Updated about 11 years ago on . Most recent reply
1% guidline vs mortgage payment
I have a property for lease in a community that doesn't seem to be able to support the monthly rental for the 1% guideline. As such, I end up making up the difference each month, about $200.
I'm of the mindset that at least 85% of my mortgage is being paid and I've not missed a payment, so this is better than foreclosure.
At the same time, i am open to other ideas as how to effectively find the right tenant. Property mgmt companies don't have a very good reputation, but could give the house more exposure...I had less than ideal service from the last one I used.
My property was built in 2008, is 4/2/2 on 1/3 fenced acre at the end of a culdesac, very quiet and quaint neghborhood, an A neighborhood. Most other houses nearby are 3/2/2 and rent for 11-1200.
Feedback welcome and insights are appreciated.