Apartments for Cheap

Questions and Answers

Your Questions About Townhouses For Rent

November 30, 2012

Steven asks…

I want to buy a house and rent it out for a year or two and then move in. What is the best financing method?

I own a townhouse that I rent out and live in a house that I rent. I will sell the townhouse to have a down payment to buy the new house.
I am not looking for a particular lender. I want to know what type of financing is best for my situation. Owner occupied loans require moving in much sooner than a year after purchase. It seems that investor financing would be paying too much of a premium considering it would only actually be rented for 2 years at most.

Administrator answers:

If you are planning to own a new house for 7 years or more, get a fixed rate. However, if you are planning to keep the property for less than five years, get interest only for 5 years.

Donald asks…

How to clean vomit out of white carpet?

In the townhouse I rent it has white carpet and I have a cat (it’s pet friendly so the white carpet wasn’t the best color for them to choose lol) who has vomited on the floor a few times. I cleaned it up, but it still has a faint pinkish-red spot from it. What would be the best thing to get these stains out? I used the odor eaters carpet cleaner, but it didn’t get the whole stain out. Is there a better cleaner to try?

Thank you

Administrator answers:

-Oxy Clean
-Bleach

Linda asks…

Is there any breed restrictions apartments or townhouse for rent in Dallas area?

I am looking for an apartment or townhouse that will accept dogs that are considered breed restrictions. I am looking into the Dallas area and Richardson area. My dogs are not evil dogs! Their breed history and other dog owners have given the breed a terrible name. Giving them away is not an option, I rescued them! Does anyone have any suggestions?

Administrator answers:

All of these Apts / Townhomes / Duplexes are ” Pet Friendly ” .

Http://www.apartmentwiz.com/dallas_apartments/dallas_apartments_search/dallas_apartments_search.aspx?id=296&apartment_area=Dallas%20Pet%20Friendly%20Apartments

if none of those work ( as a Fellow DFW resident ) I would recommend Craigslist … You do have to be careful w/ scammers( never just send money over the computer) – but if they post a website to a Professional place it is LEgit . I am currently renting a Home w/ a huge backyard for a $100 more than the Townhomes I was currently in ( from Craigslist , No lie ) . I own 2 American Pit Bull Terriers so I understand .

If the houses are too much for you – maybe consider a duplex ?? Most of them have a mutiple parking lot ( where you can park 4-6 cars in front of your door ) – a nice sized backyard – are pet friendly , normally a good price range . Some might be a little ghetto but they do have some that are middle to high class .

Mary asks…

I want to rent a townhouse but i am using my own leasing broker rather than the listing broker do I pay?

I am interested in a townhouse for rent. I found a leasing broker who is willing to show me the townhouse sooner and who is being more helpful. The landlord has a listing broker (from a different company than the leasing broker) so who pays the fees for the leasing broker? Do we pay him if we sign the lease through him? and if so what are the usual fees for VA…?

Thanks!

Administrator answers:

Usually the landlord pays the fees associated with leasing a home. You should expect to pay an application feel (to check your credit), deposit and 1st month of rent. If your move in date is several weeks away, sometimes you can pay the 1st month of rent just prior to moving in but don’t expect to get a key until you’ve paid all of the above. Some landlords require 1st, last and a security deposit but check with your local renters laws because many states limit how much can be charged.

Mark asks…

Best place to look for vacation home rentals?

I’m looking to find a nice house/townhouse to rent for a week in Miami, where can I search for one?

Administrator answers:

You can search local classifieds site like..
Www.craiglist.com
www.rentalscorner.com
www.kijiji.com

Chris asks…

Getting ready to rent out our townhouse?

I want to get a head start on preparing our two level townhouse for rent. This is going to be my first time so I need advice; should I concentrate on making the interior look “neutral” so that the renter can design/decorate however they please? Or should I spend a little extra money to put “style” in to the rooms?

Any advice/suggestions/links to helpful websites/books greatly appreciated

Administrator answers:

Definitely “stage” the townhouse. Renters are more apt to see themselves living there. Neutral is fine, but so is color. The key really, is to make the house flow and keep free of clutter. One easy way to make the rooms flow is to use one of your colors in every room for continuity. This link and short video should help. (the video is from the hgtv show “designed to sell” and they are staging a townhouse). Good luck. If you were here in Arizona, I’d love to help you. I love design and decorating! Http://realestate.aol.com/blog/2008/02/13/setting-the-stage-for-a-quick-sale-02/

Jenny asks…

For a Townhouse that I rent AND live in, are HOA and other fees deducible?

I’m thinking about buying a townhouse, and renting out the majority of it, while living in a section (a 4 bedroom, with 3 bedrooms rented, and I live in the 4th).

If I do this situation, are HOA or condo fees tax deductible? Is it a percentage, or disqualified if I live in the structure?

Administrator answers:

HOA &/or Condo fees are never allowed as a deduction on your taxes on an owner occupied property.

Ken asks…

What are good companies to do a rent to own home loan from in Illinois?

Does anyone rent to own? What kindof house did you get? Are you happy overall? Is this good for single parents with credit blemishes, but college degree making good money?

Administrator answers:

I am a licensed loan officer in IL. I have helped a few folks out with these. A rent-to-own program is usually done by the seller. You enter into a land contract or contract for deed. Here’s how it works: You both sign a legal agreement to rent the house a specific price for a specified length of time (usually a year). After that year, you arrange your own financing and “buy” the home from the owner at a pre-determined market price (It will be included in the original contract.)

The people who have done this before all have enjoyed it, you can get into the house now, while you rebuild your credit and look toward official ownership. They all started with condos or townhouses in the suburbs of Chicago.

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