Attention Homeowners – Never Rent Out A Single Family House!
I think I am going to write the government. I just figured out how to solve a huge problem in today’s economy. I just figured out how to fix the housing market. The answer is to pass a law that nobody in America can rent out a single family house. Renting will only be allowed to apartments.
The only thing you can do with a single family house other than live in it, is to sell it rent-2-own. The reasoning is simple. It will make everything easier. In a standard rental of a single family house, an owner wants to get a cash flow from the rental and they want the tenant to pay on-time every month and never bother them. In comparison, in a standard rental, a tenant wants to get into a house and pay rent and they want the house to function well and be problem free. That is in a perfect world, but what really happens is quite different. The tenant has problems with the house because after all, it is a house and things break in a house. It’s nobody’s fault that the things break (sometimes) but that’s what happens.
The landlord of a single family house is often times not a professional landlord. They have another job and they landlord on the side. This creates problems because the landlord either doesn’t know how to fix things or they don’t have the extra money to pay for the repairs or they just don’t want to be bothered. This entire scenario creates an abrasive relationship between landlord and tenant.
Now suppose every single family rental was changed into a rent-2-own. Landlords would not have to do repairs on the property because that would be the tenant/buyer ‘s responsibility. The tenant/buyer would not have a problem making repairs because they viewed the house as their own and they would want to maintain the property. This would also help with encouraging renters to buy. They would get a feel for home ownership and they would see a way that they could eventually own this home. The seller would know that not only is the mortgage being paid but when the tenant/buyer buys the house, the purchase price is set. This entire transaction would become a harmonious situation where everyone wanted to work together.
Renting to own would also remove a lot of the foreclosures in the market place. It would allow people who can’t pay their mortgage to sell the property to someone who could. That would protect their credit and allow them to find another property that was more affordable. No one would be afraid that they weren’t going to be able to sell there property. This would create confidence in the marketplace and would encourage people to buy or rent-to-own. Renting -2-own is the answer in my opinion to fixing the housing market which in turn will help boost the U.S. economy.