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From the front lines of the Great American Housing Bust: people who want to sell their houses but can't are turning their homes into rentals. Yes, there are early signs that home sales are steadying and prices are picking up, but some owners have been waiting for years to sell - to move to new towns, to better jobs - and simply can't hold out any longer. Their solution is to pack the old place with tenants and no longer be trapped by an unsalable property...
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...
...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 Your Home When You Didn't Expect...
...Think about your long-term plans. If your goal is still to sell your house, think about how you'll pull that off with tenants there. It's not impossible to continue to show your house with other people living in it, but keep in mind that "you have an obligation as a landlord not to bother people at all hours of the day and night," says Yoegel. When and how showings are acceptable should be spelled out in the lease. And remember that tenants probably aren't going to keep your house as pristinely organized and decorated...
...Baucus expressed some flexibility with regard to his proposal to impose a 35% excise tax on insurers who sell "gold-plated" insurance policies - a levy insurance companies say they would be forced to pass on to their customers. Under the bill as it is currently written, that tax would kick in on plans that cost more than $8,000 for individuals and $21,000 for families. Health-policy experts say an excise tax could help curb health spending overall by discouraging the purchase of lavish plans that lead to overuse of the health-care system. The levy would also raise...