying a big chunk of the monthly expenses on his property, the appreciation or value of the house in 15yrs. will be worth double or more than what the fair market value of the property when he purchased it. He knows what he's doing and he has no intention to sell anytime soon. My suggestion is to do what he's doing. Buy a property!! It has many benefits like "Tax Shelter", "Rental Income", so on and so forth. $1590 bucks is a big chunk of money to be wasted. Consult with a loan officer and see what if u qualify for a home loan. Find someone who has the same interest in investing in real estate if u have trouble meeting the lender's criteria. This person will be your business partner and also can help in qualifying for a larger loan. Just do it! Why make someone else richer by giving your hard earn money to them? I just want you to be ahead of the game financially and perhaps live a better lifestyle. The opportunity is there, if u want it. I recently started investing in real estate. In 2 months i bought my first rental property. A brand new 4bdr, 21/2bath, 2 car garage. Approx. 2200sq. ft. And guess what? The tenant will be paying all expenses. I just have to sit on it for awhile until i'm ready to sell. Maybe in five yrs., i can sell for a big profit or cash out on the equity and by another rental prop. There are many options and plenty of money to be made. So what r u waiting for! Make some money in real estate!
2007-06-14 18:32:25 · answer #2 · answered by shaw 3 · 0⤊ 0⤋
It depends on what state you are in. Some states require that you are given the option to continue your lease (if you still have one). If you have not been renewing an annual lease, then you are on a month-to-month basis and have 30 days to leave. Some states require that you vacate within 30 days of the house being sold. You do not have to leave before 30 days, but that may be all that you have. Renting for 10 years means nothing because regardless, you were still renting and had no ownership in the property. If the new owner wants you to vacate, you will only have 30 of notice. If the landlord insists you move sooner than 30 days, let him know that you are entitled to 30 days and will be out by "x" date.
2016-05-20 23:30:33 · answer #3 · answered by roberta 3 · 0⤊ 0⤋
My first thought is: $1590 per month on rent?
You can pay way less than that by purchasing a house down the street and then those monthly payments will be working for you! and paying off the mortgage, and gaining some equity.
If you want to find out an approximate monthly payment from purchasing, just send me an email and I can help you out, if you're in a state that i'm licensed in.
2007-06-15 04:02:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
WHAT PART OF NO DON'T YOU UNDERSTAND? What I hear you saying it that he should change his life plans just because you want him to change.
As you know most people do not change because of someone else wishes. Your best bet is to start looking for a house in your community. Post a notice at the market, laundry mate, car wash, school, any place where people put up notices. Newspaper Wanted column, maybe the owner will see that you are looking to move, and he could have second thoughts about having an empty house with no money coming in monthly.
2007-06-14 16:48:39 · answer #5 · answered by D S 4 · 1⤊ 0⤋
Your landlord maybe thinking of keeping the home so that when he retires that will be the home he will use as his permanent residence, A lot of people buy investment property so that they can move in to their favorite place after they retire.
You should respect his wishes and if you want to buy a home in the same neighborhood just buy it down the street.
2007-06-14 16:22:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The only thing which may light his eyes up is MONEY, and a lot of it. Do you really want to pay him more than it is worth ? If the owner wants to keep it for an investment for himself, there is nothing you can do about it.
2007-06-14 16:20:47 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
GET OUT QUICK WOOO WHAT A LOT OF MONEY WASTING PEOPLE AROUND ,.JEE I WISH I HAD THAT MONEY FOR MY WAGES DAM U A NUT OR TOO RICH OR A YUPPY .
THAT MONEY COULD HAVE GONE ON AS A DEPOSIT ON A NEW OR USED HOUSE FLAT GET TO IT MONEY WASTER U JUST LOST 35,000 IN 2 YRS BY RENTING.....
2007-06-14 16:46:42 · answer #8 · answered by the gate keeper 1 · 0⤊ 2⤋