Author Topic: Rented a MtM room two weeks ago, today the owner has a refi inspection  (Read 3082 times)

SyZ

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Taking bets on if tells me he's non-renewing the lease tonight or saving it for Friday night

rothwem

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Generally refinancing implies that he's going to keep the property. 

Beaker

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Refi's cost money up front, so they take time to break even. Refinancing right before selling would not make any sense at all.

Only way I could see this equating to ending the lease is if he's going to move out and rent out the entire place. Then it makes sense to refi before you move because you get better rates as an owner-occupant.

SyZ

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Not the implication

The implication was that it was rented to me to income qualify for the re-fi and once that's done, no more need for me

But I'll give someone the benefit of the doubt, for once

mskyle

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Well, if I was the bank I wouldn't be very impressed that he had one month of income from a month-to-month tenant.

Could you just ask the guy? I mean, you're living in his house!

Roboturner

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yeah its my understanding self-employment, like renting, works wayyyyy different than W2's. So i doubt it had much, if any, weight on his qualifications for a re-fi

you're probably ok

rothwem

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Not the implication

The implication was that it was rented to me to income qualify for the re-fi and once that's done, no more need for me

But I'll give someone the benefit of the doubt, for once

Most of the time, you need 2 years of rental history to use it as income. 

mskyle

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My guess would be that what's going on is the guy needs money, and he's trying to get said money by 1) renting out his spare room and 2) refinancing.

Villanelle

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I would say that the two events happening close together likely means he has cash flow problems and need money, in which case it seems like he'd be keeping a tenant.  I could maybe see him increasing the rent, if the re-fi falls through or doesn't net him as much as he thought though. 

rothwem

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My guess would be that what's going on is the guy needs money, and he's trying to get said money by 1) renting out his spare room and 2) refinancing.

Or, he's just taking advantage of low interest rates and also increasing his cashflow. 

WWMMMD?

mskyle

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My guess would be that what's going on is the guy needs money, and he's trying to get said money by 1) renting out his spare room and 2) refinancing.

Or, he's just taking advantage of low interest rates and also increasing his cashflow. 

WWMMMD?

OK, he needs money or he's a recent convert to mustachianism! Or he just got divorced.