Q. I live in Michigan and want to rent a home. I found a guy who said that he would rent out this home that he purchased at a Sheriff sale. He said that there was still a redemption period that allows the original homeowner to pay what they owe and get their house back. I was wondering if it is legal in Michigan for him to rent out the house to us during this redemption period?
A. First of all NO he can't do that because technically he doesn't own it either! It has to go thru the redemption period first. I would alert the local authorities to this guy. Because about renting a house, you want to make sure the the person you are renting form is the legally owner, and #2 that he is paying the mortgage on time. There have been any number of people on here asking what they can do because the place they just rented is being foreclosed on. The county assessors office can tell you who owns the property, if it is good standing with the lender, that no notice of default has been issued and who the lender is. All good stuff to know before giving someone your hard earned cash.
should I buy a home to rent out or a vacant lot by the lake?
Q. I am not ready to buy the house of my dreams. But I want to start investing in realestate now. Should I buy a house and have tenants or should I buy a vacant lot with lake frontage here in gainesville ga. What would be the best investment?
A. Without knowing your situation and assuming that you own the home you are currently residing in, I would advise that you purchase the rental home as undeveloped land is generally considered a negative asset, there is no cash flow. i.e. you are paying for the land every month as opposed to renters paying your mortgage (and your rental home off in time.)
I would be careful with Lake Lanier lots (assuming that is where you are looking due to your Gainesville location) due to recent problems with lake levels and the Corps of Engineers not allowing any further dock permits to be issued. A past client of mine purchased a lakefront home on Lake Lanier in 2004 for $220,000 and sold it in 2005 for $265,000. The section of the lake that it sits on is now dry and has been since 2005.
Purchasing a home to rent out typically involves a larger down payment since it is not owner-occupied. Again not knowing your particular situation it might be advisable to rent out the house you currently live in and purchase a new one for yourself with owner-occupied financing.
A good real estate agent can help you with locating and evaluating real estate investment opportunities. Feel free to use my Atlanta MLS Search free with no registration required to find Lake Lanier lots and investment properties in Gainesville Ga:
http://www.maryannmc.com/prudential_ga/index.asp?p=findahome.asp&mode=N&acc=43962
You have made a very wise decision to invest in real estate, it is the best safe way to create wealth and the current market heavily favors buyers and investors. Good luck, MaryAnn Mc
I would be careful with Lake Lanier lots (assuming that is where you are looking due to your Gainesville location) due to recent problems with lake levels and the Corps of Engineers not allowing any further dock permits to be issued. A past client of mine purchased a lakefront home on Lake Lanier in 2004 for $220,000 and sold it in 2005 for $265,000. The section of the lake that it sits on is now dry and has been since 2005.
Purchasing a home to rent out typically involves a larger down payment since it is not owner-occupied. Again not knowing your particular situation it might be advisable to rent out the house you currently live in and purchase a new one for yourself with owner-occupied financing.
A good real estate agent can help you with locating and evaluating real estate investment opportunities. Feel free to use my Atlanta MLS Search free with no registration required to find Lake Lanier lots and investment properties in Gainesville Ga:
http://www.maryannmc.com/prudential_ga/index.asp?p=findahome.asp&mode=N&acc=43962
You have made a very wise decision to invest in real estate, it is the best safe way to create wealth and the current market heavily favors buyers and investors. Good luck, MaryAnn Mc
How much would a 2 bedroom home rent for at Michigan City, Indiana?
Q. Not able to find a descent renter for my home at Michigan City. This place also have 1 acre land around the home. Please help. Thanks
A. 1) Compare what other people are asking from local newspapers and craigslist.
2) 2 bedrooms? Two? Tee, double-you, oh, two?....in Michigan City?...the rent should be the same as an apartment.
3) There are too many vacant properties that are depressing rents and property values everywhere.
2) 2 bedrooms? Two? Tee, double-you, oh, two?....in Michigan City?...the rent should be the same as an apartment.
3) There are too many vacant properties that are depressing rents and property values everywhere.
Buying a 2 Family Home- In Massachusetts can you evict current tenants?
Q. I'm in the process of purchasing a two family home in Massachusetts. This home would be occupied by my grown children, who would pay rent to me. Although some of the homes I've visited are vacant, others have tenants with leases. Does anyone know the guidelines in Massachusetts for evicting tenants? Would it be more trouble than its worth... should I stick with vacant homes?
A. The lease is not your problem. You should have in your sales contract that the property must be vacant prior to closing. You might also charge a fee for any day after closing that the you are unable to occupy the property based on the buyer not delivering the property to you as per the sales contract.
If you don't have something similar in your sales contract and allow the real estate agent or seller to tell you not to worry it will be taken Care of. Trust me it will not be taken care of and at closing they will say this is not in the sales contract and we thought you knew the tenants were there and had a lease.
It is then then up to the current owner to deliver the property to you in the condition that you require.
Most of us on this forum have no idea about the language in the lease. There might be a clause that state the tenants know of a possible sale and would vacate the property at a certain time during the sale period. There might be a possible buy out of the lease. No matter it should not be your responsibility to have the tenants removed. They did not sign a lease with you. This is the current owner's responsibility.
If the real estate agent and current owner have a serious problem with this type language in the sales contract, you are better moving on to another property for you and your family.
At the final closing do not sign any docs until you know that the property is in fact empty. Have a walk through the day before closing to make sure that the entire property is vacant. At the closing you might have one of you children or a responsible adult to be at the property and call you prior to closing that the property is still vacant and no one moved back into the house.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
If you don't have something similar in your sales contract and allow the real estate agent or seller to tell you not to worry it will be taken Care of. Trust me it will not be taken care of and at closing they will say this is not in the sales contract and we thought you knew the tenants were there and had a lease.
It is then then up to the current owner to deliver the property to you in the condition that you require.
Most of us on this forum have no idea about the language in the lease. There might be a clause that state the tenants know of a possible sale and would vacate the property at a certain time during the sale period. There might be a possible buy out of the lease. No matter it should not be your responsibility to have the tenants removed. They did not sign a lease with you. This is the current owner's responsibility.
If the real estate agent and current owner have a serious problem with this type language in the sales contract, you are better moving on to another property for you and your family.
At the final closing do not sign any docs until you know that the property is in fact empty. Have a walk through the day before closing to make sure that the entire property is vacant. At the closing you might have one of you children or a responsible adult to be at the property and call you prior to closing that the property is still vacant and no one moved back into the house.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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