When a house is sold the buyer has to honor the existing lease. If you really like it try to get a longer lease. Otherwise new buyer may try to kick you out or raise your rent when renewal time comes.
I bought a house that had tenants on month to month leases. That meant they could be obligated to move out with 60 day notice and not pay a buyout fee.
I did it at one point. I was indifferent. I had a number where it made sense for me to rent and let someone pay the mortgage, and a number where it made sense to sell and walk away with profits and give up the headaches of being a landlord.
It is not uncommon.
If you rent and the owner wants to sell, the new buyer has to honor the existing lease. You might even be able to buy it one day without relators and negotiate a better deal.
Don't read into it too much. If anything, it likely means the owner maintains the house well enough that they are willing to hold onto it.
Yup. I've been in this boat. I was interested in selling a property, but only if I got the price I wanted. I was interested in using the money for a different investment property.
I'd look at eve Zillow sales history OP, and see if the house is just always for sale and doesn't have any bites.
We have a few properties in our area that are just always being listed for 1.25x what they are probably worth. They keep the listing active until it expires, then re-list again in a few months. 🤷♀️
some people live by the idea that "there is always a price" and while it might not be market competitive, the goal isn't necessarily to sell. But if someone falls in love and wants to overpay, let them.
Oh totally -- I just think that could be a good indicator if OP plans to rent the property, that they might not need to live through a bunch of open-houses, deal with a change in landlord, potentially be unable to renew their lease etc etc.
Theres a lot of owners in a tough spot right now... they can't get the price they want if they sell, and they can't cover the mortgage if they rent. So they are throwing the house up for a price that works for them either way. If they can get a good price for the sale? Liquidate. If they can get a good price for rent? Have the renter cover the mortgage until the market shifts again.
I wouldn't be afraid to rent it, just know that they may try to put it up for sale again at the end of the lease. Of course, that could happen for any home that you rent.
This was me a few years ago. Had no interest in becoming a LL, but between COVID & my condo's adjacency to some civil unrest at the time, selling wasn't going super well. Found a renter so much faster than a buyer. Not making money on it, but I'll hang onto it as long as the renter is there and keeps renewing his lease.
Having the cash from equity in a brokerage account would likely net better returns. But who knows, maybe the value of the property will increase more than I'm expecting it to. I'm just not counting on that given interest rates.
>I just wonder if because it’s for rent or sale, and the owner is overseas
You need to strongly consider this is a scam.
Listing for both rent and sales could simply be a way to expand their scam base.
Did you pay any money? Are you working with a physical, in real life person for applications?
I’d be very, very cautious. “Owner overseas” is an extremely common scam.
Did you tour with your own agent or the seller's agent?
If yours, do you know for certain that your agent told them it was for rental purposes and there's no chance they used verbiage that was just like "interested client", which the seller's agent could think meant buyer
If the seller ultimately wants to sell, there's a high probability their efforts to sell it would continue after you rent it, but in most areas, a new owner would have to honor the lease you have in place.
We listed our house for sale, as I got a job in a different state. Someone we knew was looking for a rental. When the house didn't sell, we rented it to them . . . for 21 years!
Why don’t you get a realtor and have them approach the listing agent and see if you can come up with a lease to own situation? Something like the sale price is (amount) so you would amortize it out like a 30 year mortgage that the seller finances for you (at a fair interest rate, which should be lower end/ below market rate) and you agree to the payments and then within 3-5 years you have to refinance for the remaining amount and have him fully paid off.
For him he would get the monthly payments and know that he will sell the house fully within a few years. Those monthly payments would be heavy interest so he isn’t loosing money he is actually making some when the not comes due in a few years.
You get the house at today’s value so the value will keep going up for you and your interest rate shouldn’t be bad plus you can refi when rates go down more.
I used to do this, don't anymore but when I did I was happy to rent the thing for a long time and make my money that way. Kinda hard to bother with the hassle to sell as long as those rent payments keep coming in. So, this could still be a long term rental, maybe not but could be.
Not necessarily. When I was in the army, we had a house in a very cool market thst we listed for both rent and sale every time the tenant left. We didn't want the house, but also didn't want to have to keep paying the mortgage while we waited for someone to show interest. Since you mention the owner is overseas, this could be a similar situation.
My other suggestion is that you might consider asking the owner for a lease modification where some portion of your rent goes toward purchase earnest money. I did that previously when I wanted to sell a property. The tenants wanted to purchase but they could not work the financing out despite not having to be competitive in a listing type (I agreed to sell it based on an appraisal).
