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Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Anyone ever rented their house?

DH and I are considering renting out our house for a 6 month lease this year. While it won't quite cover the mortgage, it will help us quickly build up a bigger emergency fund/money to put towards paying down the mortgage so that we can refinance at a lower rate and save a ton of money. Does anyone have any thoughts?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Anyone ever rented their house?

 


Mank wrote:

DH and I are considering renting out our house for a 6 month lease this year. While it won't quite cover the mortgage, it will help us quickly build up a bigger emergency fund/money to put towards paying down the mortgage so that we can refinance at a lower rate and save a ton of money. Does anyone have any thoughts?


 

I am a little confused at the whole process.  

 

If you want to rent out your house and the rent does not cover the mortgage, taxes, and insurance ( the basics) plus maintenance if something was to happen.

 

How will you be able to save a bigger emergency fund and or add towards paying the mortgage down?

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Anyone ever rented their house?

Well, we're already paying the mortgage and can continue to do so. Everything that we'd get in rent is extra money that can be set aside.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Anyone ever rented their house?

I live in a city with a major college.  I'm currently renting  one room out of 3.  Two other college students rents the other rooms.  That's away some people make money.  It's cheaper for me to live off campus than on campus. 

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Anyone ever rented their house?

 


Mank wrote:

Well, we're already paying the mortgage and can continue to do so. Everything that we'd get in rent is extra money that can be set aside.


 

Understandable you are paying the mortgage as of presently. 

 

Are you living in the home presently?

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Anyone ever rented their house?

We considered renting a room. We've done that in the past, but only with people we know. I don't think I could have a stranger living with me, I just wouldn't be comfortable. There are little things that concern me about renting out the (whole) house, like who will take care of the yard? Can I go by and make sure my plants are getting watered? Will they keep the gutters clean and the moss off the roof like DH does? If they don't take care of the yard properly, can that come out of the damage deposit? I think it probably feels a lot different to rent out an investment property than it does to rent out your personal home. 

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Anyone ever rented their house?

 


Mank wrote:

We considered renting a room. We've done that in the past, but only with people we know. I don't think I could have a stranger living with me, I just wouldn't be comfortable. There are little things that concern me about renting out the (whole) house, like who will take care of the yard? Can I go by and make sure my plants are getting watered? Will they keep the gutters clean and the moss off the roof like DH does? If they don't take care of the yard properly, can that come out of the damage deposit? I think it probably feels a lot different to rent out an investment property than it does to rent out your personal home. 


Noooo, you definately do not want to rent out indvidual rooms if you live in the house.  You wouldn't feel comfortable and tenents may not either. 

 

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Anyone ever rented their house?

[ Edited ]

 

Had good tenants and bad.   Make sure you

get damage and security deposits.

 

My rent covered my entire mtg and then some.

Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008

Re: Anyone ever rented their house?

Very timely response CasinoAnnie! We just found tenants that we really like and are getting them checked out now - doing a credit history check and talking to their current landlord. We are asking for a security deposit equal to one months rent. They don't have any pets, wihich is great.

 

They haven't asked about landscaping, although some of the other people we showed to did ask if it was included in the rent. We have never had a yard service ourselves, and weren't planning on hiring one. What do you think? If not, have you had any problems with a yard being totally overgrown and gone once the tenants moved out?

 

We're signing the lease this weekend for May 1st, so a little ways off. Should we ask to get any rent/security deposit now, or wait until the end of April?

 

Thanks for any advice!

 

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Anyone ever rented their house?

[ Edited ]

Damage is different from security.  security  if they don't

pay.  damage if they ruin your place.  very important.  You

also have to make sure they carry insurance.

good luck


You usually get 1st and last month security.

 


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