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Rental Basics in 19406 : Real Estate Advice

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  • Local Info1
  • Home Buying13
  • Home Selling1
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Activity 13
Sat Oct 18, 2014
George Raymondo answered:
As long as haven't purchased the property less than 12 months ago, you'll be fine.

For those homeowners who are looking to purchase and retain their home and purchase with an FHA Loan, depending on HUD vacancy rates in your zip code we can use up 95% of your rents to offset your mortgage if you decide to p. Don't let anyone tell you that you need two years tax returns with rental income in order to use future rents. Let me know if you have any questions.

Best of Luck!
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Mon Jul 29, 2013
Ryan Kirkpatrick answered:
Depending on his situation, whatever works best to meet his financial, investment, and future housing needs. As a professional, I would suggest making an appointment with me to discuss different situations before making a final determination. The property I have listed in King of Prussia is listed for rent and sale. I found a tenant and was in the process of approving the tenants when an offer to purchase arrived. The owners reviewed both options and after careful consideration, decided to accept the purchase contract. We are scheduled to settle in early September. I offer both these services on a contingent basis, meaning, I don't get paid unless I find a tenant or buyer and an offer closes. Without knowing the ACTUAL offers, terms and values, you would be guessing which works best. I have over 13 years experience as well as a business degree and I follow economic news daily to help myself and my clients make informed investment decisions. I am also a mortgage loan originator. Please feel free to call me with any questions or to schedule an appointment, 610 420 7200.

Ryan Kirkpatrick,
Bonaventure Realty
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Sun Mar 24, 2013
skipstein answered:
Hello;
We have owned a condo for years and refi'ed it while we were owner occupied. It has been almost four years now and there has not been questions from the mortgage holder. Here is my question, we want to refinance with the same credit union here in California. If we notify the credit union of our intentions and disclose the property is now a rental, and for some reason do not go through with the loan refi, will the credit union call in the loan?
Thank you for your help.
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Mon Mar 19, 2012
John Bahn answered:
Let me get this straight. You want to pay cash upfront for a renting a house that is for sale now rather than purchase it and would a seller consider this? I guess the right answer at the moment is "it depends". ... more
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Mon Feb 20, 2012
Gita Bantwal answered:
If you are a student how are you going to qualify for a mortgage? First sit down with a lender and see if you qualify. ICheck local laws regarding renting . If you do get a mortgage, you are liable for the payment and should make sure you have money to pay if the others do not pay you. ... more
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Mon Feb 20, 2012
Gladys Viruet answered:
It all depends on the present condition of your home. Many homes don't require updates. I have discouraged clients from spending a lot of money updating areas that may not necessarly add to the value of the home. I have a good eye in assessing if the home needs any improvements. Many times offering a credit at closing is better than trying to put in new kitchens and baths.Good luck with your home sale. If you need a good Phil. referral let me know.
Gladys Viruet
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Sun Nov 21, 2010
Maria answered:
Wed Sep 8, 2010
Carol Cei answered:
Hello, Annie,

I see that you are in SD, so I am NOT going to tell you how easy it would be to sell that home...I would have no clue being in PA.

I WILL tell you that there is a clause in the mortgage documents that states that the successors, heirs, etc. to a mortgage must continue to make payments or sell and pay it off. Therefore, I would follow the advice of your attorney. If you can rent it out, and carry your expense, do so. That may also create some tax benefits for you - but that is another discussion to be had with your attorney or an accountant.

Just remember...if you miss 2 payments, they will be sending out an appraiser to see if the place is occupied, etc. and then the loveletters will begin. Stay current and they will be happy to get your money every month without question.

Good Luck with all.

Carol Cei
ReMax Action Realty
215-643-9661
carolcei@remax.net
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Fri Nov 20, 2009
Newbie answered:
Can I turn my newly bought owner occupied property to rental while I am on my work relocation?
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Thu Nov 19, 2009
Dan Tabit answered:
Hi Linda,
I wouldn't advise you use free creditreport.com. Property management companies will charge a prospective tenant for a credit check and provide one for you. It may be worth considering hiring one to manage the rental for you. Consult with a few regarding screening potential tenants and other services.
Anything provided to you by the potential tenant is possibly fraudulent, so get an independent report.
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Mon Aug 10, 2009
Judy May, Esquire, REALTOR answered:
Hi. I am VERY sorry that you're having to deal with this. While a landlord certainly has rights under Pennsylvania law, tenants do as well. So be careful!

I would first refer to the lease/contract to see what it provides given that the tenant has defaulted. The contract may provide for notice in a particular fashion (e.g., certified).....be sure you've followed the letter of the contract. Next, I would HIGHLY recommend that you contact a real estate attorney for guidance with respect to YOUR specific circumstances. The money you spend consulting an attorney is WELL worth the investment (in order to avoid possible future litigation by your tenant to the extent you fail to follow the requirements of PA law).

If you need a referral for a real estate lawyer, feel free to call me direct at (610) 324-5240. Good luck and blessings to you...........

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
www.JudysFineHomes.com
www.CollegevilleAreaHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
F: (610) 666-1942
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