All Forum Posts by: Account Closed

I thank everyone for their responses but I see a lot of people telling me not to rent. How am I to learn without making mistakes? How am I to learn without renting? Yes it was my grandpas house but that’s related to the items that were in it. Those items are no longer in the house. I now have a house that I could sell, but why not rent it for a few months or years and invest that rental income back into it? Why not? Losing money is a given, but the education I receive is worth far more. Therefore, why not?

What, if anything, do I need to tell the city of Lincoln Park Michigan about the possibility of renting my house?

Average cost? Thank you!

I am looking to turn my home of two years into a rental when I move in with my girlfriend. 

I called the mortgage company to ask them if they needed anything or for their permission, and her exact words were "we don't get involved in that at all." 

This to me means that I can turn it into a rental, and they don't care. 

Is this common? or am I possibly misinterpreting her response? The insurance company, and everyone I've talked to so far told me that I should contact them. 

Thank you everyone for your insight and support! To be clear, I am not expecting any gain out of this house. Maybe in the future with a future house but with this one, I really would like to keep it in my name without having it affect me financially. Basically I’m looking to break even. I called my mortgage company today and their words were “we don’t get involved in that at all” when I asked if I was allowed to rent out my house and if I needed to provide them with anything. So it looks like I’m all set to rent with regards to the mortgage.... but iono.... I feel maybe she could have been mistaken? Even my insurance company said I should call my mortgage company.

This will be my first post (and I’m a new user as of five minutes ago) I have been listening to your podcasts for a few months now and found my way here. Over two years ago I bought my grandpas house who has now passed. It was my starter home and given it was my grandpas, bought it without hesitation. The house needs all new paint, has a walk-in bathtub that leaks, it’s a 1945 house and doesn’t hold heat well, and carpet is due for replacement / removal. The walls in the basement seem to have various issues as well (discoloration, chipping). I am still living in the house but have acquired a friend who was kicked out of the house he was living. He has a good job and has been helping with utilities and stuff but there has not been any formal agreement placed. Only via text message (I guess verbal then?) It has now been a month and things are going great! But, there is a few things that I’m about to face. I’m in a pretty serious relationship with someone who has a better house than me, and she wants me to move in. I want to move in as well! That’s terrifying to me, why? Because I want to make sure I cover my tracks with renting a house. I want to make my house a rental and so does my friend. He wants to be able to put this on his next year taxes. That’s my issue I want to make it official / legal, however I am zero idea where to begin. I could sell the house but it is sentimental in many ways. I’d rather keep it and rent it, but I’d want to do things right. Here’s what I’m worried about: Given The House was appraised and ultimately I was given a mortgage, it couldn’t be too bad off right? Where do I go to find a checklist in what should be available to tenants? It’s an old house, do I need to upgrade anything? I have upgraded a few things and my friend is happy, but is there any required upgrades? Where can I find these? I was told I have to call my mortgage company and insurance company. Given it’s the weekend I have not done this yet but I am terrified of the potential fines / fees on this. I just wish there was a checklist on Michigan renting. Any and all help would be greatly appreciated!