Tenant Causes Rental Property Owner's Credit Problems
A couple owned rental property and had asked the tenant to pay the Homeowner Association fees, and because of non-payment, the property owners have bad credit. Because the tenant did not pay the bill, a settlement was placed against the property owner that cause the owner a credit problem. Ilyce…
To be a successful landlord, you must have the temperament and financial wherewithal to handle the problems associated with renting property. Unfortunately in a slow real estate market, many homeowners are forced to rent their homes when they cannot sell. Make it a goal to sell your property as…
New Construction Homeowners Association Yields To Rental Properties
What happens when you move into a new neighborhood expecting a homeowners association and instead find that the builder is renting out homes? You may feel that the builder misled you into believing that there would be a homeowners association. In this situation a home owner can check into whether…
If you're an apartment renter you may be wondering if now is the time to buy a home or condominium. Before you decide, you'll need to analyze the pros and cons of buying a home or condo and whether taking on a mortgage in the current real estate market is the right choice. You should look closely at…
When a married couple hold a house as tenants by the entirety, it means that the spouse inherits the other spouse's share of the property when he or she passes away. It's like being joint tenants with rights of survivorship. The house is the surviving spouse's to keep or to sell.
Renters Refuse Landlord's Access
A rental property owner is ready to sell but the current tenants will not allow the landlord access to the home to show potential buyers. Many leases specifically allow a landlord access to a rental property to re-rent or sell it. Forcing tenants to give access to the rental property is a…
Tenancy By The Entirety With Inheritance
With inherited property, tenancy laws may vary from state to state. In some states, you can choose tenancy-by-the-entirety. It isn't available everywhere, but in some cases the outcome is essentially the same as joint tenancy with rights of survivorship
Despite what you hear, there are times when renting is a smarter decision than buying. If you'll be stronger financially by renting, you may want to wait before you buy a home. You also might want to put off buying until you're ready to settle in one place.
Rental Property: A Financially Successful Investment
Owning rental property can be a financially successful investment. Ilyce advises a reader who recently bought her first rental property on how to make her investment a financial success. One of the most important ways to make owning a rental property a financially successful investment is by renting…
A renter had his lease transferred from a two bedroom to one bedroom apartment. Now that he has moved out, the landlord is insisting he owes one month of rent. The renter needs to look at his lease to see what terms he and the landlord agreed to.
Managing Credit: Homeowners vs. Renters
Who is better at managing credit, homeowners or renters? Results of a survey reveal the homeowners think they are better at managing their credit than renters, but both homeowners and renters could use some help. Both homeowners and renters appear interested in improving their credit histories and…
A landlord owns a couple of rental properties and would like to purchase more but is concerned about finding good tenants. One good tip is to underprice your rental property to bring in more prospective tenants to choose from. The key is to bring in enough interest so that you can choose the best…
Renting A Home With Option To Buy
Leasing out a rental property is often a good idea. However, you may want to rent your property with an option to buy. Doing a lease/option allows the buyer to live in the home for a year and pay a non-refundable option for the right to purchase the property in the future at a price that's…
Divorce Could Lead To Eviction From Rental Property
After a divorce is completed, can a spouse be evicted from his home? It depends on where the spouse lives and who owns the property. If the home used to be the primary residence of the married couple and the spouse who lives in the home did not win the home in the divorce settlement he can be…
10 And Under Rule For Georgia Landlords
On Friday, when I last filled in for Clark Howard on the radio, someone called into the show to ask about the 10 and under rule for landlords. I didn't know what the caller was referring to, but pledged to find out and report back on today's Clark Howard Show (2-4pm EST/1-3pm CST).
Here are the…
Taking Renter Won't Violate Ower-Occupied Mortgage
Most home buyers receive a loan on the basis of "owner occupancy." They receive a more favorable interest rate than if the property is purchased as an investment property. A home owner is curious if taking a roommate will violate the terms of the loan. They can probably rent a room without violating…
Holding Title As Tenants By Entirety
Titles can be confusing especially in regards to ownership clauses. There are differences and benefits between tenants by the entirety, joint tenancy and tenancy in common. Some real estate attorneys feel that married couples have even better protection with tenancy by the entirety than with joint…
Joint Tenancy With Rights And Tenancy In Common
Holding title in joint tenancy with rights of survivorship means that each owner of the home owns an equal undivided share of the home and in case one of the owners dies the remaining owners automatically own the property together. Changing the title to a tenants in common ownership would allow…
Renting Apartment Instead of Buying Condo
If you're debating over continuing to be a renter or buying a condominium, you need to assess your short and long-term goals. Short term - what do interest rates look like? How do you want to use your current resources - building equity or having the money to travel? Long-term goals include where…
ThinkGlink Radio Show for Jul 3, 2005
Ilyce compares our current way of life with the "good old days" after WWII, when most families lived on one income and people weren't concerned with health care prices and paying for retirement. As always, Ilyce takes calls on a variety of topics, this time including immovable tenants and raising…
Subleasing Rental Property May Be Illegal
A renter has been subletting an apartment and paying the original tenant the monthly rent. Now it turns out that the sublease is illegal and the original tenant may not have not been paying on the lease. The subleaser may be obligated to pay back rent to the apartment owner. In general, if you're…
A lease with an option to buy can be a good option for home sellers, but what if the prospective tenant has bad credit? There are certain things homeowners can do to protect themselves from an equitable interest claim if they decide to do a lease with an option to buy.
Suing Tenant For Extensive Damage
Tenants leave a landlord with cigarette burns on the carpet and kitchen floor. Damages exceed the security deposit. What can the landlord do to recover the damages? The lease may provide that in case the tenant damaged the apartment, you have the right to restore it to the condition in which it was…
Landlord Keeps Deposit On Apartment
A landlord does not return a deposit that was put on an apartment. A would-be renter should only make a deposit if there's a clear statement from the landlord as to what will happen to the deposit if you don't rent the apartment. Without this information up front, the landlord should not keep a…
Termination Fee To Break Apartment Lease
A renter hopes to buy a home but is charged a high termination fee from their current landlord. Unless it is included in their lease, the landlord is not obligated to release them from their lease. The best strategy for the renters is to try to find someone to take over the current lease.
