Renting out your property?

[justbroke]

My brother actually just called me on a scenario in which a relatively wealthy man -- or so it seemed -- rented him a nice Condo in Georgia. My brother was excited because it was a month-to-month and the man told my brother that the house was "up for sale" and that it could be sold in the next few months. My brother gets a knock on the door a few days ago. It's a man representing Bank of America. He was there to "secured" the building, change the locks, deal with any cleaning or hazards. My brother was shocked! The man left the contact info for BofA.

My brother calls BofA only to have them tell my brother that they can't discuss the finances of the owner... but they hinted that my brother should be aware that the bank has taken possession. About the same time, the owner calls my brother in a panic and tells my brother that the property "sold" and that the new owners wanted to take possession. He told my brother to be out by July 1.

Without going into much more detail, suffice it to say that the owner never told my brother about the foreclosure and was going to milk my brother -- err... the property -- for every penny.

Please do your homework and be careful out there. If an offer sounds to good to be true, it usually is.

[BROKEDED]

Perfect example is that we just got turned down for renter's insurance, of all things, from the same company that has had some combination of auto/home policies for the past 14 years. Our credit officially sux I suppose.

Much more difficult, but not impossible, is to find a place to rent the closer you get to a city. You are more likely to find a landlord in a rural area that has just one or two homes to rent and likes to have a steady stream of income and also where references mean more than credit reports. If there is an application fee, it more than likely is used to run your credit.

bcohen, man people rent for all types of reasons and many need or prefer a month to month. People between houses often don't want a long term lease. Corporate hires moving to the area looking for housing don't want long term leases. Contracts and security deposits are the landlords protection. The contract is the renter's protection.

People also want houses for a myriad of reasons. They want more living space. They want a yard. They need more parking space. They have outside pets...etc. Around here, I can find a nice 1700-2100 sq ft house for the same price as a nice apartment with 900-1100 sq ft. The difference is maybe a playground, a pool, and grounds maintenance. To each, his own. Everyone has different needs and they look for different properties accordingly.

[BROKEDED]

Found out today that we actually COULD get approved for renters insurance through our insurance company. Apparently there was a misunderstanding the other day and we can be covered immediately. $192 per year is not too bad. I was hoping for less but I can shop around later if need be.