All Forum Posts by: Elizabeth J Humphrey

My tenant has informed me that he has bought a home and will be closing on the home in early Oct. and plans on moving out that month. That leaves 4 months left on his lease. He has said he will honor the remainder of the lease, but would like to be absolved of any liability from the property and would like to have the utilities transferred back in my name. I would like to have him sign a new contract that states he is responsible for paying the remainder of the lease until a new tenant signs a lease and/or we sell the property. We are considering selling the property as this is our primary residence up until this past March and is about an hour away. How to word the new contract? Do we need to add the fact the property may be sold? What kind of recourse do I have if he does not hold up his part of the contract? I realize what tenant say and what they do can be different, but this tenant has been very honest and most definitely paid on time. Does anyone have some sort of contract that addresses this issue? Thanks in advance. 

Might want to refi to get rid of PMI first if possible.

Security First does landlord rental insurance. Still insist on renter's insurance from tenants. My insurance will pay for lost rent if my SFH is unrentable due to damage from storms etc. I own in Florida

Anyone have any experience with marketing to corporate renters? Our tenant has bought a house and will be leaving and I thought about trying to rent to workers whose company is paying them to move to a new location. I don't know much about it, so am looking for some suggestions or input. Thanks in advance

Check padmapper, site for those who want to rent will give you an idea what other places are available

If you are considering this purchase an investment you should run the numbers on one of the BP calculators to see if the numbers make sense. Gather as much info as possible. Right now using the 1% rule the rent will not be enough at $1200 for an all in of $280K, but if it is a primary residence and you really want it then that does not matter.

If the property has been around awhile it does not hurt to offer what you believe to be a fair price. All they can do is say No or counter offer. I was within the 15 day period for owner's so no we did not get it for lower than asking, we actually paid over as it was a multiple offer situation. Now I know more we over paid, but it will be a hold property so we can make it up. Good luck!

I believe the first home buyers loan program is for buyers who intend on living in the property their are purchasing with that program. You should definitely check on that. Welcome to BP!

I just bought a Fannie Mae and every faucet leaked , no appliances and the roof had a hole in it over the porch and I still got a conventional loan. As for insurance you might need special builders insurance until things are fixed but you can cancel that expensive policy and get a cheaper one in 3 months.

As long as the house is livable for them to move back in their renter's insurance should cover them if they needed to move out due to evacuation. You don't own them 3 days or anything, that's why they should have renter's insurance. I have my property in Florida and have to make it through hurricane season, I can't pay everyone who might need to evacuate.