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What can you do if your tenant doesn't pay and you can't afford the mortgage for your rental home and are close to foreclose?
Canadian Law can allow the Landlord to waive collecting of rent for as long as they wish, but if the renter is more than 30 days later with their rent then you have the right to tell them to leave and give them 1 months notice before you re-rent the suite or house. Go on www.Google.com Type in: Tenants Act in the U.S. (or Canada) You'll see what the laws are. You can also have the police escort the renter out and, after 30 days by Canadian Law you can change the locks and hold the tenants possessions until they cough-up with the rent and if the suite or home is damaged as a Landlord you have the right to hold back the damage deposit as well.
What else can I help you with?
How much tax should be withheld from 40000?
If you foreclose on a rental property and will be 1099, what percent are you taxed Lets say the mortgage is 90,000.00 and the bank sells for 40,000.00. You have to pay taxes on the remaining 50,000.00. What percent
Should rental income cover the mortgage payment for a rental property?
Ideally, rental income should cover the mortgage payment for a rental property to ensure profitability and financial stability.
Can you buy a second home without selling your first?
Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?
Is there mortgage relief for rental properties?
Unfortunately, mortgages for second houses and rentals do not qualify for mortgage relief.
How much over the mortgage should the rent be for a rental property?
Ideally, the rent for a rental property should be at least 1.2 to 1.3 times the mortgage payment to cover expenses and generate profit for the property owner.
Can a landlord break a rental lease agreement early because he did not pay the mortgage payments on the house and mortgage company is going to foreclose?
Depends on the local and state laws.
How much tax should be withheld from 40000?
If you foreclose on a rental property and will be 1099, what percent are you taxed Lets say the mortgage is 90,000.00 and the bank sells for 40,000.00. You have to pay taxes on the remaining 50,000.00. What percent
Should rental income cover the mortgage payment for a rental property?
Ideally, rental income should cover the mortgage payment for a rental property to ensure profitability and financial stability.
Do mortgage lenders consider rental history?
yes mortgage lenders do consider rental history source of your credit score
Can you buy a second home without selling your first?
Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?
Rent Your Home Before You Buy It?
If you select a Rent To Own house, you can be sure that the rental payments each month will be less than mortgage payments. This can help to lower your housing costs if your budget is getting tight. This will also lower your eventual mortgage payments. After you are done renting and you decide that you do want to buy the house, your rental payments will be deducted from the total cost. This is a good way to make it so that you can afford a better home than you could afford right now, and you can live there the entire time.
Is there mortgage relief for rental properties?
Unfortunately, mortgages for second houses and rentals do not qualify for mortgage relief.
How much over the mortgage should the rent be for a rental property?
Ideally, the rent for a rental property should be at least 1.2 to 1.3 times the mortgage payment to cover expenses and generate profit for the property owner.
When determining housing cost's it is important to choose a rental unit one can?
Afford
Is the mortgage of a rental house considered a business expense?
yes. along with repairs to the property.
How much more than the mortgage should the rent be for a rental property?
The rent for a rental property should ideally be at least 1.2 to 1.3 times higher than the mortgage payment to cover expenses and generate profit for the property owner.
Why did the renter decide to leave the rental property?
The renter decided to leave the rental property because the landlord raised the rent beyond what they could afford.
