All Forum Posts by: Ashley Barlow

I’ve been searching and searching for this right here!!! Thank you so very much!!!! 😊

Hi everyone! I need your help with something please. I own a house that I rent to a “tenant” that “tenant doesn’t actually live there, they then rent the house out as a short term rental. I get paid every month regardless of bookings and they keep the spread between the rent they pay and the profit from bookings. The original tenant signed the lease then a couple months later asked to add their business partner to the lease.

Everyone was on board and signed the lease addendum and we were all set. Moving forward a few months later tenant 1 fell off the face of the earth. Soon after tenant 2 was added I found out from tenant 2 that tenant 1 was hired to find short term rental opportunities for tenant 2 and the plan for them was to always have tenant 2 take over - this is all per tenant 2 - I still have heard nothing from tenant 1 in over a year.

Tenant 2 has become the primary contact and has been wonderful to work with. Anyhow, lease is expiring and they do not wish to renew. However, regarding the security deposit, tenant 1 paid the deposit, however now that they have fallen off the face of the earth tenant 2 is expecting it back. I told tenant 2 I would need tenant 1 to sign a release stating the security deposit may be returned to tenant 2. But, we can’t get in contact with tenant 1. What do I do with the security deposit? This is in Virginia.

I have received advice to write the check out to both tenants but they have separate out of state addresses, who would I send the check to?

And no unfortunately when we added tenant 2 to the lease it didn’t cross my mind at that time to put in writing how the security deposit should be handled.

Hi! I have a small company that I am looking to hire to manage a property I own as a STR. Does anyone know where I can find a good Landlord/Owner and PM (Host & Cleaner) Agreement? The company I am considering hiring has their own agreement, however I prefer to provide my own that is more Landlord/Owner friendly.

Thank you everyone for the info! I have decided to just start over with my own account as the primary. The previous host only has about 43 reviews, but even if we could transfer she would want to sell them to me, and I’m not in the market to buy them. I would rather just start over as primary. 

Hi, Does anyone know if it’s possible to transfer a current Airbnb property to a new primary account holder to keep the reviews?

I have management company that I’m parting ways with and I would like to take over the current account. Does anyone know if this is possible?

@Dylan Thomas we ended up not getting the assumption the lender would not allow it. We tried to purchase sub-2 but the seller (or the sellers agent) wasn’t going for it, so they ended up renting and we bought direct from the builder. Now that some time has passed I am considering reaching out to the seller to see if there’s any opportunity to work together. 

I am the owner of a property and am allowing a "tenant" to arbitrage my property and rent it as an STR. I have my normal landlord home owners insurance policy then an additional STR liability policy and I make my "tenant" carry their own additional STR liability policy as well.

Thank you everyone for the responses. The sellers agent is not giving up on this - long story short, apparently it’s been escalated to the President and VP of the mortgage company! We should know something today. Assuming this loan assumption still will not work out - piggy backing on the lease to own option with the contract in place for us to buy in a billion years (lol) once rates give, could we do a joint tenancy deed with the current owner? With that, technically, the house has not been sold and should not trigger a due on sale. Am I correct with this? Then we just put in the the purchase agreement seller to be removed from deed once buyers obtain their own financing. But, then we come into the situation of possible negative equity once rates do go down. 😩

Another way I’m thinking about this, is possibly transferring it into a trust where we (the buyers) are the only ones on the trust. Based on my research that can’t trigger a due on sale. The latter isn’t ideal as I’m not sure the seller will not want to go for that, I guess it would depend on exactly what her situation is and how desperate she is. Also still wondering how that would work should we go to apply for another mortgage in the future. 

My finance and I are under contract for a house that was supposed to have an assumable loan. But, turns out the lender will not allow the loan to be assumed. We want the house and the interest rate and the seller wants out. We’ve looked in to possible subject to or owner financing or a rent to own deal. 

Issues with subject to or owner financing insurance how will that work and what is we go to apply for another mortgage loan in the future. Will it raise a red flag with the lender that we hold title to a house but the mortgage lien is in some else’s name?

Rent to own, we may live there for a bit but we intend to rent the property out and we do not want to run into issue with the seller when we go to rent it.

Are there any other ways to make this work?