So I have property which is high luxury remodeled and it’s under contract. The owner got into mismanagement of funds and it lead to foreclosure. One of the spouse is very emotionally attached and even tried to not sign the paperwork. One reason is he has done himself lot of luxury type remodeling to the house so I do see the reason why.
they want to buy back the same house in future. Currently they asking if they rent it. They paying about 200 bucks a month premium than market. Currently they meet financially requirement but I am getting send both couple does not get along either.
I have an option to not to lease the house to them. My only concern is down the line if I have to evict them would they get mad and give a hard time? Or damage the property or create some issues since they are emotionally attached?
In some states this is illegal. You need to ask yourself the question of what was their previous mortgage payment and what is a rent payment. If they cannot pay the mortgage previously, what is going to give them the ability to now pay for rent? I would say 95 out of 100 times this ends up very badly.