4 ms·
If it comes up, I'm pretty sure I'd leave my home vacant rather than renting it out. The loss in rent can be accounted for. The cost of a property manager can
by nineplay 5y ago
If it comes up, I'm pretty sure I'd leave my home vacant rather than renting it out. The loss in rent can be accounted for. The cost of a property manager can be accounted for. The costs of tenants who will not pay rent, who will fight eviction, and who will damage the house in a fit of pique upon leaving is immeasurable.
This decision isn't made though vague horror stories, there are people I know who've had tenants do thousands of dollars worth of damage before they're forcibly evicted. It's not worth the risk.
- eikenberry 5y ago> If it comes up, I'm pretty sure I'd leave my home vacant rather than renting it out. I'm not sure if it's everywhere, but in some states you legally cannot do this if you still owe a mortgage. The mortgage requires home owners insurance, and the insurance companies won't sell you home owners insurance on an empty house. We were forced to rent our house when we needed to move (during the slump, so no buyers) due to this.
- mdavis6890 5y agoNot the case. In the US you can normally get investment (rental property) insurance with a vacancy rider that jacks up your rate a bit. I've had to do this once or twice during extended periods between tenants. There may be time limits on it though, which I don't recall.
- wintermutestwin 5y ago>The loss in rent can be accounted for. This is only true if being a landlord is your "day job."
- ThunderSizzle 5y agoHe's pointing out the risk of no rent is a calculated risk. The risk of a tenant trashing your property is the entire value of the home.