These rookie “landlords” sound like they will NOT qualify for what they are purchasing. Even if a family member gifted them all or part of their current downpayment, I still don’t see them qualifying due to their debt load and tenant lease they want to use (with your name on it) without a rental history.
They’re just wishful-thinking young people who have lived off their home since they bought it a whopping three years ago. Now they want to live in “new construction.”
None of this is your problem so don’t make it yours. You need to know a place will be VACANT and CLEAN on your move-in date before you plunk down your large deposit. These idiots can’t guarantee you anything.
There are PLENTY of houses for rent right now, evolusd, from professional property managers. Lenders are NOT marketing all of their inventory right now. They have taken back many newer homes in recent months. As a tenant, Mello-Roos and HOA will not be your problem. Lenders are not as worried about “monthly cash flow” like an individual owner because THEY are the beneficiaries. This is one of those instances where I’d counsel someone to find a *newer* property to live in and deal with a “professional” property manager who has a RE license to maintain/uphold.
If you have excellent credit and a lender is charging $2400 rent, offer them $1800 – $2200 (dep. on size) rent for a one-year lease. They may just take you up on it, as the typical “career” tenant’s FICO score is UNDER 700 and many tenants’ credit (esp. the recently foreclosed on) is completely SHOT.
