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  1. #1
    Join Date
    May 2004
    Location
    Rapid City, SD
    Posts
    7,414
    Due to some unpleasant circumstances me and my lil woman now have another home, possibly one more depending on how things work out.

    We're considering renting it out, but since we're fairly new to this I'd like to do some research about renting. We plan on meeting with a professional for some advise, but the more I can learn the better.

    Any of y'all have any good links to sites you'd like to share?

  2. #2
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    I have a link to my rental property.

    Get use to cussing. Always get references and check them Draw up a contract in your favor. Have copies of eviction papers from magistrate court on hand.

  3. #3
    Join Date
    May 2004
    Location
    Illinois
    Posts
    2,843
    Get a credit report. Get their last 3 addresses and go look at the houses. Knock on the door.

    Don't believe anything that former landlords have to say. They'll tell you that the guy is the best tenant he's ever had just to get rid of him.

    Be very cynical.
    "If I had my life to live over again, I'd be a KA." - Albert Einstein

    It's later than you think.

  4. #4
    Join Date
    Mar 2003
    Location
    Cincinnati
    Posts
    7,977
    And don't believe their stupid stories of why they are late. After 3 days late give them walking papers and if they don't pay up before the time your law says you file for the eviction and charge double whatever that costs to the tenant when they mysteriously come up with the rent.

    Don't rely on them to keep the grass cut or you'll be paying the fine.

    If you are responsible for the water bill just add it to the rent, cause before you know it you'll owe water works out the ying yang.

    [Edited by mattm on 10-05-2005 at 09:19 AM]

  5. #5
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    My father owned 7 rental houses and they all were on the other side of the street from him. He saw every renter come and go. He had renters that stay for 10 years and more. Things are not that way anymore. You have 2 types of renters. One type wants to better themselves. The other type is a problem. There are far more of the problems now.


    Buying property and flipping it looks like less hassle now.

  6. #6
    Join Date
    Feb 2001
    Posts
    35,838
    When we moved into this house we kept our first one and rented it. Had all types, some OK some horrible, they all screw you to some degree in the end.
    Any older person renting usually has "issues."
    Like the guys above said, don't believe all the BS.
    After 18 years of that crap, I was ready to sell but my wife said, hey I found a new tenant for our house a really good one........her mom.
    Well it's better than her living here.
    Right now we rent it to her dirt cheap, she was there when we needed her and we are there when she needs us.
    When the time comes, I will sell it, no more renting for me, too old for all that.
    Unless by then one of my kids needs a place to live.
    Hey cockroach, don't bug me!

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  7. #7
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    The biggest mistake you will make is under pricing the rent. Under pricing does two things. Both are bad. It brings you a bad renters and you are leaving money on the table. Money you will need to repair the place.

  8. #8
    Join Date
    May 2004
    Location
    Illinois
    Posts
    2,843
    oh yeah. In addition to the credit report, check their name in the pervert registry.

    It's still your property, and whatever happens there is your problem.
    "If I had my life to live over again, I'd be a KA." - Albert Einstein

    It's later than you think.

  9. #9
    Join Date
    Jun 2005
    Location
    Mass
    Posts
    58
    As hard as it may be, Allways get in the mind set of a landlord, dont stay emotionally attached to the property!! This is a hard thing to do if it was once your primary residence. Just remember NO tennant will take care of YOUR house the way that you would.

    I have owned about half a dozen rentals in the last 10 yrs, had ups and down with tenants. But in the long run was worth the effort and saved me a bunch of cash at tax time.

    Get a GOOD accountant and pay them what they are worth!!! I had mine on speed dial and she was allways available to answer my questions and get me the most out of my investments.

    One more tip! IF you are married, Find a way to equitably split the proprty values before the wife finds a sugar daddy and wants to screw you out of all your hard work!!!!
    Maybe I am a little synicle on this matter, but I got it broke off in my A$$ over this.

  10. #10
    Join Date
    Nov 2000
    Location
    Coastal Georgia
    Posts
    34,902
    Well that may be fair since you had your way with her ass.
















  11. #11
    Join Date
    Jun 2005
    Location
    Mass
    Posts
    58

    Frown




    I didnt really want to remember that, thanks alot james

  12. #12
    Join Date
    Jul 2004
    Location
    Victoria,Tx
    Posts
    6,680

    I use a real estate agency

    They do the background check, credit history, collect and access late payments. It costs $50 a month. They do keep the late fee though. This is my only rental so far. I did have my first problem Monday. During the hurricane scare and evacuation of the city. The renters stored all of their valuables inside of the closets. This included the air handler closet. Well they broke off the condensate drain pipe. All the new carpet and padding was wet. I went to Sears and bought a new shop vac. Not too bad so far.

  13. #13
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    it works both ways. be a good landlord too. if they have problems fix them. renting sucks. i've got some good tenants and i'm a good landlord. treat them right and they should treat you the same.


    my property tax just went up $1400/year on one of mine.......that's gonna leave a mark.
    FILL OUT YOUR PROFILE!!

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