Pigg Advice Needed

[burghMan]

[quote=evolusd]I’m thinking of adding a clause to the lease requiring notice should a default on any mortgage related to the property occur. If so, they have to return my deposit. I think I can even record some kind of document requiring the lenders to provide me notice of a default.[/quote]

You may want to consider the practical value of this approach.

The #1 rule of contract disputes: He who has the cash has a huge advantage.

Having the money in your bank account is worth much more than having the law on your side.

I agree with TG. Too risky.

[bearishgurl]

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.

[bearishgurl]

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.

[bearishgurl]

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.

[bearishgurl]

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.

[bearishgurl]

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.

[evolusd]

You guys are probably right. They seemed excited to have us as renters and want to move forward, but I think when I ask the tough questions they’ll show me the door and move on to the next sucker.

I’m touring a different property in PQ at 11:30 today, professionally managed. This one could be the one!

Thanks for your thoughts, everyone. Sincerely appreciate the input and this site!

[evolusd]

You guys are probably right. They seemed excited to have us as renters and want to move forward, but I think when I ask the tough questions they’ll show me the door and move on to the next sucker.

I’m touring a different property in PQ at 11:30 today, professionally managed. This one could be the one!

Thanks for your thoughts, everyone. Sincerely appreciate the input and this site!

[evolusd]

You guys are probably right. They seemed excited to have us as renters and want to move forward, but I think when I ask the tough questions they’ll show me the door and move on to the next sucker.

I’m touring a different property in PQ at 11:30 today, professionally managed. This one could be the one!

Thanks for your thoughts, everyone. Sincerely appreciate the input and this site!

[evolusd]

You guys are probably right. They seemed excited to have us as renters and want to move forward, but I think when I ask the tough questions they’ll show me the door and move on to the next sucker.

I’m touring a different property in PQ at 11:30 today, professionally managed. This one could be the one!

Thanks for your thoughts, everyone. Sincerely appreciate the input and this site!

[evolusd]

You guys are probably right. They seemed excited to have us as renters and want to move forward, but I think when I ask the tough questions they’ll show me the door and move on to the next sucker.

I’m touring a different property in PQ at 11:30 today, professionally managed. This one could be the one!

Thanks for your thoughts, everyone. Sincerely appreciate the input and this site!

[bearishgurl]

Golden Mgmt frequently has homes for rent available in San Carlos. Presently, it appears they only have a small one available there but you can call and ask if they have any tenants giving notice.

(619) 698-0277

They’ve been in business at least 25 years.

see: http://www.goldenmanagement.com/unit_listing.html

The Paul Miller Company has been in business at nearly 40 years. I believe they may handle lender REO’s for rent throughout the county.

see: http://www.paulmillercompany.com/foreclosure.html

(619) 427-5011

[bearishgurl]

Golden Mgmt frequently has homes for rent available in San Carlos. Presently, it appears they only have a small one available there but you can call and ask if they have any tenants giving notice.

(619) 698-0277

They’ve been in business at least 25 years.

see: http://www.goldenmanagement.com/unit_listing.html

The Paul Miller Company has been in business at nearly 40 years. I believe they may handle lender REO’s for rent throughout the county.

see: http://www.paulmillercompany.com/foreclosure.html

(619) 427-5011

[bearishgurl]

Golden Mgmt frequently has homes for rent available in San Carlos. Presently, it appears they only have a small one available there but you can call and ask if they have any tenants giving notice.

(619) 698-0277

They’ve been in business at least 25 years.

see: http://www.goldenmanagement.com/unit_listing.html

The Paul Miller Company has been in business at nearly 40 years. I believe they may handle lender REO’s for rent throughout the county.

see: http://www.paulmillercompany.com/foreclosure.html

(619) 427-5011

[bearishgurl]

Golden Mgmt frequently has homes for rent available in San Carlos. Presently, it appears they only have a small one available there but you can call and ask if they have any tenants giving notice.

(619) 698-0277

They’ve been in business at least 25 years.

see: http://www.goldenmanagement.com/unit_listing.html

The Paul Miller Company has been in business at nearly 40 years. I believe they may handle lender REO’s for rent throughout the county.

see: http://www.paulmillercompany.com/foreclosure.html

(619) 427-5011

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