How to avoid a foreclosure on a rental property: instead of letting a rental property go into foreclosure, attempt to refinance your mortgage or try a short sale. Q: My husband and I are contemplating allowing our rental property to go into foreclosure and desperately need your advice. When we married in 2010, we had [...]
A daughter rents out a condo to her mother. After the mortgage is paid off, the daughter needs to make sure she still gets the rent checks. Q: Earlier this week, a radio caller to your show asked about paying off the mortgage on the condominium she owns in Flint. She said she had bought [...]
Be wary of companies that will buy your home and rent it back to you - this may be housing scam hitting underwater mortgages. Q: I got your website name from my son who lives in Atlanta, one of your radio broadcast areas. I live near Charleston and haven't had the pleasure. Nevertheless, I need [...]
If you don't qualify for refinance, you may be stuck with the property - a strategic default on rental property will lead to foreclosure. Q: My question is regarding a strategic default on a rental property. As with almost all homes, my townhome is underwater by approximately $100,000. I live in Maryland and my wife [...]
Not all landlord tenant complaint and issues need to be handled with a lawyer, some need some common sense understanding. Q: I recently purchased a nice four bedroom apartment in Miami. Many years ago, a former owner took two condominiums, each with two bedrooms, and combined them into a four bedroom apartment. When I purchased [...]
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental property as part of your primary residence you have to consider what percentage of your property is considered the rental property and your capital gains tax will change. How you use a property affects what kinds of tax deductions you can take and also how much capital gains tax you pay upon sale. You should consult a tax preparer for more advice when you have a rental property as part of your primary residence.
A landlord asks what to do when his renter plans to skip out early. The landlord asks about putting a lien on the renter's new home. The landlord might be better off suing his renter in small claims court.
When a tenant breaks a rental lease early, it can cause a host of problems. An early termination fee will help curb problems you can have with the renter, along with scheduling a final walk-through to document the condition. Working with a real estate attorney can also ensure you're handing your rental property and tenants according to the law.