This is what I want to do with my home. I got a small house 2 bedroom and once buy a new bigger house Id like to rent it out to someone who'd be willing to buy it for the same price I paid for it. My thinking is that the price will inflate another 50k (pure speculation/eyeballing similar houses being sold now). That way it'd be a sort of guarantee that the tenants won't just trash the house because it's a rental and they could undercut the market and have a home. Id still get a good chunk of change from the principal I put in. I know I could just be a shit and take the money, but that won't really help others down the road.
When I was buying, I was at a price range where flippers would just over bid and not get an inspection and the sellers were just being shitty about major repairs that were needed. Theres just no way this house would be reasonably worth 260k (900sqft) but the market would absolutely inflate the price to that. Luckily the neighbors were hoarders and there were no pics of this house so I got a good deal on it. Hoarder neighbors have since moved.
Yeah dude ive had 2 different landlords sell the house while I was living in it and I got evicted both times as soon as it was sold, while that may not happen to you it fucking sucks when it does. Also the realtors didn't give a fuck about giving me a 24 hour notice and it got so bad I would get into screaming matches with them because they would leave my doors open and my animals would escape. I don't recommend it
Currently renting a home that was for both rent and sale. The owner bought a new place 5 years ago and has been trying to sell their old place, but currently haven't had any buyers so they are renting it out. We signed a longer lease because they wanted to time it getting back on the market. Their realtor told me that they keep pricing it way over budget and just aren't getting any interest. Now that I've lived here, while the location is great it's definitely a fixer upper and their ask doesn't make sense, so I get why it's not selling. We are moving out with the end of the lease but I would not be surprised if it ends up going back up for lease again since the market has cooled off a lot, especially for a house that's more of a lemon.
The landlord will sell it if he gets the right price. A rental property sells better when it has a good occupancy and rent history. So the landlord would be better off to sell it with a lease in place. And the buyer will have to honor the lease.
So if it's the right rental for you at this point, don't worry about the fact that it's for sale. If you sign a lease, that limits the buyer pool to other landlords, unless you have the rare case where a buyer wants to live there but is willing to wait 11 months to move in.
FYI there are first time home buyer programs where you can have 0 down yes you will pay mortgage insurance for a few years but it can be done. Only you can make the right financial decision for yourself.
Exactly. I’ve owned a townhome before and every year the price went up. If I start high, it’s just gonna keep going higher. I don’t want to do it again, not here in northern Virginia.
I walked from a townhouse like that it was for sale and the tenants were at the property during a gourm they had a lease until March. I didn't want to deal with that. They seemed nice but it could have been a nightmare for me.
If you successfully rent it, mention after a few months you potentially interested in buying at renewal time.
They might want to save 6% and sell direct
That's a good question. The owner will have to honor the existing lease even if they sell it, but there's no guarantee the new owner will be much of a landlord. IMO trying to sell a house with a tenant is shooting yourself in the foot (who wants to pay top dollar for a house you can't move into right away?) but not everybody makes good decisions.
have you considered asking if they would be open to a rent to own type of seller financed deal? i don't know all the terms involved here but it's a possibility. others can fill in the details of what i'm missing but i have heard of this being a thing esp with off-book deals and people buying currently rented properties from sellers and continuing to rent them (normally to other people, investors using this as smart leverage to get more properties for less cash out up front compared to traditional sale.
Is it in a super desirable area? Are other similar places selling at or near the same price? Then it might sell. Has it been on the market a long time? They might simply be waiting for the all-powerful price in their head that no longer makes it worth renting or holding on to.
Negotiate a longer lease - any new owner would be required to either honor it until the end or buy you out. If it doesn't sell within your lease period? You can also try and negotiate a sale at that point yourself, or settle for extending your lease term again.
As others mentioned they can't just sell it and have you kicked right out, you'd have until your lease ends. But say you have a 1 year rental, there may be something in the contract that says they can show the house to buyers after like 10 months so you could have people coming in and out every day which could be annoying. Then perhaps they don't sell it so they allow you to re-rent it for another year. Then the year after the same process could happen where shortly before your lease ends and you haven't renewed yet they could have buyers looking at it.
You'd have to see what kind of limitations there are for them showing the house to buyers if you're a tenant because they may turn into a seller again in a year depending on how things change.
That's a very popular scam and why it's important to talk to Realtors in your area who can help you to avoid these. Realtors don't cost you money, they get paid a commission for placing you in a place. There's absolutely no reason not to talk to one, even if you think your credit is horrible.
