LibraryLover Posted January 13, 2012 Share Posted January 13, 2012 (edited) If you've done this, how horrible was it, and what advice might you have. Thanks! Edited January 13, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 13, 2012 Share Posted January 13, 2012 We have been landlords for over 25 years. My list is almost endless, but a couple of things. We do have a property manager as we live 700 miles away from the two houses we own. (It was home # 1 and #2 for us ) Our property managers have never taken care of them in the way we would had we lived in the same town. Find out what your local laws are , do you need a local landlord or just a contact number. Do you have to have it licensed. Be sure to change your insurance policy to reflect your not living in the home. (BTW..we have never had a policy that would recoup damages caused by a renter. If it exists, get it.) Your income tax will change to reflect that it is not your home and they will go up. Be sure you check out insurance and tax costs before you set your rental price. If it is at al possible have someone you know and trust check on the property and even collect the rent in person. That way the renters are aware that someone is watching them. Have them find excuses to get inside the house, like change the furnace filter. Legally you usually can't show up announced, so no surprise visits. Don't leave anything in the home at all that is not necessary. Example, booklets/warranty info for fridge, furnace, ice cube trays etc. They will dissappear. I would never rent to friends, family or family of friends etc. Who ever is doing the renting should be sure to check out references. It's not that expensive. Quote Link to comment Share on other sites More sharing options...
Trilliums Posted January 13, 2012 Share Posted January 13, 2012 We had to move and rent out our previous home. It rented out quickly (California--in the land of foreclosures a lot of people are looking for rentals) and so far we have had good renters. I'd advise you to start looking for a property management firm and ask for several references from their current clients. I'd also ask around on any local message boards for recommendations. A good property manager can make all the difference. With ours we have to review the monthly statements carefully (we pay for yard care and pool care) as their book keeper seems to struggle with the monthly statements! We have considered finding a different manager because of financial issues (one month we were charged for a repair at a different property, one month we were charged twice for same cost), but the one thing our property manager does is pick responsible tenants who care for the property and pay on time. Also, when we first moved out, the property manager did a great job in helping getting all the last details of the house sorted out. Right as we pulled away from our house for the last time, the garage door stopped working! We pay the property management firm 7% of the rental income. A few questions to ask references: How many days has your property gone un-rented? Does it take a long time for the property manager to find new tenants? Have exiting tenants had to pay for repairs? How do they handle repairs? Have you every had billing errors? Have you had a high turn over of tenants? Have you had any legal problems? How easy is reaching the property manager? How easy is it to resolve any problems you have had with the property manager? Good luck! Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted January 13, 2012 Share Posted January 13, 2012 (edited) We bought a house that we lived in for three years and decided we wanted to live closer to town. It's been rented out for 1.5 years. The difference is that I have no attachment to the house; we consider it our "lost" years, and I'm very grateful we were able to move. I'd get a property manager. We have one, and we only live 30 miles away. IF there are any maintenance needs, she gets the phone call. She calls us to see if we want to fix it or if we want her to arrange for someone else to fix it. This is also nice, because she has a list of plumbers, electricians, etc. that she works with. She makes the arrangements; we don't. I'd look over the rental applications myself and not just leave it to the discretion of the property manager. My personal preference; I'd like to see who wants to live in the home, and I might prefer one's background over another. Always run a credit check, and always check references (but not the current landlord--they may say nice things just to get rid of a horrible tenant). Don't necessarily discount someone because of a foreclosure. In this economy, it's not that unusual, and it doesn't necessarily make for an undesireable tenant at ALL. Consider if you will allow pets or not. Most people have them. You might request a large damage deposit. It's been our experience that it's luck of the draw. We have a second rental house, had a great tenant who'd suffered some personal losses. She was great for the first year and then hooked up with druggie neighbors. We ended up evicting her. It was very sad, but we also couldn't allow her to live in the house since she was no longer paying rent. In your situation, I might consider giving a significantly discounted rent to someone I already know and trust. You can rest more easily, knowing they won't trash the home you love; they can get a nicer place at a lower cost. You can both be blessed. Edited January 13, 2012 by ThisIsTheDay Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted January 13, 2012 Author Share Posted January 13, 2012 (edited) tmi never mind. Edited January 13, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted January 13, 2012 Share Posted January 13, 2012 Our property managers have never taken care of them in the way we would had we lived in the same town. Find out what your local laws are , do you need a local landlord or just a contact number. Do you have to have it licensed. Be sure to change your insurance policy to reflect your not living in the home. (BTW..we have never had a policy that would recoup damages caused by a renter. If it exists, get it.)Your income tax will change to reflect that it is not your home and they will go up. Be sure you check out insurance and tax costs before you set your rental price. If it is at al possible have someone you know and trust check on the property and even collect the rent in person. That way the renters are aware that someone is watching them. Have them find excuses to get inside the house, like change the furnace filter. Legally you usually can't show up announced, so no surprise visits. Don't leave anything in the home at all that is not necessary. Example, booklets/warranty info for fridge, furnace, ice cube trays etc. They will dissappear. I would never rent to friends, family or family of friends etc. Who ever is doing the renting should be sure to check out references. It's not that expensive. Landlord here too. Ditto above, especially the bolded. No good deed goes unpunished. Keep it all business with tenants who are strangers to you before they apply. Have a good application process, and check credit, criminal history, employment, and landlord references. Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted January 13, 2012 Author Share Posted January 13, 2012 (edited) Working on it. Edited January 14, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
Ester Maria Posted January 13, 2012 Share Posted January 13, 2012 I really dont want to go to this particular place. I just don't. There. Whew. Someone send me a tater tot/pringles comfort casserole. :grouphug: Do you have to go? Can different arrangements be made to avoid the move? Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted January 13, 2012 Author Share Posted January 13, 2012 (edited) :grouphug:Do you have to go? Can different arrangements be made to avoid the move? . Edited January 14, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
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