Renting a home out

calanta · 09-23-2011, 08:55 AM

Has anyone here done this? I am wondering as a landlord if the rules we need to abide by are the same in all states or different? I am also wondering how much of a risk we are taking doing this since its brand new to us, luckily its only one property.

DylanT · 09-23-2011, 10:05 AM

Can you get an agent to do all the business side of things for you? That will ease a lot off your mind and is worth the money.

campclose · 09-23-2011, 12:06 PM

I have never been a landlord but I would not want to be. I believe there is a lot of work and time spent when you are a landlord. You have to fix anything that breaks and pay for it too.

hippieP · 09-23-2011, 12:29 PM

The most I know is a friend of mine that runs an apartment complex, he is just a manager though. I do think hiring someone to help would be great but what would the cost of that be and is it really worth it in the end?

outdoorchick · 09-23-2011, 07:00 PM

My family (not me) has done this for years, and it generates a nice income for them. Be picky about who you rent too and if you rent to someone with bad credit ask for a 3 month security deposit. (3 months is how long it takes to evict someone in most states.)

**CozInCowtown** · 09-24-2011, 06:33 AM

I have several commercial properties I own but absolutely no more residential.
I suggest you NOT use an agent, you loose lotsa important control over your property and spend money that should be going to your bank account.
Just my experiance and it was definately not a good one. Very expensive lesson learned as agent leased property to less than desirable tennants who cost me lotsa $$$ in repairs and legal fees.
There is generally a state landlords association who can help you out with getting started. Contact them and go visit IN PERSON!!
Be very picky with your tennants, it is much better to wait another month and loose that income $$$ than spend lots more in legal fees getting them evicted and repairing what they distroy.
Tennents are bad ...allways!!
JMO,
Something I do that helps alot is in my lease contract I state that I change the air conditioner filters. This gives me an excuse to enter the building and see what is going on with my property.
DC

DylanT · 09-29-2011, 04:09 PM

Let me clarify: get a GOOD agent!

jason · 09-29-2011, 07:50 PM

My father rents out houses. I've heard a lot of horror stories, and cleaned a lot of filthy houses. How these people could stand some of the stuff I do not know. One private dump we went to once refused to accept some trash because of the smell. Yes it was that bad.

He has had some good tenants but they are few and far between. He is happy to have a decent one.

I've thought about entering into it. House prices are so cheap right now. 30k will get you a decent 2/2/1 around here to rent out. But I do not know if I can deal with some of the headaches.

Camoguy · 09-29-2011, 09:47 PM

Make sure you get several references when you have someone who wants to rent. Do a credit check and make sure you spell out EVERYTHING in the lease. Don't do a month to month lease, make sure you have at least a year's lease. Spell out the consequences if they break the lease and get a decent security deposit. IF you decide to allow pets, get a pet deposit on top of the security deposit. That still won't keep you from getting burnt occasionally. Good luck!

outwest · 09-30-2011, 09:29 AM

Can you really do a 3 month security deposit, I have never heard of that before. Our handy man (who can fix anything that is non-electrical) rents a few of his places out and he said he is strict. They can not paint unless they get permission with approval of the color or its no security back to them.