Leasing Your Home When The Rent Is Lower Than Your Mortgage Payment... Episode 266
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Leasing Your Home When The Rent Is Lower Than Your Mortgage Payment...
... it definitely seems like a MAJOR problem but it doesn't have to be
there are a growing number of "Accidental Landlords" out there
homeowners that never planned to rent out their home
are finding themselves in a precarious situation where they might just have to
it usually happens when the owner does not have sufficient equity
to sell their home in the current real estate market
and most don't want to (or can't) bring cash to closing to make the deal work
so they end up trying to rent out the home
and list the rental price high enough to cover the mortgage payment
in many cases they find that the home sits empty
and they are forced to lower the rent to the market rate
every month its unrented is money that is lost forever
what if that the rental price ends up being $200 less than the mortgage payment
it doesn't have to be the end of the world
as there are 3 specific ways to win
1- The mortgage balance is most likely going down by at least that much each month
2- the property value will likely go up 3%-4% over the next year
3- you can get a write off on your taxes for depreciation
tune in to today's show as we break down all the details