Rent the house back to the original owner or his relatives?


#1

Got a house from auction, instead of offering CFK or processing eviction, what would you think to rent the house back to the original owner or his relatives, if his/her credit is good enough? Have anyone tried this before? What’s your outcome?


#2

In the old days (where people in fcl had real equity to lose when they failed to pay - BAD idea. If they didn’t pay when they owned the house - they aren’t going to pay after.
Now days it might be diff. - altho, psychologically, why would someone want to pay a stranger money for “his” home.
By the time someone loses a home - they have had 7 months to 2+ years of free rent. It’s hard to break that habit.


#3

We have rented back to one owner. They are OK, pay their rent like clockwork. We spent about $25 on the house since the foreclosure 3/10. We view this as a delayed flip. We have spent nothing fixing it, got rent immediately, if they decide to leave, then we will remodel and flip it. We have also proposed to do this to other owners to find out they were simply buying more time and had no intentions of working with us. Really depends on the people.