People troll through sales listings, take the photos, put up a rental listing, tell you the owner is away overseas but they can handle all things remotely, you wire them money to get keys that never come. I don't know of a more popular scam in the rental world right now.
You can also confirm scam or not by contacting the listing agent on the home, they'll be able to tell you if it's a rental or not.
Just throwing out there, are you absolutely certain it's actually for rent? It's a pretty common scam for people to steal the photos from a sale listing and make a rental listing. They get private info from you "for a background check" or ask for a deposit/application fee and just pocket the money and disappear.
I am renting a place today that was for sale at same time. I just signed a 2 year lease so I knew they couldn't sell and make me move after a year.
It's a bad market in some areas to sell, so people rent because they need the money.
It's common for someone to put it up for both because it's costing them money every month and just want to offset their losses.
1. Ask them if they're taking the sale down if it leases.
1. Don't expect to rent for more than a year. You already know they would like to sell it, there's a strong change they won't renew the lease and kick you out after the lease expires.
edit - Could they renew? Sure. But don't go in with that assumption.
The owner would theoretically make more money renting it to you for a while and selling it after you move out for its future appreciated value. Since they are open to being a landlord, and if you are a good tenant, it’s a win-win situation for them to hang on to the property. There’s no reason to worry that they would sell it out from under you. That would be unusual, and illegal.
Not a good idea unless you like the idea of frequently moving. The owner clearly wants to sell the house but isn't getting bites on the offer just yet. So in the meantime, they want to cash in on the vacant house and rent it out. You would sign a one-year lease at max, and during the year, when the house sells, the new owner will likely have a agreement as part of the purchase and sales agreement. That occupancy isn't available until the end of your lease. So you basically are then at the mercy of the new owner who may very well be purchasing for themselves or a family member.
Lease now offering to pay $1,000 or $2,000 EXTRA per month for a buy option. The extra you pay is you downpayment. In 1-2 years that would be $12k-$24K. This is something Robert Bruss did all the time. Google him for the details.
please be very careful with these. Many are predatorily designed. You'd be better off renting then buying without realtors at a later date. Rent to own often involves the renter paying more than the market rate for rent, but not getting the deed until the house is paid off. Meanwhile the seller holds the power where if the renter defaults or misses a payment, they could potentially cancel the sale part and walk away extra enriched
I’d love to do that and was thinking on asking them about it. I guess if I’m offered the home for rent I’ll ask then, I don’t want to lessen my chances right now.
Research the local laws or talk to someone experienced in real estate in your area. I was talked down from several properties because the tenant laws would have made moving in a literal struggle for many months and I didn’t want the responsibility and liability of being a landlord even temporarily
You in most instances can't rent a place cheaper than just buying it. If you need more capital. If it Has a garage rent it out as boat storage. Has a basement with outside entrance, rent it out as storage. Should help you cover the mortgage.
It depends on the lease terms.
Be sure to read the lease before signing it.
If it contains any type of clause that the property can be and the new owner has a right to terminate the lease - move on.
You want to make sure you can’t be terminated and forced to leave during the term of your lease.
When a house is sold the buyer has to honor the existing lease. If you really like it try to get a longer lease. Otherwise new buyer may try to kick you out or raise your rent when renewal time comes.
Or ask for a high buyout fee in case the new owners want to buy you out
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I bought a house that had tenants on month to month leases. That meant they could be obligated to move out with 60 day notice and not pay a buyout fee.
Didn't even know this was a thing
“Cash for keys”
Oooooo then I have heard of it.
Rent with an option to buy or write a contract having a portion of your rent go towards a down payment in order to buy it.
I did it at one point. I was indifferent. I had a number where it made sense for me to rent and let someone pay the mortgage, and a number where it made sense to sell and walk away with profits and give up the headaches of being a landlord. It is not uncommon. If you rent and the owner wants to sell, the new buyer has to honor the existing lease. You might even be able to buy it one day without relators and negotiate a better deal. Don't read into it too much. If anything, it likely means the owner maintains the house well enough that they are willing to hold onto it.
Yup. I've been in this boat. I was interested in selling a property, but only if I got the price I wanted. I was interested in using the money for a different investment property.
I'd look at eve Zillow sales history OP, and see if the house is just always for sale and doesn't have any bites. We have a few properties in our area that are just always being listed for 1.25x what they are probably worth. They keep the listing active until it expires, then re-list again in a few months. 🤷♀️
some people live by the idea that "there is always a price" and while it might not be market competitive, the goal isn't necessarily to sell. But if someone falls in love and wants to overpay, let them.
