watch this before you rent

[TampaKaren]

JM, I agree with you and the subject should be at the top for people to read. In another thread, some were advising others not to buy when they could rent a 3000 square foot home for under $1200 a month. And the point to that was that $1200 per month wouldn't even cover the taxes, insurance, HOA, etc. And look out ahead if there was a mortgage, too.

I recently helped a single mom with a rental and we asked the rental agent for a credit report on the owner. He thought we were nuts, but we got it.

And people think they are safe renting an apartment. Apartments are owned by corporations and they can have financial problems as well. I think it's smart to check into the background of the community and ownership before getting into what could be a bad situation.

[CJFlorida]

It is a tenants market. Demand that the security deposit is put into escrow. Do some due diligence on the landlord. Landlords must provide credit reports, if they don't move along to the next stuck home debtor.

Negotiate a low rent and low deposit. The risks are tiny. You can just move down the road if something happens.

The risk of renting is way less than the risk of buying a house that will drop, drop, drop for years and years.

Rent folks, it is a no brainer.

[jessiesma]

security deposits are held in separate accounts.
in the communities close to the beach it is NOT a tenants market. Landlords would rather let something sit empty and then charge high rent to snowbirds during the season. That includes most of Pinellas co.
Due Diligence? I reported a sleaze property manager to the BBB and they had nothing on him. Why? Because most people don't bother. He got highly indignant and convinced the BBB that he was ok and I was a "problem" tenant cause I wanted to live decently. Also, I'm disabled and while you all may not agree with the idea, I have right of access(I may have to pay but they have to give permission) that the landlord must provide for despite other tenants cries of "unfair." This property manager failed to provide me with safe access to adequate parking.
Landlords must provide credit reports??? What??? Any time your credit is run, it's up to you to get a copy of your report.
All the creditor has to tell you is IF you were denied. They don't have to nor will they discuss it with you. It's called privacy.
Someone who is in a difficult position is going to hold out for the best deal they can get, not let you move in cheap. The average person can't afford to take a loss. If they convert the property to an "income" one they get into all sorts of other tax messes and doing so is the only way to absorb a loss for a while. Even then the IRS expects you to start turning a profit eventually.
And BTW "stuck home debtors" are exactly what this piece is warning against.
The only thing you said that makes sense is that right now it's better to rent because housing prices will keep dropping for a while. I would add rent from a reputable cooperation not someone who can't pay the bills.

Originally Posted by CJFlorida

It is a tenants market. Demand that the security deposit is put into escrow. Do some due diligence on the landlord. Landlords must provide credit reports, if they don't move along to the next stuck home debtor.

Negotiate a low rent and low deposit. The risks are tiny. You can just move down the road if something happens.

The risk of renting is way less than the risk of buying a house that will drop, drop, drop for years and years.

Rent folks, it is a no brainer.