What if a tenant doesn’t pay?
Even if your tenant doesn’t pay rent, Marketplace Homes continues to pay you rent! This is the Marketplace Homes difference! It is the responsibility of Marketplace Homes’ to find a new tenant and cover the costs during the vacancy. In the mean time you continue to collect rent uninterrupted.
The Marketplace Homes program makes sense, but I don't want to be a landlord. Will I have to take care of maintenance and repairs?
No! The beauty of working with Marketplace Homes is that we take care of your property for you. This includes maintenance, tenant repairs, upkeep, property leasing and all tenant issues. You get the benefits of having rental income with out the hassle.
Do I qualify for favorable income tax treatment by having a rental home?
Probably! Consult your CPA but most home owners will qualify for an income tax deduction for owning a rental property.
What if there are vacancies in my home during the lease?
That’s a concern you don’t have to worry about. We cover all rent payments to you regardless of vacancies.
What happens to property taxes?
Property taxes will probably adjust up about the same amount that your income taxes will adjust down. Consult the local city that you live and your CPA.
What if my home is upside down, can you still help?
Yes! If your home is upside down but doesn’t fit your family’s needs, a lease is an excellent solution. Your rental income will continue to pay down the mortgage while we wait for the market to improve. In the meantime you can be in a great home in a good school system that fits your growing family now.
How long do I have to find another home?
In many cases you can be into a new home with in 30 days!
I know it is a bad time to sell a home, why is it a good time to lease my home?
Right now is a great time to buy but a tough time to sell! Prices are low and rates are low creating great opportunities for those that qualify for traditional financing. The problem is that banks are making it more difficult to qualify for financing. This means less people are able to purchase, but still need a place to live. Demand for rental property has increased and we see that trend continuing into the future. This means it’s a great time to buy a home that fits your family while taking advantage of the rising rental market.
Is it true that my homeowners insurance doesn't cover my vacant home after 30-60 days?
Check with your individual insurance carrier, but, yes, vacant homes normally are not covered after 30-60 days.
What if I don't qualify for a mortgage on the new home?
If you do not qualify for a mortgage then you are not the right candidate for this program.
What happens after 6 years?
In six years you can sell the home, rent it on your own, or have Marketplace Homes continue to manage the home, whatever makes the most sense at that time.
I want to build my own home, can I still use your program?
You can certainly build your own home, but the only way to use Marketplace Homes is if you build with a partner builder.
How long has your company been in business?
Marketplace Homes has been operating since 2002.
How Much Does This Cost Me?
Not a thing! Our Partner Builders pay us a real estate commission.
Is there an application to fill out?
Yes. Check out the Apply
page to get started!