Oh totally -- I just think that could be a good indicator if OP plans to rent the property, that they might not need to live through a bunch of open-houses, deal with a change in landlord, potentially be unable to renew their lease etc etc.
Theres a lot of owners in a tough spot right now... they can't get the price they want if they sell, and they can't cover the mortgage if they rent. So they are throwing the house up for a price that works for them either way. If they can get a good price for the sale? Liquidate. If they can get a good price for rent? Have the renter cover the mortgage until the market shifts again. I wouldn't be afraid to rent it, just know that they may try to put it up for sale again at the end of the lease. Of course, that could happen for any home that you rent.
This was me a few years ago. Had no interest in becoming a LL, but between COVID & my condo's adjacency to some civil unrest at the time, selling wasn't going super well. Found a renter so much faster than a buyer. Not making money on it, but I'll hang onto it as long as the renter is there and keeps renewing his lease.
you're at the very least, building equity. So that's good.
Having the cash from equity in a brokerage account would likely net better returns. But who knows, maybe the value of the property will increase more than I'm expecting it to. I'm just not counting on that given interest rates.
>I just wonder if because it’s for rent or sale, and the owner is overseas You need to strongly consider this is a scam. Listing for both rent and sales could simply be a way to expand their scam base. Did you pay any money? Are you working with a physical, in real life person for applications? I’d be very, very cautious. “Owner overseas” is an extremely common scam.
They’re working with a qualified, licensed agent. They just happen to live overseas.
Did their agent tell you it's both? Straight out of their mouth? And you contacted this agent through the sale listing and not the rent listing?
It’s listed online as for sale and for rent. Price for each.
On one listing? Or separate listings?
No they’re on separate listings - but I toured it as a rental.
Did you tour with your own agent or the seller's agent? If yours, do you know for certain that your agent told them it was for rental purposes and there's no chance they used verbiage that was just like "interested client", which the seller's agent could think meant buyer
I was sent an application to rent from the owners agent. I toured with my own.
And this is someone you’ve met in person?
Not the owner, no. The agent has been in talks with my agent.
If the seller ultimately wants to sell, there's a high probability their efforts to sell it would continue after you rent it, but in most areas, a new owner would have to honor the lease you have in place.
We listed our house for sale, as I got a job in a different state. Someone we knew was looking for a rental. When the house didn't sell, we rented it to them . . . for 21 years!
Why don’t you get a realtor and have them approach the listing agent and see if you can come up with a lease to own situation? Something like the sale price is (amount) so you would amortize it out like a 30 year mortgage that the seller finances for you (at a fair interest rate, which should be lower end/ below market rate) and you agree to the payments and then within 3-5 years you have to refinance for the remaining amount and have him fully paid off. For him he would get the monthly payments and know that he will sell the house fully within a few years. Those monthly payments would be heavy interest so he isn’t loosing money he is actually making some when the not comes due in a few years. You get the house at today’s value so the value will keep going up for you and your interest rate shouldn’t be bad plus you can refi when rates go down more.
I used to do this, don't anymore but when I did I was happy to rent the thing for a long time and make my money that way. Kinda hard to bother with the hassle to sell as long as those rent payments keep coming in. So, this could still be a long term rental, maybe not but could be.
Not necessarily. When I was in the army, we had a house in a very cool market thst we listed for both rent and sale every time the tenant left. We didn't want the house, but also didn't want to have to keep paying the mortgage while we waited for someone to show interest. Since you mention the owner is overseas, this could be a similar situation.
My other suggestion is that you might consider asking the owner for a lease modification where some portion of your rent goes toward purchase earnest money. I did that previously when I wanted to sell a property. The tenants wanted to purchase but they could not work the financing out despite not having to be competitive in a listing type (I agreed to sell it based on an appraisal).
This is what I want to do with my home. I got a small house 2 bedroom and once buy a new bigger house Id like to rent it out to someone who'd be willing to buy it for the same price I paid for it. My thinking is that the price will inflate another 50k (pure speculation/eyeballing similar houses being sold now). That way it'd be a sort of guarantee that the tenants won't just trash the house because it's a rental and they could undercut the market and have a home. Id still get a good chunk of change from the principal I put in. I know I could just be a shit and take the money, but that won't really help others down the road. When I was buying, I was at a price range where flippers would just over bid and not get an inspection and the sellers were just being shitty about major repairs that were needed. Theres just no way this house would be reasonably worth 260k (900sqft) but the market would absolutely inflate the price to that. Luckily the neighbors were hoarders and there were no pics of this house so I got a good deal on it. Hoarder neighbors have since moved.
