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I have a question that I'm sure has been asked a million times so forgive me for asking again...
I bought a home in April and it was a little out of my price range. It's 3 bedrooms so I live in the Master bedroom and rent out the other 2 bedrooms for rent (which I, then, pay my mortgage with).
Well one of the bedroom occupants is driving me insane. He started his lease on May 1 and it ends in December.
Is there any way for me, as the "landlord" to terminate his lease? I'm not asking him for $ or anything, I just want him to leave.
Ask him and if he agrees to leave then get it in writing and you are fine....but get it in WRITING!!! As long as both parties agree on changing of the lease, then legally you are fine. You could also offer to pay for a UHAUL to move, or give him $ 50.- or a giftcard if he just moves out...some people do a lot for a little bit of money...as long as he signs a paper so he won't sue you for breaking the lease.
Legally, if he pays his rent on time and doesn't break any of the rules outlined in the lease, then there is not much you can do. He has a lease. You should let him know on the 1st of the month BEFORE his lease ends that you are not renewing it and expect him out the day the lease expires (though I would put it to him nicer than that...just say you have relatives moving in or don't give him a reason at all).
Like a few others have said...if you want him out, offer to pay his moving expenses and give him his entire security deposit back. You never know what he will say.
Short of that, what is he doing that is driving you crazy and can you talk to him about it?
One of my pet peaves about people, especially in this upside down housing market, is how people bought too much house that they couldn't even afford. When you finally figure out what a mess that makes out of your life, you then introduce unwitting tenants to try to save you. I'm one of those "unwitting" tenants who found out the hard way that renting from an irresponsible couple who could ill afford their $1,650 per month mortgage (yeah, that's how much it is) was a big mistake. My husband and I knew little of what the true picture was of the situation.
Do yourself a favor and either get out of this house by selling it, renting the WHOLE thing out, or short-selling it because IT WILL EAT YOU ALIVE.
This is what's happening to my landlords now... except my husband and I were responsible tenants, taking care of their property and most of their mortgage only to find out we were SUCKERS.
14 years ago we had an extra room we needed to rent out, never, never, never again. It's the worse possible scenario. hindsight is 20/20. it's too bad you didn't buy a place with an income suite. That too can be hard, but if you do it right, it can pay for a good portion of your mortgage. Anyone watch Income Property? I'd love to have Scott as a landlord; he is as rare as good renters are. I think about going that route, having a basement apartment made with quality products, sound proofing insulation can make all the difference in the world. Sure money wise it takes awhile to pay for itself, but right now there are a lot of those out there. There was one show where these two guys bought a triplex, lived in one and fixed the other two up. There were made above and beyond the housing codes, and renting two of them out put their mortgage payment at 0. Of course finding the right quality renters are another thing. We don't here about how it is going for all these property income owners. I'd like to here updates.
Both my brothers had room mates when they bought their first homes and remain good friends with their former renters to this day... one was even in the wedding party and the other is Godmother to their daughter...
Like any business transaction dependant on human nature... things can and do come up... it's how you deal with the problems that count.
I used to come down much harder on people that bought too much house... homes that they live in... not the speculators that bought 4 or 5 homes and walked away from all of them...
It used to be really hard to buy a home... 20% down, 6 months living expenses in the bank, several years on the job, modest debt ratio and the home had to appraise and have a structural pest clearance... at least this is what I had to do...
What did they really expect when just about anyone could get a loan on just about any as-is property? Maybe this is a reason the Bankruptcy Laws were tightened a few years ago... it was in anticipation of things to come
When life is going good and you see you family and co-workers moving up and think if they can... why can't I... it does affect judgement. Couple that with financial Naivete and it is not hard to understand how people over bought.
If you are buying based on income... you should be OK... Large apartment complexes are sold based on Investment Return... Smaller rental properties used to be sold this way and then it changed... If your monthly cost excedes your income by 25% or even a 100%... the difference has to come from somewhere...
Many foreclosures in my area are by choice... people are choosing to walk away because the possiblity of making money no longer exisits...
Just to be clear...I CAN afford the home. I wouldn't have received a loan or anything if I couldn't back that up. It was just smarter for me to have roommates come in because they pay my mortgage with their rent and we split utilities. I didn't buy a McMansion or anything.
Anyway, we talked about some of the stuff that was bothering me and we're slowly working on those things. I'm not sure if he'll stay for the whole lease. We'll see.
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