Renting options for homeowners

May 5, 2009 12:00:00 AM PDT
As the government tries to straighten out the mortgage mess, there's now a way to make other people's housing problems work for you and help them at the same time.

Rose Duran recently moved in to her dream home for $400 a month -- only it's not really her home. "Homes in Transition" is one of several companies looking for meticulous people to live in vacant homes for very little money. It's an alternative to letting foreclosed and unsold homes deteriorate.

"What they expect is who I am. So that made it really easy for me. I'm, I'm very meticulous, and I'm organized, and I love decorating, I love keeping a house clean," said Rose Duran, home tender.

Statistics show these occupied homes sell 30 percent faster.

"I consider it as recessionist-chic for me to be a home tender right now," said Erurika Coleman, home tender.

Here's another recessionist-chic option for you: can't sell it; rent it; become a landlord.

"What we are running into now is a bunch of vacancies and people have to decide is, is it better to have renters or a bunch of vacancies," said Brad Reagan Author, "Can't find a Buyer? Find a Renter".

According to the census bureau, 1 out of 9 homes is currently vacant.

"A vacancy on your block is going to hurt you. A foreclosure is worse, studies show that for every foreclosure within an 1/8th of a mile of your house, your property value goes down 1 percent," said Reagan.

As a result, many neighborhoods that previously didn't allow renters, are now making exceptions. Some things to consider:

  • Giving someone a "rent to own" offer
  • Be careful who you rent to (screen the person, find out their history)
  • Stay on top of maintenance
  • Set the right price It's all about getting some income coming in and quickly.


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