Jack Lewitz (Exit Strategy Realty)

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Rainmaker
90,443
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

There are many things to consider when renting a home to a tenant.

  • Many tenants do not have the pride in a home, as a homeowner would, therefore this could leave numerous repairs to be fixed in the future.
  • What if the tenant stops paying rent? Do you have enough money to cover your mortgage and/or property taxes? 
  • If you have to evict the tenant, do you have money set aside for legal fees? I now here in NY, it could take 9-12 months to have a tenant evicted.
  • The biggest question is, do you feel like being a Landlord?
Jul 27, 2015 10:14 PM
Rainmaker
2,634,037
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

He gets Richie's (unconditional) Consulting services. I give an earful of feedback and input with no hidden strings. Either way, they will prosper whether they go with me or someone else...

Jul 28, 2015 04:32 AM
Rainmaker
1,385,024
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

I would think the biggest factor is the value of the home compared with how it would affect the divorce proceedings. Can he buys his wife's half of the house from her, or do they need to sell the house to split the proeeds?

Jul 27, 2015 11:06 PM
Rainer
215,563
Sharon Altier, SFR
Lawton Realty Group, Inc. - Elmhurst, IL
Your Real Estate Partner

Keep conversation focused on residency needs (immediate and next 5 years).  Otherwise, you may be sitting there with someone venting for hours!  That will come up as you work with them anyway, but keep spinning it back to the real estate needs.  In the end, they will appreciate that, since it keeps things positive.  Remind them they shouldn't look back, but forward.  They can't change the past, but they can choose their future.Good luck!

Jul 28, 2015 04:54 AM
Rainer
150,619
Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

I make an appointment immediately

Jul 28, 2015 02:53 AM
Rainmaker
1,635,442
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

How far along is the divorce and is his soon to be ex- cooperating and willing to work with you. Get names of respective attorneys and spouse's contact information. You have to 'straddle the fence' and win over both parties if you are considering the listing. Other than that, you are nothjing more than a free information source.

Jul 27, 2015 11:51 PM