Renting house out with marketplace homes?

Joined
Nov 9, 2008
Messages
132
Location
IL.
I bought a new home and they offer a program where they will rent out your current home for a six-year lease and you're guaranteed a payment every month. Anybody have any good reviews about this?
 
Joined
Sep 12, 2004
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24,364
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Central Florida
I would be very hesitant to rent my house for 6 years. I know you can make money being a landlord, but I would not want the risks / hassles of renting my house.
 
Joined
Jul 30, 2012
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2,623
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Montreal, QC, Canada
It isn't worth the risk. I had a tenant for 8 months as I purchased the unit with a tenant, and had to do a repossession from the rental board. She fought tooth and nail to stay, and initially didn't want to pay rent. So I chased her for rent. Then she decided that she didn't have to use a cutting board anymore. Hacked up all the counters. Most rentals people have good intentions. They break even for 25 years hoping that they get to scoop up the unit for "free" in the end. It really isn't worth the stress.
 
Joined
Sep 12, 2004
Messages
24,364
Location
Central Florida
I knew a guy from NY that went into the rental business after selling his house in Long Island (bought 3 rental properties in Florida). Was pure [censored] and nightmare for him. I told him his half million would of been better on the stock market (S&P 500 , dividends) than dealing with [censored] deadbeats.
 
Joined
Oct 10, 2008
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19,699
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Sunny Florida
Our family used to rent homes. What a nightmare. I don't care if you GAVE me the houses, never in a million years would I deal with the stuff that was routine. Glad we do not anymore...
 
Joined
Sep 12, 2004
Messages
24,364
Location
Central Florida
Lots of people have rentals with good results. I know another guy with 3 condos in Ft Lauderdale beach and the guy has zero problems. All his tenets are professional females that always pay on time. Good for him. I would rather have $0 tied up in rental properties. Some people won't hesitate to trash your property if they are served with eviction papers.
 

jay929

Thread starter
Joined
Nov 9, 2008
Messages
132
Location
IL.
Thanks now I'm scared to rent haha. So nobody has heard of the business marketplacehomes.com ? They have a six-year lease program that you get a mortgage payment each month no matter what and the builder of your house will pay for it if you're buying new construction
 
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