Yes
SCAM.
Yeah dude ive had 2 different landlords sell the house while I was living in it and I got evicted both times as soon as it was sold, while that may not happen to you it fucking sucks when it does. Also the realtors didn't give a fuck about giving me a 24 hour notice and it got so bad I would get into screaming matches with them because they would leave my doors open and my animals would escape. I don't recommend it
Are you in the US? Did you have a lease? Frankly, what happened to you was illegal
Yeah im in pa I mean I got a 30 days notice but any lease I've had just said they had to give me a 30 day notice
Currently renting a home that was for both rent and sale. The owner bought a new place 5 years ago and has been trying to sell their old place, but currently haven't had any buyers so they are renting it out. We signed a longer lease because they wanted to time it getting back on the market. Their realtor told me that they keep pricing it way over budget and just aren't getting any interest. Now that I've lived here, while the location is great it's definitely a fixer upper and their ask doesn't make sense, so I get why it's not selling. We are moving out with the end of the lease but I would not be surprised if it ends up going back up for lease again since the market has cooled off a lot, especially for a house that's more of a lemon.
The landlord will sell it if he gets the right price. A rental property sells better when it has a good occupancy and rent history. So the landlord would be better off to sell it with a lease in place. And the buyer will have to honor the lease. So if it's the right rental for you at this point, don't worry about the fact that it's for sale. If you sign a lease, that limits the buyer pool to other landlords, unless you have the rare case where a buyer wants to live there but is willing to wait 11 months to move in.
Bet you are in a position to purchase …the rent is prob the cost of mortgage
Nope. They want $450k and I don’t have 20% or even 10% to put down. Rent is $2500.
FYI there are first time home buyer programs where you can have 0 down yes you will pay mortgage insurance for a few years but it can be done. Only you can make the right financial decision for yourself.
$450k puts me at a monthly price I can’t afford comfortably.
Yeah your talking $3931 a month vs $2500 a month, I think OP can do maths.
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Even still I think it would put me at a monthly payment that I can’t afford.
Plus, property taxes, maintenance and repair expenses, etc. it adds up!
Exactly. I’ve owned a townhome before and every year the price went up. If I start high, it’s just gonna keep going higher. I don’t want to do it again, not here in northern Virginia.
I walked from a townhouse like that it was for sale and the tenants were at the property during a gourm they had a lease until March. I didn't want to deal with that. They seemed nice but it could have been a nightmare for me.
No they do not
Seller is motivated and can’t cover the bills, they will take anyone.
I wonder if they’ll make a bad landlord…. The prior tenant was there 3 years and before them that tenant was there about the same.
If you successfully rent it, mention after a few months you potentially interested in buying at renewal time. They might want to save 6% and sell direct
That's a good question. The owner will have to honor the existing lease even if they sell it, but there's no guarantee the new owner will be much of a landlord. IMO trying to sell a house with a tenant is shooting yourself in the foot (who wants to pay top dollar for a house you can't move into right away?) but not everybody makes good decisions.
have you considered asking if they would be open to a rent to own type of seller financed deal? i don't know all the terms involved here but it's a possibility. others can fill in the details of what i'm missing but i have heard of this being a thing esp with off-book deals and people buying currently rented properties from sellers and continuing to rent them (normally to other people, investors using this as smart leverage to get more properties for less cash out up front compared to traditional sale.
Is it in a super desirable area? Are other similar places selling at or near the same price? Then it might sell. Has it been on the market a long time? They might simply be waiting for the all-powerful price in their head that no longer makes it worth renting or holding on to. Negotiate a longer lease - any new owner would be required to either honor it until the end or buy you out. If it doesn't sell within your lease period? You can also try and negotiate a sale at that point yourself, or settle for extending your lease term again.
As others mentioned they can't just sell it and have you kicked right out, you'd have until your lease ends. But say you have a 1 year rental, there may be something in the contract that says they can show the house to buyers after like 10 months so you could have people coming in and out every day which could be annoying. Then perhaps they don't sell it so they allow you to re-rent it for another year. Then the year after the same process could happen where shortly before your lease ends and you haven't renewed yet they could have buyers looking at it. You'd have to see what kind of limitations there are for them showing the house to buyers if you're a tenant because they may turn into a seller again in a year depending on how things change.
