First rental: My own house
Hello BP:
I have been educating myself for several months on how to get started, and now have had a rental fall in my lap: my own home. I am moving to a new job, and we intend to keep our current home as a rental. Here are the details:
Fair market value: 200k
Fair rental price 1100/mo
Mortgage+insurance+tax= 750/mo
Owed on Mortgage: 110k
I understand that this is not an acceptable rent-to-value number, but my wife will not sell the house. Period.
Can you help me with resources for:
Background and credit checks.
Lease agreement contract template
Also, this house is fully updated. We have made improvements here that I would never add to a house that was to be a rental. (granite, tongue-and-groove ceilings, 3-piece base molds, etc.) What can I do to safeguard the home for the future?
Basically, pretend that I over-invested on the front end. How do I mitigate the costs related to that?
Thanks,
J