Word: landlord
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Call them Accidental Landlords (the real-estate pros already do). Insurance company Allstate has been tracking the new demographic by watching the wave of people switch from homeowner- to landlord-insurance coverage, a figure that's up 27% year-over-year. The web site Rent.com, which helps renters find places to live, has rolled out a new option for small-time landlords and is adding 1,000 properties a month. "We're finding that a lot of people have houses that they would have sold and now need to rent," says Rent.com president Peggy Abkemeier. "The demand is there...
Indeed, life as an Accidental Landlord is often far from being a cakewalk. "Nationwide, it's happening all over, but most people don't realize what they're getting themselves into," says John Nuzzolese, president of the Landlord Protection Agency. If you can't sell your place, is renting it out really worth it? Here's a run-down of things to consider, and steps to take if you decide to push forward...
...Crunch the numbers. In many parts of the country the rental market is soft too - thanks in part to shadow inventory like houses from Accidental Landlords. If you're paying $1,500 a month on your mortgage but can only rent it for $1,000, is renting the right solution? It could make more sense to sell the house at a loss, especially considering that rent proceeds are taxed as income. "Sit down with a calculator and really do the numbers," says John Yoegel, a real estate instructor and author of Surprise! You're a Landlord: A Guide to Renting...
...rent to whether subletting is allowed to the penalties for late payment. An addendum should document the condition of the house upon rental - a walk-through with your new tenant will underscore that any damage caused will come out of the security deposit. The web site of the Landlord Protection Agency, www.thelpa.com, has sample forms (some for free, some for purchase). Since things like lawn care and house maintenance are typically left to the landlord to handle, you might want to consider hiring a property management company, especially if you're moving out of town. Just realize that such...
...roommates and I weren’t even aware that anything had happened until our landlord called us,” Lohani said. “We were told not to go into the backyard, because it was a crime scene...