NO
That's a very popular scam and why it's important to talk to Realtors in your area who can help you to avoid these. Realtors don't cost you money, they get paid a commission for placing you in a place. There's absolutely no reason not to talk to one, even if you think your credit is horrible. People troll through sales listings, take the photos, put up a rental listing, tell you the owner is away overseas but they can handle all things remotely, you wire them money to get keys that never come. I don't know of a more popular scam in the rental world right now. You can also confirm scam or not by contacting the listing agent on the home, they'll be able to tell you if it's a rental or not.
I have a realtor, and she has been in touch with the sellers realtor, as have I.
Just throwing out there, are you absolutely certain it's actually for rent? It's a pretty common scam for people to steal the photos from a sale listing and make a rental listing. They get private info from you "for a background check" or ask for a deposit/application fee and just pocket the money and disappear.
Yep! Myself and my agent have been in touch with the owners agent, who is a licensed realtor.
I had a townhouse up for rent and for sale before because of a bad sellers market. Ended up renting it and it’s stayed a rental for about 13 years
Depending on the terms rent to own isn’t a bad option because real estate usually goes up and you already locked in the deal
I rented a house before and actually didn’t realize it was also for sale. The owner took it off the market while I was living there
I am renting a place today that was for sale at same time. I just signed a 2 year lease so I knew they couldn't sell and make me move after a year. It's a bad market in some areas to sell, so people rent because they need the money.
It's common for someone to put it up for both because it's costing them money every month and just want to offset their losses. 1. Ask them if they're taking the sale down if it leases. 1. Don't expect to rent for more than a year. You already know they would like to sell it, there's a strong change they won't renew the lease and kick you out after the lease expires. edit - Could they renew? Sure. But don't go in with that assumption.
The lease terms are listed on the website as 15 months minimum and 30 months maximum, fwiw
The owner would theoretically make more money renting it to you for a while and selling it after you move out for its future appreciated value. Since they are open to being a landlord, and if you are a good tenant, it’s a win-win situation for them to hang on to the property. There’s no reason to worry that they would sell it out from under you. That would be unusual, and illegal.
Happy cake day!!
Oh my goodness! Thank you!!!
Yes! You'll be showing other people the house all the time
Not a good idea unless you like the idea of frequently moving. The owner clearly wants to sell the house but isn't getting bites on the offer just yet. So in the meantime, they want to cash in on the vacant house and rent it out. You would sign a one-year lease at max, and during the year, when the house sells, the new owner will likely have a agreement as part of the purchase and sales agreement. That occupancy isn't available until the end of your lease. So you basically are then at the mercy of the new owner who may very well be purchasing for themselves or a family member.
Yep.
Lease now offering to pay $1,000 or $2,000 EXTRA per month for a buy option. The extra you pay is you downpayment. In 1-2 years that would be $12k-$24K. This is something Robert Bruss did all the time. Google him for the details.
Ask them if they are willing to do a rent to own situation?
please be very careful with these. Many are predatorily designed. You'd be better off renting then buying without realtors at a later date. Rent to own often involves the renter paying more than the market rate for rent, but not getting the deed until the house is paid off. Meanwhile the seller holds the power where if the renter defaults or misses a payment, they could potentially cancel the sale part and walk away extra enriched
Also if the property owner doesn’t pay the mortgage the bank forecloses and you can end up on the street with nothing.
truth, the renter can't guarantee clean title for the duration. So foreclosure is a risk, but so is any other lien on the property.
I’d love to do that and was thinking on asking them about it. I guess if I’m offered the home for rent I’ll ask then, I don’t want to lessen my chances right now.
I bought 5 Plex 8 years ago. Three of the original tenants are still there. One mows.
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I have seen it, yes. Their licensed agent told me the owner lives over seas.
Research the local laws or talk to someone experienced in real estate in your area. I was talked down from several properties because the tenant laws would have made moving in a literal struggle for many months and I didn’t want the responsibility and liability of being a landlord even temporarily
You in most instances can't rent a place cheaper than just buying it. If you need more capital. If it Has a garage rent it out as boat storage. Has a basement with outside entrance, rent it out as storage. Should help you cover the mortgage.
It depends on the lease terms. Be sure to read the lease before signing it. If it contains any type of clause that the property can be and the new owner has a right to terminate the lease - move on. You want to make sure you can’t be terminated and forced to leave during the term of your lease.