My wife and I are concerned about what to do when trying to rent out our primary residence.

Asked by Dlib1423, 85224 Wed Jun 24, 2009

We are moving from our primary residence in Jackson, GA and want to use this home as a rental property. Do I need to notify my mortgage company about this, because it will no longer be our primary residence? What other advice is there for properly renting out our primary residence?

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4
Sherrilee De…, Agent, Tempe, AZ
Wed Jun 24, 2009
When cosidering converting your primary residence to a rental you'll want to consider some of the following:

- inform your mortgage holder to determine if there is any ramifications
- inform you home owner's insurance carrier that home will no longer be a primary residence
- contact your city regarding property rentals - some areas require restering the property and charging a rental sales tax you'll need to know about these laws and proper procedures
- contact your state to obtain information on their Landlord & Tenant Act
- strongly consider purchasing a home warranty to cover the premises and appliances
- consider visiting and interviewing your local real estate professional that specializes in rentals for counsel and assistance - property management company

Good luck and best wishes in your new home!

Sherrilee Denton, REALTOR®, RECS, CNE, CSSS, SSPA
Delivering Dreams, One HOME At A Time
1 vote
Lucinda Tkach, , Phoenix, AZ
Mon Jun 29, 2009
You will want to check with a lender in the area! I do have one on my site that has great referrals and could guide with your decision!

Feel free to contact me with any other questions!

Lucinda Tkach
Windermere
lucindat@windermere.com
0 votes
Tony Valdez, , Avondale, AZ
Thu Jun 25, 2009
I don't know if you plan to buy another home as aprimary residence and finance the purshase but let me give you the lenders prespective. You will probably have to qulaify with that mortgage payment and the new one because of rules put into effect last year.

1. A conventional loans require that you have 6 moths reserves to cover both payments and 30% equity in the property being rented.

2. FHA requires only the 6 months reserves or you are moving because of job change/relocation.
0 votes
Mr.P, , Arizona
Wed Jun 24, 2009
You should consider contacting a Property Management Company in Jackson, GA.

It would be the smart thing to notify your Mortgage and Insurance company to find out what is required of you.

Don`t get me wrong I am very Optimstic, but what happens if your new renters burn the place down?

Good Luck
Patrick
480-543-9899
0 votes
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